Central Banking

ECB's Tumpel-Gugerell on TARGET2-Securities

In the speech 'TARGET2-Securities meeting with market participants' given on 18 December Gertrude Tumpel-Gugerell of the ECB said safe and efficient clearing and settlement systems are essential for the overall functioning of the financial market and for the conduct of central bank credit operations.

"For this reason, the Eurosystem considers it necessary to provide some incentive and leadership to overcome sectoral or national barriers to clearing and settlement. This is a traditional role for

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