The completion of SEPA will not only have direct benefits for the consumer, but will also further promote integration in retail banking. More generally, the further and faster integration of clearing and settlement systems in Europe is an essential motive behind the ECB’s initiative to offer in the future securities settlement services in central bank money in euro – the so-called TARGET2Securities system.
Yesterday, the ECB’s Governing Council decided to further investigate the feasibility of this project, and to take a final decision in February next year. Afterwards, we intend to launch a broad public consultation of all interested parties. Another sign of incomplete integration is that bank interest rates still vary considerably across countries.