Ministers hit ECB securities settlement plan

Europe’s finance ministers have put the brakes on plans by the European Central Bank to set up its own cut-price securities settlement system, amid fears it could become an unaccountable public monopoly. The ECB’s plan to use its muscle to force financial integration in the 13-member eurozone is supported by the banking industry, but is being questioned by finance ministries in a number of member states.

ECB: Communication on Target2, July 2006 http://www.ecb.int/pub/pdf/other/communicationontarget2200607en.pdf

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