LEGAL WORKING PAPER SERIES NO. 1 / FEBRUARY 2006
by Klaus M. Löber
"...Ideally, at the end of the process, there will be a single comprehensive set of rules for clearing and settlement in the EU, fulfilling the demand that ‘the legal underpinnings of clearing and settlement in the EU should be clear, reliable and coherent’ while being globally compatible. The resulting reduction of legal and other risks for crossborder transactions in the 25 Member States would significantly foster the integration and competitiveness of the European financial markets..."
Source: http://www.ecb.int/pub/pdf/scplps/ecblwp1.pdf
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