T2S is the largest market infrastructure project undertaken by the Eurosytem to date. I would today like to emphasise the progress we have achieved on our journey from TARGET in 1999 to T2S today, and how this provides a good example for further integration in the context of the capital markets union.
Before proceeding, I would like to note that the judgment on risk factors is subject to adjustment in the future assessments, depending on changes in economic conditions. BIS central bankers’ speeches  3  A.