9  See Alicia H. Munnell, Richard W. Kopcke, Jean-Pierre Aubry, and Laura Quinby (2010), Valuing Liabilities in State and Local Plans (Chestnut Hill, Mass. : Center for Retirement Research at Boston College, June). 10  See Joshua Rauh (2010), “Are State Public Pensions Sustainable?
However, this should not be regarded as an excuse for the existing shortcomings in cross-border payments, such as long settlement times and high charges still mainly occurring in the retail segment. In the euro area, these differences when compared with the efficient and costeffective operations of the national systems will become very obvious and create political pressure on us all.