In the meantime, in the EPC Plenary the SCT Rulebooks and implementation guidelines have been adopted. I should also emphasize that the design and launch of the SEPA Credit Transfer has required a lot of resources from banks and that it has been very successful with no considerable technical problems.
It is an important and useful platform for exchanging views on issues of mutual interest to the central banking community. The crisis has subsided since we last met in 2011. However the euro area and the global economy still face challenges. In the euro area, the economy continued its moderate recovery in the second quarter, although rates of inflation remained too low.