Speaking at the ECB/Bank of England conference on “Payments and Monetary and Financial Stability” in Frankfurt, Ms Tumpel-Gugerell, Member of the ECB Executive Board outlined that the changing roles of central banks in the field of payment systems.
“Central banks are increasingly concerned with the division of responsibilities and the allocation of risks between infrastructure providers and their clients”, she said. “The responsibility for the safety of a payment, clearing or settlement system rests largely with the system operator.”
Central banks have been intensifying their efforts to produce consistent regulatory and oversight standards on a cross-border basis, Ms Tumpel-Gugerell noted and referred to the Core Principles for Systemically Important Payment Systems and the CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties.
“Some further work needs to be done on the harmonisation of the oversight framework for securities clearing and settlement in the European Union”, Ms Tumpel-Gugerell underlined. “The continuous absence of such a harmonised oversight framework generates a number of undesirable effects. However, after the recent ECOFIN decision, I am very optimistic that we will soon see the finalisation and adoption of the ESCB-CESR recommendations for securities clearing and settlement.”
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