and end users (such as consumers and corporate entities, including small and medium-sized enterprises and retailers) are represented. Four Eurosystem central banks also participate on a rotating basis. BIS central bankers’ speeches  5  Work at different levels is envisaged. At the strategic level, the SEPA Council would discuss and agree on the key topics and would set priorities.
1  Henry C. Simons, “Rules versus Authorities in Monetary Policy,” Journal of Political Economy, 44:1 (January 1936). 2  Finn E. Kydland and Edward C. Prescott, “Rules Rather than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, 85 (June 1977), pp. 473–91.