##em ’ s market infrastructure would obviously imply that central bank money is transacted via dlt ; this may have implications on the central bank functions which go beyond the operational and technical sphere ; therefore, it is important to structure the discussion along the lines of who could access the central bank ledger. [ catalyst role : ] • in order to avoid dlt silos and jeopardizing market integration achievements, we also attach great importance to standardisation and interoperability both in the payments and in the post - trade domain ; • we very much welcome the ongoing industry ’ s efforts in these areas and have already offered our support in facilitating this market - driven process. [ oversight role : ] • in our capacity as overseer of market infrastructures, we need to keep abreast of market developments in the fintech arena and study the appropriateness of our oversight framework with a view to ensuring efficiency and safety. part 2 : the eurosystem ’ s vision for 2020 • to deal with the technological and strategic challenges to its market infrastructure, the eurosystem has developed three key action points it will work on in the run up to 2020 ; • the first is to explore synergies between target2 and t2s, potentially even merging them into a single platform in the future, with the goal of achieving a consolidated market infrastructure for large - value payments and securities settlement ; • the enhancements envisaged for europe ’ s financial market infrastructure will benefit users by providing access to all available services via a single gateway ; • moreover, these enhancements will provide an opportunity to further increase the resilience of the system, which is also beneficial from a financial stability perspective ; • the second action point is to consider new service opportunities that the closer integration of target2 and t2s would bring ; • in particular, the eurosystem is considering enhancing the target2 services with instant payments, at least in the settlement layer ; • third, there are plans to review the harmonisation of eurosystem arrangements and procedures for collateralisation ; • the three action points are currently in the design phase, and it is expected that decisions on the actual implementation of the projects will be taken over the summer ; • for all three action points, the eurosystem will continue to work closely with the market in order to benefit from its knowledge and experience as well as to ensure that europe ’ s future financial market infrastructure fully meets the needs of its users. conclusion • the eurosystem is not

benoit cœure : interview in l ’ orient - le jour interview with mr benoit cœure, member of the executive board of the european central bank, in l ’ orient - le jour, conducted by ms cyrille neme and published on 6 october 2015. * * * has the crisis that the euro area has experienced over the last five years damaged its international status? paradoxically, while the euro area has been hit by two successive extremely serious crises – first the sub - prime crisis which brought to light serious flaws in the european banking system, and then the so - called “ sovereign debt crisis ” which revealed weaknesses in economic governance within the euro area – these have not in any way reduced the attractiveness of the euro. on the contrary, the different dimensions of its international use – as a reserve currency, an invoicing currency or a financing currency – have demonstrated a notable stability. at constant exchange rates, the share of the euro in global reserves has thus remained broadly stable since 2007 – 08. its use as an invoicing currency or settlement currency for extra - euro area trade has not changed significantly either. above all, also owing to extremely low interest rates this year, international borrowers have increasingly used the euro as a financing currency : for example, one - quarter of the debt securities issued in foreign currency this year in lebanon has been in euro and, in april, mexico became the first state to issue a bond in euro with a one - hundred - year maturity. in fact, and this is another paradox, while many analysts foresee a more multi - polar international monetary system, the euro continues to be used in 20 – 25 % of international trade, firmly in second place behind the dollar ( 50 – 60 % ). all the other currencies remain far behind, despite the marked progress of the renminbi in the invoicing of international trade, thanks to china ’ s leading role in the latter. unlike most other currencies, the euro encompasses nineteen heterogeneous economies and national interests which are sometimes very divergent, as for example the debates surrounding the greek debt crisis reminded us. does this remain a disadvantage as far as international investors are concerned? the fact that the euro has maintained its international status over this period seems to signal confidence among investors about the ability of the euro area to overcome its crises. in forcing the euro area to strengthen its governance, this “ trial by fire ” might even have contributed to improving the prospects of