Tommaso Padoa-Schioppa: Clearing and settlement of securities – a European perspective Speech of Mr Tommaso Padoa-Schioppa, Member of the Executive Board of the European Central Bank, at the Symposium of the Deutsche Bundesbank “Payment and Securities Settlement Systems in Germany against the Background of European and International Developments”, Frankfurt, 5 September 2001. *  *  *  1.
We began the year with severe snowstorms in the East, then the earthquake and ensuing disasters in Japan, followed by the unrest in the Middle East and North Africa that led to a run-up in oil prices, and a renewed concern about European sovereign debt. And all of that occurred before May.