The Federal Reserve discussions of the monetary aggregates at that time sometimes referred to "adjusted" measures of the money supply that included, for example, time deposits and therefore corresponded to what we now call M2. Milton Friedman at this time was focusing on this broader M2-type measure.
I believe that SEPA is a commitment for change towards efficiency and increased competition from which all stakeholders will benefit. It is a high-momentum period which should be used for constructive efforts, particularly also in the domain of cards. Banks may be overwhelmed by the huge amount of micro-management that SEPA requires in order to implement the various requirements.