In 2013, the RBF started consulting with the World Bank to try to develop an overarching National Payments System legislation. These consultations involved the identification of key players together with the necessary infrastructure and legislative framework.
Just a few weeks ago the regulation establishing the Single Supervisory Mechanism (SSM) entered into force and the construction of the Single Resolution Mechanism is on its way. The establishment of the SSM is a fundamental step within the new EMU architecture.