For corporates, SEPA is expected to enable bank relationships and account structures to be rationalised. A centralised treasury, better liquidity management and optimised payment processing will be made possible. Even for smaller, mainly nationally-oriented corporates, SEPA is expected to provide benefits as competition in the banking sector will increase, leading to a broader range of banks and banking services to choose from.
Moreover, although gains in defined contribution plans, IRAs, and other tax-deferred accounts almost surely affect consumer spending, the complicated tax treatment and restrictions on the use of those funds make the connections between capital gains in these accounts and spending quite indirect.