ECB's Trichet on European financial markets
"The ECB and the Eurosystem prefer a market-first approach in this process, with a significant role given to self-regulation," Trichet said. "Examples like the STEP initiative show that the private sector can contribute substantially to the integration of the European financial system and that the Eurosystem supports such market-led initiatives."
"While expressing my congratulations to ACI - The Financial Markets Association on its 50th anniversary, I would also like to encourage you all to take up the challenges that lie ahead of us. STEP-like initiatives should become a more widely used approach to fostering financial integration in Europe. A lot has been achieved, but just as much remains to be done."
Speech by Jean-Claude Trichet, President of the ECB, at the "The Eurosystem and the integration of European financial markets", 50th Anniversary of ACI - The Financial Markets Association, Paris, 28 October 2005.
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