Unfortunately, soon after the July 2017 agreement was made, cracks began to show in the coordination.

The European shared liquidity agreement, over half a decade in the making, was always meant to produce four-way participation.

There are four closed liquidity markets in Europe—Spain, France, Italy, and Portugal—and when the first concrete steps were taken last year, the quartet was in lockstep. It culminated in the signing of a historic accord in July 2017 that put the project on a clear path towards enactment in 2018.