. stability forum, which prepared its final report on strengthening the resilience of markets and institutions for the meeting of the g7 finance ministers last week. 2 in particular, the report calls for strengthening the basel ii capital requirements ( particularly for structured credit products and securitisation activities ), enhanced liquidity risk management, the effective prudential oversight of relevant risks, tighter standards for valuation and transparency, and changes in the role and use of credit ratings. further policy recommendations include strengthening the authorities ’ responsiveness to risk and improving coordination, as well as enhancing the arrangements for central banking operations in crisis situations. as you have noticed, the responses have been swift, both at the eu and global level, and are highly consistent with each other. this reflects the strong common understanding among the authorities on the key issues that need to be addressed over the coming months. the ecb is strongly supportive of these initiatives and will contribute to the pertinent work. i firmly believe that the international cooperation between the authorities will continue to foster financial integration, development and stability. iv the role of financial integration let me finally reflect on financial integration in europe, a challenge currently faced by both the private sector and the authorities. history has shown that the tendency towards national retrenchment may occur in times of uncertainty. i would like to use this occasion to stress the importance of continued financial integration in europe. besides improving efficiency, financial integration will make a marked contribution to stability in the long term. integrated markets reinforce the shock - absorption capacity of the system, as they are more liquid and offer better opportunities for risk diversification. the eurosystem is strongly committed to fostering financial integration. as an example, i would like to mention three key projects in the area of market infrastructures that have progressed significantly over recent months. first, the european payments landscape reached an important milestone last november, when target2, the eurosystem ’ s single shared platform for payments, was successfully launched. another of the eurosystem ’ s projects, target2 - securities, aims at concentrating securities and cash settlement in europe on an efficient, single platform. the private sector has contributed considerably to the planning and design of these systems. for example, last year, around 300 professionals from over 90 institutions played a large role in the formulation of the user requirements for target2 - securities. finally, the single euro payments area, or sepa, is of utmost importance to the integration of retail banking markets in particular. the project

benoit cœure : cyber resilience for pan - european financial market infrastructures introductory remarks by mr benoit cœure, member of the executive board of the european central bank, at the high - level meeting on cyber resilience, frankfurt am main, 19 june 2017. * * * introduction it is a pleasure to welcome you here today to this strategic high - level meeting on cyber resilience for pan - european financial market infrastructures. the aim of bringing together high - level representatives from large european market infrastructures, critical service providers and public authorities is threefold : first we would like to gain a deeper understanding of the cyber threat landscape in europe. the european union agency for network and information security ( enisa ) will make a presentation on the cyber threat landscape and its relevance for the financial sector. second, we will share with you the eurosystem ’ s cyber strategy for financial market infrastructures and also explain ecb banking supervision ’ s approach to the issue of bank cyber resilience. third, we would like to hear your views on how we can all collaborate in a trusted environment to enhance the cyber resilience of financial market infrastructures. more specifically, we would like to assess with you how much interest there is in creating a highlevel cyber resilience forum for pan - european financial market infrastructures, critical service providers and competent authorities. before we start, let me briefly set the scene. the evolving cyber threat landscape in europe besides the undeniable advantages of information and communication technology, the increase in users and data on digital platforms, in cloud computing and across networks has also created greater opportunities for cybercrime. there are a variety of agents involved : criminals, hacktivists or nation states. they may have different motives : financial gain, espionage, disruption and destabilisation. but what they all have in common is that they are steadily increasing their level of sophistication and exploring ways of attacking. a sound operational risk management and it security framework are the first line of defence. but resilience to cyberattacks means more than that. unlike critical failures, the likelihood of cyberattacks cannot be mitigated. a paradigm shift is necessary. we have to accept that cyberattacks are inevitable and that attackers are persistent. consequently, we have to establish how – in case of persistent attacks – we prioritise our operations and resources, protect our key assets and restore functionalities. cyber resili