The Commission issued a favourable opinion on 3 October regarding the European Central Bank's (ECB) recommendation of 23 June 2017, in which the ECB asked for a greater role in regulating clearing systems for financial instruments, for example with regard to central counterparties (CCPs). Placing central clearing under the ECB’s regulatory competence will enable the ECB to fully perform the tasks conferred on it by the recent Commission proposal to amend the European Market Infrastructure Regulation (EMIR). The recommendation suggests that the ECB be given regulatory powers to adopt binding assessments and require remedial action, in close cooperation with other EU authorities. Moreover, when necessary for protecting the stability of the euro, the ECB should have the regulatory powers to adopt additional requirements for CCPs involved in the clearing of significant amounts of euro-denominated transactions. In his Letter of Intent of September 2017, Commission President Juncker urged the European Parliament and Council to swiftly adopt the proposal to amend EMIR and the ECB recommendation to amend Article 22.