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Plans for euro settlements platform on hold

Plans for euro settlements platform on hold

(20 February 2007 – Europe) The European Central Bank's (ECB) plans to build a single integrated payments platform for the euro zone continues to receive a cool reception from finance minsters in the European Union. The ministers are demanding that the ECB conducts a feasibility study and generally builds a stronger business case for the funding of the settlement system, which some ministers fear could become a public monopoly.

The ECB, however, believes the platform, which central banks would use to cover securities settlements, would cut costs by up to 90 percent.

The ECB’s plans have been further dampened by the European Central Securities Depositories Association (ECSDA), which is a trade association representing some 42 settlement bodies, asking for a deeper study and consultation.
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