Clearing and Settlement: it's time for action
Brussels.
1998.
A small, windowless room, in the lower halls of the European Parliament.
The euro is almost here and the European Central Bank has just been inaugurated.
High value settlement systems are in play and central banks can process euro’s across the Eurozone therefore.
Phew!
This meeting has been called to find out what to do next.
“I think we need a plan”, says one bright spark.
“What a good idea”, says the eurocrat. Then his brow furrows and he looks at the young, pin-stripe suited proposer and asks, “And exactly what sort of plan are you thinking of?”
“Well”, says the nervous tick, “maybe one with some action in it. Some action for the banks, of course. Not us, I mean.” You can see the first signs of a cold sweat forming on the forehead.
“Ah”, says the eurocrat. “An Action Plan. An Action Plan for banks. I like it.” A thin smile forms on the veneer of the administrator’s lips. “But, you know, it’s far more than banks so I think we should call it: The Financial Services Action Plan.”
A round of applause. Everyone is happy and the young proposer breathes a sigh of relief.
“And what should be in this plan, I wonder?” says the eurocrat.
You could cut the atmosphere with a knife as everything goes silent and a small dim of gloom illuminates the room.
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