##s and sepa have been important milestones on our journey towards european integration. the eurosystem ’ s vision 2020 will set out the next steps. the actions we take over the coming years will complement the european commission ’ s project to establish a capital markets union in europe – a project which the ecb and the eurosystem fully support. in fact, t2s and its harmonisation agenda have already laid the groundwork for such a union. with the action plan published at the end of september, the european commission has transformed its vision into concrete steps. i am confident that through our joint efforts and complementary initiatives we can deepen financial integration and complete the single market in europe in a lasting way. i have briefly outlined a few components of the eurosystem ’ s vision 2020. let me summarise the three main points : • the eurosystem is exploring synergies between target2 and t2s, with the ultimate goal of achieving a consolidated eurosystem market infrastructure. • we are assessing new service opportunities arising from bringing the two infrastructures closer together. in particular, we are considering enhancements to the target2 services in the field of instant payments. • the eurosystem will increase harmonisation of its own collateralisation techniques and procedures. we will also consider the business case for a common eurosystem collateral management system. as part of this morning ’ s panel, we will delve a little deeper into this vision and will discuss some of the challenges we can expect the future to bring. i would like to welcome the panel members and marc bayle who will moderate this session. bis central bankers ’ speeches

is fully in line with the ecb ’ s monetary policy strategy and practice. the first pillar of our strategy, which gives a prominent role to the analysis of monetary developments, is based on the empirical evidence of a close and stable relationship between money and prices in the euro area over the medium term. there is no evidence yet to suggest that this link has weakened over time. the ecb is fully aware that monetary developments may be subject to portfolio shifts in the short term, which are not directly related to future spending decisions. indeed, what matters is to identify and understand the underlying reasons for monetary developments in order to assess the implications for the risks to price stability over the medium term. in this respect, the analysis of monetary developments has provided useful guidance to the ecb ’ s monetary policy also over the past year. this leads me to another point mentioned in the draft resolution, namely the importance for a central bank to take account of asset prices when assessing risks to price stability, while not introducing moral hazard in financial markets through inappropriate reactions to excessive asset price developments. the ecb fully shares this view. it closely monitors asset price developments as indicators for monetary policy but it does not target them or react to them mechanically. as regards the proposed endorsement of macroeconomic projections by the governing council of the ecb, allow me to clarify once again the role of those projections in the process of monetary policymaking at the ecb. these projections play an important role for us, but they have by no means an all - encompassing role. they are an important technical input by ecb and national central bank staff in summarising and assessing the implications of a large body of information for future inflation in a consistent way. however, we are also fully aware of the difficulties of making projections. in particular, we recognise that it is impossible to summarise all the relevant information for assessing the maintenance of price stability in one single projection. given the difficulties of forecasting over the longer term and the uncertainty regarding the appropriate economic model, we do not advocate the use of a single projection to analyse the risks to price stability. we therefore explicitly look at many other indicators and analyses in the context of our two - pillar strategy, and we do not try to hide the complexity of monetary policy - making behind the production of a single governing council forecast. the projections reflect the expert judgement of eurosystem staff and we prefer to keep this distinct from the judgement of the governing council regarding the overall assessment of the risks to