I admit that finding the right combination of self-regulation and regulation always represents a challenge, but the  5  In addition to the EU27, SEPA comprises Iceland, Liechtenstein, Monaco, Norway, and Switzerland. 6  SEPA makes use of ISO standards, such as IBAN and ISO20022. ISO20022 is the standard used for T2S and plays an important role for the future developments in TARGET2.
4  BIS central bankers’ speeches  benefits of market-driven solutions for retail payments in Europe are apparent. In addition, it is important that self-regulation is guided by the search for Europe-wide solutions, thereby preventing any recourse to national and fragmented market structures. Fragmentation of retail payment markets can lead to inefficient market structures and higher costs to participants and society as a whole.