And third, the SEPA users have shown in the SEPA Council but also in many national SEPA fora an increased willingness to embrace the SEPA project. Coming now to the areas for improvement, the progress report also indicates some of the barriers the SEPA project has to overcome to be a success. Let me stress only a few major issues.
You need a market that bridges the idea of “today” with that of the “future” and that is the capital market. In this connection, the BSP’s initiatives to help develop and deepen the domestic capital market will present the banking sector and the SSS with more opportunities for investment diversification.