The existence of both retail and wholesale institutions will have a direct bearing on the future of financial services. In contrast to wholesale institutions, retail financial institutions are able to operate profitably on a small scale.
At the same time, allow me to stress that the Commission proposal does not entail that central banks of issue would duplicate the work of supervisors. On the contrary, the role ascribed to them is a limited and targeted one, centred on the aspects of CCP risk management that are most essential for the fulfilment of their monetary policy mandates.