Models generally describe the macroeconomic process at a very high degree of abstraction and aggregation and thus necessarily conceal some of the complexities of economic processes or confine the account to certain elements which are  4  BIS Review 75/2008  deemed characteristic.
Harmonized European legislation on payments, centred around the Payment Services Directive (PSD), is fundamental for the success of SEPA. The proposed new Directive, PSD2, will further converge national legislation and boost competition in the market for payment services, improving the transparency and reliability of the products offered to firms and the public.