frameworks, it is important that there are no obstacles in the transfer of collateral. in the euro area, continuous attention is needed on ensuring that there are sufficient settlement links between ( i ) csds, that these have appropriate operating hours to address the needs of the market, and that triparty collateral management services are further developed. on the latter, i pause for a moment to recall that one important milestone was achieved earlier today with the signing of a memorandum of understanding between ( i ) csds, banks ( in the name of the european repo council ) and a ccp, with the respective parties committing to work further on a solution for triparty settlement interoperability. triparty settlement interoperability is an important initiative that will help foster greater financial integration and harmonisation, reduce fragmentation and help to create a single european repo market. the aim of the “ tsi initiative ”, as you are all well aware, is to bring together borrowers and lenders, regardless of where the underlying liquidity or collateral is held, thereby avoiding the build - up of silos of collateral in the market. more should be done, and i therefore fully subscribe to the actions identified by cogesi. in particular, i encourage the group to further increase the transparency, clarity and understanding of the linkages between collateral frameworks, regulatory rules and market practices. we need also further improvements in the processes that support the mobilisation of collateral. the eurosystem will do its part in 2014, by abolishing the so - called repatriation requirement. that will allow for more efficient mobilisation of assets for use in eurosystem credit operations via the correspondent central banking model ( ccbm ). the eurosystem is also integrating the support of triparty collateral management services on a cross - border basis into its central bank framework and of course t2s, which will go live from 2015 to 2017, will support more efficient cross - border collateral transfer. from the industry, we may expect to see further improvements in the services that support a more optimal use of collateral assets. bis central bankers ’ speeches in this regard, i encourage you to analyse solutions to optimise the use of collateral. i am very interested in the group ’ s deliberations on the tools to increase the efficient use of collateral, and the implications of collateral transformation services. against a background of increasing demand for collateral, cogesi should drive further development of effective procedures for enhancing collateral

the key fundamentals for a capital markets union by providing the market infrastructure through which capital can move freely across europe. notably, the launch of target2 - securities or t2s in 2015 brought technical and operational harmonisation to the post - trade market. and t2s also provided the concrete incentive needed to drive the harmonisation process forward more generally. markets have aligned their rules and practices to get the most out of t2s, and, over the past years, we have seen how they have harmonised out of choice rather than legal obligation. this market initiative was supported by the legislative action needed to give the market the space it required to achieve its full potential. central securities depositories regulation streamlined the rules and provided the legal framework for t2s ’ s technical operations. but the work is by no means complete ; more remains to be done to attain a full capital markets union. this will be the topic addressed by today ’ s first panel, which brings together expertise from both regulators and industry. it will take stock of the work done on capital markets union and post - trade integration so far and assess where we go from here. 1 / 3 bis central bankers'speeches digitalisation, innovation and integration now, let us turn to the other adjective in our conference title : europe ’ s digital integrated market. the financial integration process in europe is subject to many challenges – economic, political and technical. one additional – and important – challenge is digitalisation. this is part of a fundamental change that affects not only the financial industry but society at large : the internet, smart phones and tablets have changed the way we communicate, the way we do business, the way we access and store information – in short, the way we live. some claim that we are at the dawn of a new technological age, so - called “ industry 4. 0 ” or even the fourth industrial revolution. others dispute this, or take exception to the nomenclature. but, however you choose to label it, it cannot be denied that – as digitalisation gathers pace – it continues to insinuate itself into all aspects of our daily life and work. and the journey has by no means reached its end. digitalisation can make business processes faster, cheaper and generally more efficient. but it also entails risks that need to be addressed. several of our sessions today explore the risks and opportunities of digitalisation from a variety of angles, and the potential effects for financial markets. our second speaker, jeremy rifkin,