At the outset of the euro era it was expected that the fragmentation of retail payment markets would be abolished. Some national clearing houses have merged, some pan-European clearing  BIS central bankers’ speeches  5  houses have emerged, but still national clearing houses are the dominant institutions in this field in most of the Members States.
Enhancing transparency: Many standard solvency indicators are currently misleading, making it hard to assess the degree of delayed debt restructuring. Banks’ balance sheet information is heavily affected by credit guarantees, moratoria and regulatory measures. Timely and prudent recognition of credit risk is thus necessary. Timing: Phasing out support measures needs careful timing in order to avoid cliff effects from a sudden and simultaneous withdrawal.