With respect to the integration of payment services markets, I also would like to recall that the Eurosystem is working together with the European Commission on the development of a new legal framework for payment services in the internal market. Currently, there is a wide variety of national legislation related to payments, which makes the implementation of the SEPA problematic.
A Shenzhen-Hong Kong Stock Connect is expected to be announced soon. The mutual recognition of funds agreement, effective from July, will allow fund managers registered in Hong Kong to offer investment fund products to mainland residents (and vice versa).