should be underlined that the resolution of a ccp would not necessarily imply winding it down. there could be cases where a ccp in resolution may cease to exist as a legal entity, for example where the resolution authority may choose to sell or transfer its business. however, the economics of clearing favour economies of scale and the emergence of local monopolies, making such a banque de france financial stability review no. 21 - april 2017 - the impact of financial reforms central clearing : reaping the benefits, controlling the risks benoit cœure solution in many cases difficult to implement. interoperability between ccps may facilitate the transferability of portfolios, but it may also have unwelcome financial stability consequences ( cœure, 2015b, and esrb, 2016 ). the continuity of the ccp ’ s critical functions should be ensured in all cases. as noted in the introduction, the fsb key attributes of effective resolution regimes for financial institutions and the respective fmi annex have already set out a framework for ccp resolution. under the ccp work plan, the fsb has considered the need for additional guidance on implementation in order to assist authorities in resolution planning and promote consistency in approaches across countries. following up on an earlier consultation ( fsb, 2016 ), in february 2017 the fsb published draft granular guidance on central counterparty resolution and resolution planning for comments ( fsb, 2017, see box 2 ). related work has been led by the european commission ( 2016 ) at the european level. 1 | 4 interdependencies in order to ensure the robustness of the central clearing landscape as a whole, measures calibrated to individual ccps may not be fully sufficient. in particular, ccps all rely heavily on contributions, financial resources and liquidity provided by the same major banks ( as clearing members and / or financial service providers ), which creates significant interdependencies between ccps. these interdependencies may affect the robustness of ccps especially in the case of distressed market conditions that could trigger default management, recovery and / or resolution actions in more than one ccp at a time. recent supervisory stress test exercises in the eu and in the united states have started lifting the veil on such interdependencies ( esma, 2016, and cftc staff, 2016 ). against this backdrop, the basel committee on banking supervision ( bcbs ), the cpmi, the fsb and ios

vitor constancio : growth, adjustment and resilience in the euro area remarks by mr vitor constancio, vice - president of the european central bank, at the forum villa d'este, cernobbio, 1 september 2017. * * * in my remarks today, i will reflect on the outlook for growth in the euro area taking distance from monetary policy considerations at the present time by focusing on recent economic developments and their structural component. i will then elaborate on opportunities and risks posed by broad structural developments across euro area countries. in my intervention today, i want to convey five main messages : first, the ongoing cyclical recovery in the euro area is now broader and more consolidated. second, this notwithstanding, the strong worldwide reflationary phase that seemed likely at the beginning of the year has not materialised. therefore, the tasks of normalising inflation and unemployment to acceptable levels continue to be difficult. third, the euro area peripheral countries have completed a notable adjustment phase. consequently, the monetary union is now more resilient to shocks as a result of a reduction in imbalances and stronger synchronisation of the economic cycle across countries. the euro area is thus better prepared to resist financial market shocks. fourth, in this context, a correction in the worldwide risk premia, particularly in the bond market seems now more absorbable. financial conditions may nevertheless deteriorate suddenly, due to developments in the us or emerging economies ’ or to geo - political risks that can trigger spikes in a situation of prolonged low volatility. fifth, resuming real economic convergence among member countries is vital for the euro area. this is the next fundamental challenge and it will require more structural and institutional reforms both at national and european levels. a broader and more consolidated recovery the euro area has now been expanding for 17 consecutive quarters while business confidence is at a decade high. equally important, practically all countries are now taking part in the recovery and more people in the euro area are employed today than before the crisis. these developments would not have materialised without the ecb ’ s expansionary monetary policy after the second recession in 2012 – 2013. while we can be increasingly confident about the sustainability of the recovery, we have to recognise that it has taken much longer for the euro area than for other advanced economies, to emerge from the financial crisis which started in 2008. the depth and length of the euro area crisis unveiled inter alia the incompleteness of the euro area ’ s institutional