This seems to me not a bad description of what happened in banking for a good part of the three decades beginning in the mid-1970s, when the banking agencies pursued a variety of deregulatory measures in part because they believed that the franchise of commercial banking was being eroded by various capital market activities that were not subject to appropriate prudential requirements.
BIS Review 125/2009  1  from a single payment account anywhere in the euro area, using a single set of payment instruments as easily, efficiently and safely as they can make them today at the national level”. SEPA is needed in order to move towards a more integrated, competitive and innovative payments market in Europe, which will bring substantial economic benefits.