Against this background, a key lesson from the crisis is that we need to better understand and monitor the repo as well as the securities lending markets, given their importance for the efficient functioning of the financial system. This has been confirmed by the analysis conducted at global level by the Financial Stability Board (FSB).
This framework outlines high-level principles and rules that will allow European consumers to use payment cards to make payments and cash withdrawals throughout the euro-area on the same basis as in their “home” countries. BIS Review 11/2008  1  So how will SEPA improve the situation?