Let me also provide some thoughts on a debate that was recently raised by the IMF as to whether central banks should err on the lax side and aim at higher inflation rates in order to minimise the likelihood of deflation.
SEPA can be described as an integrated market for payment services which is subject to effective competition and where there is no distinction between cross-border and national payments within the euro area. The introduction of the euro as the single currency of the euro area will only be completed with the SEPA, i.e.