*** Once we have determined the level of benefits that we can reasonably promise, we must ensure that we will have the real resources in the future to fulfill those promises. When we evaluate our ability to meet those promises, focusing solely on the solvency of the financial plan is, in my judgment, a mistake.
In this regard, the euro area landscape is characterised, on the one hand, by (increasing) integration between the clearing, settlement and collateral management layers; but on the other hand, there is fragmentation based on the location of collateral in different market infrastructures. A lot of progress has been made since the beginning of the year – and not only on the weather front.