Nevertheless, the economy is hardly expected to recover immediately, judged from the strong negative interactions mentioned above and the financial constraints such as financial institutions’ cautious lending stance due to the nonperforming-loan problem. In these circumstances, there is an immediate need to rebuild the stability of the financial system.
Two years ago, the banking community was unanimous in calling for an end date to be set for migration to SEPA by means of EU-wide legislation. Having a regulation is one thing. However, appropriate communication and services for end users are also required.