in larger numbers after sepa direct debit has also been launched in november 2009. will the migration process be quick enough by itself or does it require an extra push? research has shown that a long period of maintaining dual systems is costly for all. so what will make industry and / or customers stop using the old products and switch to sepa? you will remember that the sepa process was only taken seriously by industry in reaction to an ec regulation. 5 although supporters of a sepa migration end - date seem to be in the majority, opposition to the concept is not negligible. however, we have to realise that sepa is not just about making life easier for european citizens and companies by removing obstacles to cross - border payments. sepa is also about removing barriers to the single market, introducing more competition to the payments industry and speeding up innovation. the eurosystem will continue its efforts to foster a general understanding among stakeholders that setting a realistic but ambitious end - date for migration to sct and sdd is a necessary step in order to reap the benefits of sepa. ten years after the introduction of the euro as the single currency, it is high time to complete the introduction of the euro in the field of single payment instruments. sepa governance in connection with the migration challenge, the question arises as to the future governance of the sepa project. so let me talk about this now. in the sixth sepa progress report, we suggested that improvements may be needed to the overall governance of sepa. to be clear, i am not speaking about the governance of the epc itself. improvements in sepa governance may be needed to foster the process towards a truly integrated retail payments market in europe. these improvements are related, in particular, to stakeholder involvement, transparency and the sepa migration progress. is market self - regulation sufficient to find solutions for these issues? the eurosystem – together with the european commission – recognises that a new, overarching body, consisting of a broad range of stakeholders, could tackle and resolve issues that are slowing the realisation of sepa. but i want to repeat that this body would not replace the current arrangements. the epc would remain responsible for the design of payment services. the new body, by contrast, would focus entirely on identifying key issues of concern to public authorities and other stakeholders. moreover, it would define priorities and promote action. in addition, it would work on fostering a common understanding among users

individual and corporate – who have accounts in more than one country or do business with companies in other countries. there are therefore many benefits of a harmonised retail payments market with common instruments, i. e. sepa. as 50 % of the cross - border trade of euro area countries is with other euro area countries, small and medium - sized enterprises will benefit immensely from the harmonisation across national borders within the euro area. also, large companies that operate in almost every european country, such as mobile phone operators, energy suppliers and petrol station chains, will gain from sepa. for those companies, managing up to 27 bank accounts, 27 standards for electronic communication with the bank or 27 different sets of requirements for card payment terminals is a truly costly business. the eurosystem therefore continues to strongly support the creation of sepa, in which “ individuals and companies are able to make cashless payments throughout the euro area sepa comprises the countries of the eu plus norway, iceland, liechtenstein, switzerland and monaco, as well as oversees territories of eu countries. from a single payment account anywhere in the euro area, using a single set of payment instruments as easily, efficiently and safely as they can make them today at the national level ”. sepa is needed in order to move towards a more integrated, competitive and innovative payments market in europe, which will bring substantial economic benefits. celebrating the sdd launch today is indeed very reassuring for the whole sepa process, and for all the efforts that are going into this project, not least for us at the ecb, who wholeheartedly support the sepa project. i am often asked the question : “ has the financial crisis made banks less likely to support the sepa projects? ” my response is usually that, as a result of the crisis, banks are once again focusing on their core business, which is attracting savings, providing loans and offering payment services. in terms of offering payment services, sepa provides a competitive, efficient and innovative retail payments market in europe. less money is available for it projects, but the business case for sepa has not changed. i have noted that more than 2, 500 banks have already signed up for the sdd service, which is a outstanding achievement, and one that few people had dared to hope for just eight months ago. back then, the epc was deliberating whether to launch the sdd on time, because many obstacles were still seen to be in the way. it also means that i