In tandem with these efforts to promote the integration of payment and settlement systems, the ESCB and the Committee of European Securities Regulators are currently developing recommendations to ensure the soundness and safety of the European post-trading sector. *** Ladies and gentlemen, the ECB places the greatest value on the fulfilment of its accountability obligations.
This requires a better balance between individual responsibility for actions and liability. Only then will misincentives be reduced. That’s not to say that I’m ruling out greater risk-sharing between member states in general. But those that are explicitly calling for more risk-sharing must also be prepared to relinquish more sovereign rights to the European level. I now look forward to your questions.