A large amount of work still lies ahead, for which we count on the industry’s commitment to deliver the results of the SEPA project as foreseen. In this respect, I recall that the first SEPA milestone is that, by 2008, in parallel to national instruments, banks should provide to customers also SEPA instruments.
A second milestone involves that national infrastructures migrate to a pan-European payments infrastructure, via complete interoperability between SEPA compliant infrastructures, by the end of 2010, so that full competition applies to all euro area infrastructures. *** Ladies and gentlemen, dear students,  8  See the European Commission’s website at http://europa.eu.int/comm/internal_market/finances/policy/index_en.htm, dated 5 December 2005.