The SEPA project, in which the European Central Bank acts as a helping hand, will create, out of the many different national payment schemes, an integrated scheme for each of the three main payment instruments (credit transfers, direct debits and cards). This process would also enable the consolidation of national retail infrastructures into more efficient pan-European infrastructures with competing operators.
Sound macroeconomic policies are also key to sustainable long-term growth. In particular, recent studies have emphasised the benefits of maintaining low and stable inflation and preventing unsustainable fiscal deficits and levels of debts. In this regard, a sound monetary policy is a necessary condition for sustainable economic growth and job creation.