supranational debt instruments. we could even think about the ecb / eurosystem playing an active role in setting up such an issuance service. and we could consider whether and to what extent new technologies, like distributed ledger technology ( dlt ), can be used in that process. target instant payment settlement ( tips ) turning to the retail payments market, i have to say that, despite the introduction of standardised retail payment instruments and harmonised processing rules, the retail payments market infrastructure in europe is still fragmented. apart from a few exceptions, automated clearing houses ( achs ) still primarily focus on their respective national markets. the availability of a safe and efficient market infrastructure that can guarantee the processing of instant payments across europe is a prerequisite for the launch of pan - european instant payment solutions. payment service providers should have the choice to either clear their instant payments through achs or use a settlement service for instant payments. earlier this month, the eurosystem launched a market consultation on user requirements and the expected volumes for a settlement service for instant payments in central bank money. the proposed target instant payment settlement ( tips ) service would offer a series of benefits to the payment service providers. first, it would guarantee pan - european reachability for instant payments. second, it would give payment service providers the possibility to use their credit lines stemming from their collateralised positions in target2. third, it would eliminate credit risk, thus leading the way to faster and efficient settlement. last but not least, it would give payment service providers more choice : they could either connect directly to tips or channel their payment instructions for instant payments through their respective ach. the eurosystem will take a decision by june 2017 on whether to develop the service, based on the results of the public consultation. tips could commence operations as soon as 2018. conclusion let me conclude. with the migration of the german market to t2s next week, the time has come to reap the actual 2 / 3 bis central bankers'speeches benefits of harmonisation in the post - trade area in europe. but this does not mean we can slacken in our efforts. there is still a need for further and coordinated action in the harmonisation of post - trade processes. there are also gaps that remain in the financial market integration process when it comes to securities issuance. and there is a need for action in instant payment settlement across europe. the ecb, together with market stakeholders, has to explore how to

best take action in these areas. thank you for your attention. 1 this work covers issues such as collateral mobility and cross - border interoperability ( i. e. collateral messages, workflows, cut - off times, settlement cycles, etc. ). 2 with regard to the conflict of law issue, the ecb welcomes the commission ’ s “ legislative initiative ” to determine with legal certainty which national law should apply to security ownership. the ecb will contribute to the forthcoming public consultation with a view to strengthening the legal environment for cross - border settlement services. with regard to the withholding tax procedures, the eurosystem welcomes the commission ’ s announcement that a code of conduct on withholding tax procedures will be published in 2017. the ami seco predecessor – t2s advisory group – has contributed substantially to the work of the commission in analysing the possible harmonisation on withholding tax procedures and stands ready to further contribute to this work, if required. 3 / 3 bis central bankers'speeches