The statements following monetary policy meetings in every major central bank gather a substantial attention, and watchers analyse every sentence – down to the last word. 3/4  BIS central bankers' speeches  Consequently, any change in communication – either what is said or what is left unsaid – is immediately noticed and widely interpreted.
Indeed, T2S will facilitate cross-border bonds and equities trading, which means that we are already making progress towards completing the CMU. Moreover, as part of its harmonisation agenda, T2S has taken steps towards many of the goals in the CMU agenda, such as harmonising withholding tax procedures and resolving conflicts of law.