The more appropriate way to look at Eurobonds is to start with governance: Only with a fundamental shift of our structures in the European Union – towards a real political union – could one conceivably create incentive and governance conditions that are commensurate with the issuance of common bonds.
SEPA will only get up and running if appropriate action is taken in a timely manner. Before I conclude, let me mention three crucial action points: •  a migration end-date for SCT and SDD;  •  communication; and  •  eSEPA.