first, the general crisis management arrangements, particularly on disseminating information and increasing awareness about default arrangements of market infrastructures. second, measures for building market infrastructures for otc derivatives, also in the euro area. and third – as in the case of large value payment systems – the need for a more integrated and harmonised retail payments structure. therefore, i regard continued full support from all stakeholders for the effective and timely implementation of the single euro payments area as a key priority for the period ahead. thank you for your attention. annex i : charts chart 1 values settled in target per time band chart 2 evolution of the limits on the ssp chart 3 non - settled payments on the ssp

commission ’ s launch of a public consultation on this topic. only by tearing down the walls of fragmentation can we ultimately bring about harmonisation, efficiency gains and a level playing - field. such a development inevitably leads to increased competition. i am fully aware that it is not easy – especially in a period of low growth and higher credit risks – to change revenue models. however, those who invest early will benefit and position themselves successfully. corporates tell us that they would benefit from sepa services because they are internationally connected. taking into consideration the renewed relevance of retail payments, the key success factors in the years ahead will be harmonisation, innovation and increased competitiveness. banks and infrastructures will successfully take up these challenges only by continuing to play an important role in retail payments. conclusion from the very beginning of the crisis, the ecb has acted in a decisive manner. it has taken a number of measures unprecedented in nature, scope and timing. the ecb has provided large amounts of liquidity support to banks. by making changes to its operational framework, the ecb made sure that all solvent banks would have sufficient access to funding. when the crisis intensified in september last year, we introduced a number of new measures. most importantly, we provided banks with unlimited access to liquidity at fixed rates for up to six months. the ecb also expanded its list of assets eligible for use as collateral in the eurosystem ’ s credit operations. moreover, we recently announced further measures, namely to provide longer term refinancing up to one year and to purchase covered bonds of up to eur 60 bn. looking now beyond the turmoil on rules, regulation and infrastructures, the current financial turmoil has taught us one key lesson for the future : self - regulation is not sufficient for systemically important markets, institutions and infrastructures. maintaining financial stability is in the public interest. therefore, public authorities must take appropriate measures to regulate, supervise and oversee systemically important markets, institutions and infrastructures in order to prevent systemic risks spreading and safeguard the financial stability of the system. for market infrastructures, one lesson for the future is that, despite their remarkable resilience in the current crisis, there is no room for complacency given their crucial role in financial stability. on the contrary, overseers and regulators in future years need to increase their efforts towards ensuring safer and more secure market infrastructures and also to further strengthen eu market infrastructures. i have highlighted three specific areas for enhancement.