The third special feature, “The Single Euro Payments Area (SEPA) and its implications for financial integration”, considers the European banking industry’s initiative to enhance the integration of retail payment systems in Europe. The Eurosystem supports this initiative and acts as a catalyst.
Casual observation confirms that market participants do pay close attention to FOMC statements and that these statements often move markets. But have FOMC statements had the effects that were intended? And how important have these effects been, relative to the impact of the rate-setting decision itself?