Given the importance of these services, the official sector has had a long involvement as the market structure has evolved. After the terrorist attacks of September 11, 2001, the Federal Reserve convened the private-sector Working Group on Government Securities Clearance and Settlement to recommend steps to mitigate risks to the financial system from a disruption to these services.
The preparatory work involves inter alia strategy and instruments for the conduct of a single monetary policy as well as detailed planning of the payment system. Progress has also been made in specifying the legal status of the single currency - the euro - as well as in the design of euro notes and coins.