ecb speech, 2006-05-11
This leads us to conclude that the number of securities clearing and settlement systems that are often not efficiently connected to each other is still rather high, in particular if we compare it to the significant progress that has been made in the integration of large-value payment systems, with the overall number standing at 4, down from the 23 that existed before the introduction of the euro and the TARGET system.
Sentiment: neutral
Topic: financial_stability