As we recover from the crisis and the recession, we will likely be entering a new era in which systemic risk regulation assumes much greater importance for supervisors.
Continuing with the example of T2S, this platform makes it much easier for a bank based in Portugal, for example, to buy securities in Latvia and to use them as collateral for transactions in France. T2S therefore makes it technically and physically possible to achieve the objectives of CMU: mobilising capital wherever it is found in the EU.