Payments and securities settlement systems

With the enlargement of the European Union in the past years, Europe has entered a new era of rapid further economic integration. One of the main instruments for creating an integrated European market is a structural reform of national payment and securities settlement systems. In this respect, fundamental changes and innovations occur both in the areas of retail payments, large value payments and securities settlement. These changes will have a definite impact on the future structure of the European banking industry and on the functioning of central banks [...]