The well known SEPA initiative of a Single Euro Payment Area is contributing to that goal. One challenge is naturally cultural differences in retail banking and in payment habits in particular. Until now, limited competition and nationally protected monopolies with several implicit entry barriers have dominated the market.
Cultural differences in payment habits One obstacle we face here is how to overcome the existing cultural differences in retail banking and in payment habits in particular. Even within the euro area we still today have very different ways of making payments. We can see that fundamental terms and conditions, to say nothing of the actual payment tools, vary a lot.