However, it is difficult to say anymore at this juncture that we are preemptively adjusting the degree of accommodation, since inflation has now exceeded 5 percent, and major central banks are reacting to inflation by normalizing their monetary policy rapidly and aggressively.
We will see significant initiatives in harmonisation efforts throughout the securities life cycle, assisted by the catalytic effect of T2S. The Eurosystem, itself, will initiate work of the T2S advisory Group together with market participants to develop action plans for harmonising both settlement-related processes and processes related to corporate actions.