Let me add some more general remarks in this context. We are in the process of building Europe’s financial market infrastructure for tomorrow. Building it on individual or national solutions is anachronistic as these will no longer meet the needs of the market. Europeans demand services that are safe and efficient and give them pan-European access.
We therefore need to apply common standards that work on a pan-European basis. The same principle was agreed when we built the Single Euro Payments Area – SEPA – and that is why SEPA uses the global standard ISO 20022.