This will allow the market to begin to read credit conditions and allocate resources according to their best use rather than in response to artificial incentives. More than a year ago, I advocated removing the “extended period” language to prepare the markets for a move to 1 percent by the fall of 2010.
SEPA for cards: implementation challenges Certainly, on the way towards new schemes – whatever their origin is – and the realisation of SEPA for cards, some challenges persist. The SEPA integrated market requires a common legal framework, which would allow for example the existence of a single contract per scheme usable across Europe.