摘要：In July 2006, the European Central Bank
(ECB) proposed providing securities settlement
services in central bank money for 12
eurozone markets. Few would disagree with
an initiative that has the objective of reducing
fragmentation in Europe¡¯s capital markets,
lowering costs and increasing efficiency. However,
important and fundamental questions remain
unanswered about the ECB¡¯s plan.
This proposal comes at a time when the
work of the European Commission, infrastructure-
service providers and various capital-
market trade associations to dismantle the
Giovannini Group barriers has made meaningful
progress. Market momentum is strong
and a common agenda is
being realised. Any new initiative
must not adversely
impact this momentum.
