They offer their participants a more efficient environment than a market divided by national borders ever could. Integrated markets are more liquid and offer better opportunities for risk diversification, thereby reinforcing the system’s capacity to absorb shocks. Therefore, financial integration is directly linked to our objective of improving market resilience and also contributes to financial stability in the long term.
As cross-border financial risks are becoming more and more important in Europe, we need to remain firmly committed to financial integration. For this, the further integration of the retail payment market is crucial. However, a persistent debate surrounds this integration process: who is the navigator on our SEPA journey?