At the present moment, the current configuration remains complex, with a significant number of national exchanges, clearing houses and central securities depositories. Further consolidation of some of the European infrastructure is advisable. The ECB has a particular interest in an integrated securities infrastructure because it uses it in the context of the collateralisation of its intraday credit operations for payment system purposes and its monetary policy. In addition, a major disruption in a securities settlement system could undermine the stability of financial markets. There are numerous private and public-sector initiatives under way to promote the integration, efficiency, and security of the European securities infrastructure. The “Standards for Securities Clearing and Settlement in the European Union” that have been drawn up jointly by the ESCB and the Committee of European Securities Regulators (CESR) are an important initiative. In its communication on “Clearing and Settlement in the European Union”, the European Commission recently outlined the actions it intends to undertake to improve clearing and settlement arrangements, which are welcomed by the ECB and the Eurosystem. In particular, we agree that the barriers as identified by the “Giovannini Group”, must be eliminated. In addition, we concur that some parts of the clearing and settlement industry deserve careful attention from a competition policy point of view. Finally, in order to ensure the smooth operation of the markets and guarantee financial stability, we share the Commission’s view that a sound regulatory framework is essential.
15  Figure 7 Evolution of 2018 growth outlook (annual change, percent)  3.8  World  3.8  2.2  3.6  3.6  3.4  Developed  Emerging  2.2  5.0  2.0  2.0  4.8  4.8  3.4  1.8  1.8  4.6  4.6  3.2  3.2  1.6  1.6  4.4  4.4  3.0  3.0  1.4  1.4  4.2  4.2  18  18 Apr.17  Oct.16  5.0  18 Oct.17  Source: International Monetary Fund WEO, October 2017. Figure 8 Copper price (1)  Oil price (1) (2)  (dollars per pound)  (dollars per barrel)  3.6  3.6  75  3.2  Dec.17 Report 3.2  65  65  2.8  2.8  55  55  2.4  45  45  2.4  Sep.17 Report  2.0  2.0  35  1.6  1.6  25  15 15 16 16 17 17 18 18 15 Jul. 16 Jul. 17 Jul. 17(f) 18(f)  Dec.17 Report  Sep.17 Report  75  35  25 15 15 16 16 17 17 18 18 15 Jul. 16 Jul. 17 Jul. 17(f) 18(f)  (1) The dots show projected oil and copper price for 2017, 2018 and 2019, respectively. (2) Simple average between Brent and WTI oil. Sources: Central Bank of Chile, Bloomberg and Chilean Copper Corporation (Cochilco).