Although rising debt-to-GDP ratios are and should be a cause of concern for all countries because they can undermine economic growth, economic history and recent research (by the OECD, the BIS, and the IMF) suggest that the debt intolerance thresholds are state and country dependent.
The role of the Eurosystem (of which the Bank is part) in relation to SEPA is that of a catalyst, or facilitator, while leaving its implementation to the private sector. However, the Eurosystem works actively with the EPC - the European Payments Council - and market participants to ensure that the necessary planning and preparatory work is carried out in a coordinated way.