liquidity risk and two bankruptcy exceptions ”, cepr policy insight no. 52 : “ in the us the creation of these privileges required an amendment to the bankruptcy code in 2005. in the eu, it required a series of eu directives to ensure uniformity across bankruptcy codes of all member countries. the complete list is as follows : ( eu financial collateral directive of 6 june 2002 ( oj l 168 / 43 ), the eu settlement finality directive in 19 may 1998 on settlement finality in payment and securities settlement systems ( oj l 166 / 45 ), directive 2009 / 44 / ec of 6 may 2009 amending directive 98 / 26 / ec on settlement finality in payment and securities settlement systems, and directive 2002 / 47 / ec on financial collateral arrangements as regards linked systems and credit claims. ” 36 douglas diamond in a panel discussion on financial regulation at the becker friedman institute, university of chicago, 6 nov 2010 ( video at eight minutes mark ) quoted in ricks, morgan ( 2016 ) “ the money problem : rethinking financial regulation ” the university of chicago press. 37 see financial stability board ( 2017 ), “ non - cash collateral re - use : measure and metrics ”, policy report and financial stability board policy report ( 2017 ), “ re - hypothecation and collateral re - use : potential financial stability issues, market evolution and regulatory approaches ”. 38 cgfs ( 2009 ), “ the role of valuation and leverage in procyclicality ”, cgfs papers no. 34. cgfs ( 2010 ), “ the role of margin requirements and haircuts in procyclicality ”, cgfs papers no. 36. 39 see ecb response to the european commission ’ s consultation on the review of the european market infrastructure regulation ( emir ), september 2015. 40 see constancio, v. ( 2016 ), margins and haircuts as a macroprudential tool, remarks at the esrb international conference on the macroprudential use of margins and haircuts, 6 june 2016 ; see also constancio, v. 10 / 11 bis central bankers'speeches ( 2017 ), macroprudential policy in a changing financial system, remarks at the second ecb macroprudential policy and research conference, 11 may 2017. 41 a convincing argument for a wide application of leverage ratios can be found in schoenmaker, d. and p. wi

european central bank : press conference - introductory statement introductory statement by mr willem f duisenberg, president of the european central bank and mr christian noyer, vice - president of the european central bank, at the press conference, held in maastricht, 7 february 2002. * * * ladies and gentlemen, as the treaty on european union was signed in maastricht exactly ten years ago today, it was decided that it would be fitting to hold the fifth meeting of the governing council of the ecb outside frankfurt here in this city in order to mark the tenth anniversary of what has become known as the " maastricht treaty ". indeed, the governing council today met in the same rooms in which the heads of state and government successfully concluded the treaty negotiations. i should like to thank governor wellink, the queen's commissioner in the province of limburg, the staff of de nederlandsche bank and the city of maastricht for their hospitality and for the outstanding way in which the meeting has been organised. when the maastricht treaty was signed, many doubted whether economic and monetary union ( emu ) would ever amount to more than the solemn words of a treaty or a laudable objective to be reached at some point in the distant future. however, during the 1990s, policy - makers, governments, central bankers and other political and economic agents showed great resolve and determination to ensure that the single currency would become a reality. today, we can look back on a period of more than three years in which the ecb has successfully pursued a stability - oriented single monetary policy serving more than 300 million citizens. and we all have the tangible proof of monetary union in our pockets, following a highly successful cash changeover process which represents another historic milestone in the process of european monetary integration. indeed, already now the level of cash payments in euro is close to 100 % in all the countries of the euro area. this means that the cash changeover can be considered as good as complete, i. e. well before 28 february, after which date the legacy currencies of the euro will no longer be legal tender in any euro area country. together with the treaties founding the european communities, the maastricht treaty is one of the most important and visionary legal texts in the history of the european integration process. with the euro, the treaty offered tangible proof of what the vision of european union is about, namely bringing the people of europe closer together and ultimately