Furthermore, an additional system will be launched soon to offer communication between the domestic clearing houses under the auspices of their organization, the EACHA 16 . Thus, the most effective and best adjusted to SEPA standards local clearing houses may become less numerous but they should not  15  CCBM2 (Collateral Central Bank Management) is designed to be a mechanism which allows the use of securities deposited at foreign central depositories of securities to collateralize monetary policy operations pursued by the Eurosystem and to collateralize mid-day credit in the RTGS system. 16  EACHA (European Automated Clearing House Association), the association established on 28 September 2006, grouping the representatives of 20 automated clearing houses. EACHA aims to: - be a forum for the sharing of information and experience amongst its members and undertake work on the issues of general interest to the payment industry, in particular to develop common standards for SEPA interbank clearing and settlement. BIS Review 134/2007  5  close down, contrary to the least effective ones or those which will not switch into SEPA standards in due time. I would then put forward a hypothesis that harmonization and integration will lead to the enhanced integration of the systems within the area of payment and settlement services, new systems of pan-European character will develop or will be launched but domestic systems will not come out of use altogether.
While there are signs of a certain reversal in this process, a failure in this respect would be particularly harmful for the European project, since integration is at the core of the European Union itself. The policy actions of the ECB and other European authorities, including the decisive drive towards a Banking Union, have been able to overcome or dissipate the worst fears, but the road ahead is still long and difficult. Finally, the role of central bankers should be highlighted in this new context. We are big players in the financial arena, both from the regulatory and monetary policy standpoint; and the framework for our actions – and reactions – must necessarily change and adapt to the new environment. The renewal of the set of instruments to address the price stability  BIS central bankers’ speeches  1  mandate, be it in a situation of low growth, as happens to advanced economies, or in a situation of large capital inflows, as happens to emerging market economies, is one aspect of that change. The need to take on board financial stability considerations is another aspect widely discussed. You will devote the final part of the day to this quest. And I do not want to take more time out of the tight agenda you will follow now. Thank you very much for your attendance to this Conference. I wish all of you and excellent day and a good discussion. 2  BIS central bankers’ speeches