There are two options to tag a price on “bad” technology or behavior: imposing a tax or establishing a cap-and-trade regime. In theory, the two options should deliver the same results, because quantities and prices determine each other, regardless of where you start from. And despite the beauty of an emission trading system resembling an ideal market, economists tend to prefer a tax.
The focus of SEPA is on making efficient and standardised payment options available to EU consumers. The greatly simplified payments world that will result is expected to deliver major benefits, particularly for those with a requirement to make cross-border payments.