The project involved developing common financial instruments, standards, procedures and infrastructure, through cooperation in the payments sector. Two drivers of integration This conference’s theme refers to two drivers of payments integration: innovation and cooperation. However, in my view, another important driver for integration is legislation and regulation.
Perhaps it is even a precondition for integration, because reducing or removing national borders requires the legislator to take the necessary action. In the case of SEPA, for example, it was the European Commission which established the legal foundation through the SEPA Regulation, and other secondary regulations. Cooperation is also vital for integration.