It is a state of uninterrupted operation of a business. The term "business continuity" refers to all of the organisational, technical and staffing measures that are employed to ensure the continuation of
1) all core business activities in the immediate aftermath of a crisis and
2) gradually guarantee the continued operation of business activities as a whole in the event of sustained and severe disruptions.
Achieving financial stability in Europe depends inter alia on the smooth functioning of the EU payment and security settlement systems. As financial markets are highly interconnected across national borders, incidents occurring in one market infrastructure might have a domino effect and easily spread into other systems.
Business continuity preparedness is crucial among all financial market participants across Europe due to the existence of common infrastructure and the high degree of interdependencies between them.
The European System of Central Banks (ESCB) promotes information sharing in this field for the following reasons: