The Eurosystem faced at the outset the challenge to combine various traditions from its member countries. This has led to a broad-based framework in which “reverse transactions” – on the basis of repurchase agreements or collateralised loans – are the single most important instrument in open market operations.
The imposition of caps regarding the value of non-audit services rendered to audit clients and prohibiting the rendering of certain category of non-audit services to audit clients in line with the reforms announced by the European Commission in 2016 should enjoy serious consideration.