Presentation of ECB Annual Report 2004 to the European Parliament

04 July 2005

Jean-Claude Trichet, President of the European Central Bank, presented the ECB’s Annual Report to the European Parliament in Strasbourg. Responding to concerns raised in the Parliament’s draft resolution on the Annual Report about the joint work of the ESCB and the Committee of European Securities Regulators in the field of clearing and settlement the European, Mr Trichet said that the ESCB has attached the utmost importance to transparency in this respect and openly consulted both market players and the European institutions.

“It should be stressed that the ESCB-CESR standards are clearly not intended to pre-empt any future legislative acts in this area. Thus, should a directive on clearing and settlement be adopted at a later stage, these standards would have to be amended accordingly, if necessary” the President said.

Introductory Statement
Annual Report 2004

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