In particular, this includes the commitment to ensuring smooth and trouble-free operation. It is my belief that the high standard set by S.W.I.F.T. in the past will ensure that the TARGET system will operate smoothly, too. This is borne out by the first-rate spirit of cooperation and the transparency provided by S.W.I.F.T.
9  See Daniel K. Tarullo (2012), “Financial Stability Regulation,” speech delivered at the Distinguished Jurist Lecture, University of Pennsylvania Law School, Philadelphia, October 10. BIS central bankers’ speeches  5  large counterparties using very large amounts of short-term wholesale funding, particularly under conditions of financial stress. This issue falls more on the finance, rather than the IO, side of the merged perspective.