SEPA migration I will now turn to the second challenge, namely the overall SEPA migration process and the question of a possible end-date. While the use of SCT has been increasing steadily since their launch in January 2008, they had reached 4.5% of the overall credit transfer volume in August 2009.
During this period, though, vulnerabilities in the financial system have built up, and there is a danger of underestimating future macroeconomic risks. These vulnerabilities can now become injuries that can be healed only with some difficulty later on. Second, scenarios that would have been considered “adverse” in the past have already materialised.