Cross-border markets create a community of interest from which each member stands to benefit. But they also heighten shared exposure to the potential detriment of all. For markets to be truly free, therefore, they need governance. This is true at the global level and it is true at the European level.
Possible interim solution What we therefore need is an interim solution. This interim solution should be pragmatic and should be acceptable for a limited period of time to make the SEPA direct debit scheme fly.