I would just like to mention the two most important catalyst activities that are ongoing at present, namely the Short-Term European Paper (STEP) initiative as well as the Single Euro Payments Area (SEPA) project.
In fact, the STEP initiative, which I mentioned earlier in my assessment of the degree of integration of the money market, was first discussed at the meetings of the ECB Money Market Contact Group by ACI – The Financial Markets Association, which has led the initiative since then.