SEPA and payment cards The authorities (the Eurosystem, the Commission) and the market organizations (e.g. the European Payments Council) have long since agreed that the basic approach to SEPA as regards payment cards must rest on varied, ramified models of integration: adequate governance of pan-European schemes; transparent, non-restrictive business models (and fee mechanisms); and higher operational standards for security and processing.
As I mentioned in a speech to your institute last year, 4 some investors may not have conducted sufficient due diligence with regard to complex structured products. Prior to the recent market disruptions, many investors appear not to have demanded sufficient information about complex investment vehicles, or perhaps did not carefully evaluate that information that was available.