commission ’ s late amendment allowing banks to process old payment formats until 1 august this year, most member states succeeded in migrating before the original deadline of 1 february 2014. the most recent migration figures from february 2014 shows that 93. 9 % of all euro area credit transfers, and 80. 3 % of all euro area direct debits were processed in sepa format. current developments, future challenges as i said earlier, good things take time. that applies to the european union and to the creation of an integrated market for retail payments. the successful migration to sepa credit transfer and direct debit does not mark the end of our efforts in retail payments, but lays the foundation for new and innovative payments, and further integration. i wish to take this opportunity to mention some areas in which we would like to see further integration and harmonisation. first of all, cards. cards are the alternative to cash at the point of sale. 12 years after the introduction of euro banknotes and coins, we still don ’ t have an integrated european market for card payments. that is why the eurosystem is currently preparing a report entitled “ card payments in europe – a renewed focus on ‘ sepa for cards ’ ”. it will emphasise the need to harmonise principles, business practices and rules, as well as technical standards relating to card payments. we would also like to see payments become faster. although the d + 1 requirement for credit transfers – part of the payment services directive – came into effect in 2012, an increasing number of merchants want to have a payment confirmation before providing the goods or services, and person - to - person payments via mobile phones seem to have great potential. it is becoming clearer by the day that the market wants increasingly faster retail payment execution. such services are already available in some member states, but they need to be widely available across europe. even if we are focusing on the euro area and the rest of europe, we should however also aim for integration in a broader context, by bringing forward sepa standards to a global level as an input for others. sepa is based on the iso standard for financial services messaging and on clear business rules. 5 the use of this global standard and these rules for retail payments worldwide would further facilitate the interlinking of payment systems and increase efficiency for all involved. think about its potential for remittances by migrant workers. security, unsurprisingly, continues to be a critical topic. advances in technology mean that the safety

further financial integration. interchange fees let me conclude by touching on interchange fees, the topic of today ’ s workshop. the fees have turned out to be a rather controversial issue, not only in europe but also worldwide. the eurosystem ’ s position is neutral on interchange fees. but clarity is needed so that banks and other payment service providers can decide on future investments. that clarity has now been provided in the commission ’ s proposal for an interchange fee regulation, which we very much welcome. even with a cap on interchange fees, banks should seize the opportunities that a “ sepa for cards ” offers. the growth potential for cards at the point of sale is still substantial in europe, especially in some countries. the favourable outlook for card transactions is a business case in itself, even for a scheme that operates with a low interchange fee. building the european union is a slow and laborious but ultimately rewarding process. the migration to sepa credit transfer and direct debit marks the completion of another element in that construction, and there are more to come. i am sure that today ’ s workshop will give us new insights and help pave the way for further design and construction work, which is of such value to the people of this continent. finally, a word of thanks to the colleagues of the banca d ’ italia for their warm welcome and hospitality. and, of course, thank you all for attending this workshop today. unfortunately, i soon have to leave for frankfurt, so let me wish you “ buon appetito ” and a fruitful afternoon session. see http : / / www. ecb. europa. eu / pub / pdf / other / virtualcurrencyschemes201210en. pdf. bis central bankers ’ speeches