However, differences in permits, regulations and national monopolies continue to hinder cross-border competition in a number of service sectors, such as mail and electricity. This is particularly regrettable, given that services represent 70 percent of GDP and employment in the euro area. That also illustrates the importance of the European Service Directive.
Further progress was made in enhancing various national payment system principles, practices and arrangements in preparation for same-day settlement by June 2000. These enhancements included the introduction of settlement risk-reduction measures, the adoption of a legal framework and the development of a risk and research database.