. in parallel, international cooperation, namely between the competent eu, us and other international authorities, will be key to making the necessary amendments to the international risk standards ( the cpss - iosco recommendations ) in order to maintain a level playing - field worldwide. conclusions in conclusion, ladies and gentlemen, by enhancing the integration of eu infrastructures, europe will move one step closer to a truly integrated and highly competitive single financial market and thus one step closer to realising the full economic benefit of our economic and monetary union. some have argued that the turbulence in the financial markets could take the attention and determination away from important integration projects, such as t2s and sepa, given the necessary shift in focus onto the safety and resilience of the financial sector. but as i have outlined it is precisely because of the financial turmoil that we need to strengthen our efforts towards providing integrated, efficient, safe and reliable market infrastructures as backbones of our financial system. while market infrastructures have managed to cope with the impact of the market turbulence on clearing and settlement, the current crisis has also underlined how important it is for the financial system to have a robust backbone, particularly during times of stress in the system. therefore, it is imperative to address inefficiencies, as well as the potential risks that result from having fragmented infrastructures, and we must keep up our efforts. one of the clear benefits of t2s is that it will reduce the need for, but provide greater access to, liquidity and collateral. this is crucial for both infrastructures and market participants, especially in these troubled times. at the same time, it is important to be aware that the dynamic evolution of the financial market environment continues to create challenges which test the safety and resilience of our market infrastructures. we will only be able to meet these challenges if the hard work done in recent years to strengthen market infrastructures continues at full speed and close cooperation between all competent authorities is maintained. looking ahead, specific priorities will be to make further progress towards a consistent prudential framework for securities clearing and settlement systems, and to enhance the market infrastructures for otc derivatives, which includes the establishment of one or more european ccps for credit default swaps. thank you for your attention.

services. another high - level team is also working on a strategic blueprint for financial services with the support of world - acclaimed experts. may i take the liberty of paying tribute to two of these respected authorities who happen to be with us tonight … i have named ms loretta joseph and lord meghnad desai … ladies and gentlemen, i am certain that this adc blockchain summit will provide us all with the answers we are hoping for and that this unique platform will help us forge mutually beneficial relationships between stakeholders and participants. i once again wish to thank the honourable premier steven marshall and the honourable michael jeffery as well as the adc organising team and sponsors for their priceless initiative and endorsement. i look forward to learning and discovering as much as i can on a technology that is set to take on the world. on this, ladies and gentlemen, i thank you for your attention. 2 / 2 bis central bankers'speeches