7 Overall, SEPA will bring greater standardisation and harmonisation in the retail payments market thereby promoting competition, and innovation. At the same time, SEPA plays a crucial role for fostering efficiency and stability in the retail banking sector. (iii)  Overcoming the “final hurdles”  A major milestone in the direction of greater harmonization was the launch of SEPA Credit Transfer in January 2008.
2  Proponents of discretion do not necessarily reject the use of “ rules” or formulas - such as the famous Taylor rule (Taylor, 1993) - as rough guides to policy, so long as policymakers remain free to deviate from the rule as they see fit. John Taylor himself advocates using his eponymous rule in this way.