However, owing to the close interdependencies between financial markets, intermediaries and infrastructures, the difficulties affecting institutions and markets have also had a knockon effect on market infrastructures, putting the functioning of payment systems, central counterparties and securities settlement systems under a real-life stress test. Fortunately, as I will illustrate in a moment, EU market infrastructures have proven to be remarkably resilient, thereby limiting the overall systemic risk. In the main this has been due to the successful interaction between industry, regulators and overseers, just like – if I may – in the Italian banking sector, which has also shown itself to be remarkably resilient in the current circumstances. In the second part of my intervention, I would indeed like to look beyond the current turmoil. I will – despite the very positive overall assessment for infrastructures – point to three areas that warrant particular attention for the future of market infrastructures. The first of these is the enhancement of overall crisis management arrangements for market infrastructures. The second involves strengthening market infrastructures for OTC derivatives. And third, given the importance of retail markets to the overall stability and efficiency of the financial system, there is the need to complete the Single Euro Payments Area (SEPA). Performance of EU market infrastructures during the financial turmoil The financial market turmoil has impacted on EU payment systems, central counterparties (CCPs) and securities settlement systems mainly through intensified and more volatile market activity.
Gertrude Tumpel-Gugerell: Beyond the turmoil – rules, supervision and infrastructures Speech by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, at the opening panel at the SPIN 2009 Conference, Rome, 15 June 2009. *  *  *  Ladies and Gentlemen, It is a great pleasure for me to participate in the opening discussion at this conference. The organisers, in choosing the title of the panel, have given us the challenging task to look beyond the current turmoil surrounding rules, supervision and infrastructures. This is certainly not easy as we cannot yet speak of an end to the difficult period facing both the financial and real sectors of the economy. However, looking beyond the turmoil and start implementing the lessons we have learned is exactly what is needed at this point in time. Against the background of the crisis up until now, we have to draw the right conclusions and begin designing the future of the financial architecture, including new rules and improved supervision and oversight. This needs to be done now before the window of opportunity – which will not remain open forever – closes. However, before looking beyond the turmoil let me take the opportunity first to examine the performance of market infrastructures in the current crisis. Developments in the financial markets and the fate of specific institutions have been at the heart of the public debate.