•  The SEPA standards, on the other hand, were developed by the industry as technical standards under the ISO umbrella, and are therefore already international. Indeed, with SEPA, banks are also preparing for the global payment landscape by introducing international ISO 20022 XML standards. The first concrete deliverable of SEPA will be SEPA Credit Transfer, which will be launched on 28 January 2008.
A more flexible wage setting mechanism that better aligns wages with productivity levels at the firm level will improve the business environment and our  2  BIS central bankers’ speeches  competitiveness and should significantly contribute towards increasing employment opportunities. Important factors that serve to improve individual and enterprise or micro productivity include improved management skills, updated technology and better capital equipment.