4  Schmiedel, H. (2007) "The Economic Impact of the Single Euro Payments Area", European Central Bank Occasional Paper Series, No 71, 2007. BIS Review 86/2008  3  Where does the SEPA project currently stand? SEPA was launched end-January 2008; six months after the launch, some changes are already visible.
Obviously we know what happened, the property prices had stopped rising at the end of 2006, capital gains were  BIS Review 143/2010  1  down, transactions had slowed dramatically, construction had contracted. But my point is that as an indicator of the sustainability into the future of the public finances, the SGP rules were not adequate.