value - added services on top of the sepa products. it is worth referring here to regulation no 2560 / 2001 of the european commission, which established the principle of equal charges for cross - border payments and comparable domestic payments within the eu, which in turn has created an imbalance between bank fees and costs of cross - border payments. this imbalance can only be overcome if the handling of cross - border payments is reorganised to become as efficient and inexpensive as the handling of national payments, which is the primary goal of sepa. an aspect which deserves particular attention in the discussion on sepa is the harmonisation of the law within the payment area. the proposed payment services directive ( psd ) establishes the necessary legal framework for sepa payments and will also apply to existing national payment products. the aim of the directive is to harmonise the market access requirements for non - bank payment service providers. this will create a level playing field with enhanced competition in national markets. the directive will provide clarity and certainty with regard to the core rights and obligations of users and providers of payment services. it will also provide the necessary legal framework for sepa, as it will harmonise existing, and differing, national legal requirements. please note that the eurosystem sees sepa as “ an integrated market for payment services which is subject to effective competition and where there is no distinction between cross - border and national payments within the euro area. ” over the long term, all euro area payments will become domestic, reaching a level of safety and efficiency that is at least on par with the best performing national payment systems today. let us consider together the potential benefits of sepa for the polish market participants. the following questions seem to be of particular importance here : • what ’ s the role and place of polish payment infrastructure in the sepa world? • will sepa increase the consolidation of the polish banking sector? • will sepa reinforce the competitiveness of polish entrepreneurs? • what roles are there to be played and who should play them so as to ensure that sepa contributes to the success of the polish economy and increased consumer satisfaction? • what benefits may the polish payment market participants gain before poland joins the euro area? now, let me ask the presidents to take the floor.

the us and elsewhere in the past – which would make filtering and reading the signals coming from money a difficult undertaking. but the central bank should not deny itself the opportunity to take advantage of all the information that they carry with themselves. the conviction that money matters and contains invaluable information for policy is shared across central bankers wedded to different monetary policy strategies. third : while looking into conjunctural signals, a central bank should never fall prey to myopia and short - termism. monetary theory has provided a compass for measuring how the course of policy has deviated in the past and will likely deviate in future from the straight line consistent with price stability see for example m. king ( 2002 ), ‘ no money, no inflation – the role of money in the economy, ’ bank of england quarterly bulletin, summer ; and l. meyer ( 2001 ), ‘ does money matter? ’ homer jones memorial lecture ( st. louis, 28 march ), in bank of international settlement review no. 25 ( 30 march ). and a sustainable growth path. this quantity theoretic reference should be consulted regularly and taken seriously. monetary policy cannot react mechanistically to monetary variables, and the weights that a central bank attaches in its considerations to the various headline measures of money supply are state - dependent : they cannot be set in advance. thus, there may be extended periods of time in which observers do not detect reactions to monetary indicators. in our strategy, for example, the weights are conditional on the analysis of monetary shocks, which is conducted under the first pillar. this analysis is aimed at purging the developments in monetary aggregates of the noise with which they are usually observed. this analysis yields more reliable measures which can be used for policy orientation. but if deviations in these measures of money from the long - run trajectory consistent with price stability are ample and persistent, a central bank should intervene, if the anchoring properties of money are to be reinstated and made operative.