Conclusion In conclusion, allow me to re-emphasise that the SEPA ship has left the harbour destined for a fully integrated market for euro retail payments. The compass is set for a full Single Euro Payments Area.
On this front, too, matters in individual euro area countries have not, however, developed as would have been desired since the launch of the euro. There have been persistent economic imbalances in several euro area countries, and slow productivity growth in a number of others. The “Great Recession”, the epicentre of which initially seemed to be far away, has exposed and exacerbated these weaknesses.