What is more, the single market has not only provided a foundation for growth, but also for sustaining open markets. As we are seeing today at the global level, markets cannot stay open for long if not all participants are perceived to be playing by the same rules, or if the benefits are seen to be shared unfairly.
Also, collecting a check could take a long time. Because a check could be forwarded to numerous correspondent banks before ultimately being presented for payment, some public officials charged that banks deliberately engaged in the “circuitous routing” of checks to exploit the inefficiencies of the payments system.