There is no short cut to this and there cannot be easy wins if it is longer term competitiveness that is our objective. Strength is achieved, not granted. Reforms are consciously laid out, not wantonly enforced. Our efforts therefore need to CONVERGE towards purposeful reforms.
In this regard, the Eurosystem has been pushing forward with TARGET2-Securities (T2S), a single pan-European IT platform for securities settlement. At the same time, the Bank of Japan is working to revamp the Bank of Japan Financial Network System (BOJ-NET) to enhance the system’s flexibility and accessibility.