This is why the ECB and the Commission are fully behind measures that make it easier for the European SME sector to gain access to financing. In addition to the CMU proposal, other policies that support the competitiveness of European SMEs relate to integration and innovation in the retail payments market, particularly for payments in euro.
The establishment of the Single Euro Payments Area (SEPA) has given Europe harmonised and efficient payment methods that help facilitate growth for SMEs. Innovative retail payments services such as instant payments, a topic I will further address in a few moments, can free up cash flow and improve liquidity.