Impetus for the development of standardised pan-European instant payment solutions With PSD2, the SEPA instant credit transfer scheme and TIPS, the retail payments market in Europe has the building blocks it needs to provide innovative pan-European payment services.
There is also a greater sophistication in the conduct of monetary policy and central banks are consistently engaged in refining their technical and managerial skills to deal with the complexities of financial markets. As liquidity management acquires overriding importance, the evolving solvency conditions of financial intermediaries may, on occasions, get obscured in the short run.