National banking communities will be requested to provide national migration plans for a SEPA in the course of this year. The EPC has the initiative and capability to define the pan-European schemes for credit transfers, direct debits and cards. However, since the EPC has no power to enforce, it would have to rely on the cooperation of the banking sector and infrastructures. The ECB, in cooperation with the Eurosystem NCBs, stands ready for facilitating the implementation of the SEPA objectives and for fostering the full adoption of the project which it considers key for achieving financial integration. Concluding remarks Ladies and gentlemen, I have explained why the ECB attaches utmost importance to progress in European financial integration and I have talked about the various channels we have at our disposal for fostering it. In describing the present state of affairs, I have also given the main examples where the ECB actively contributes to European financial integration. At the same time, I have made it clear that the ECB expects continued efforts from the private sector and I have mentioned the substantial opportunities of, but also the challenges to, the relevant public policy framework. The ECB has demonstrated since the first days of its existence that it is a credible and solid anchor for monetary stability. Financial institutions and market participants know also that they can count on the ECB to be in the domain of financial integration a very strong pillar to sustain their efforts and to facilitate the success of this important European endeavour.
4  BIS Review 18/2005  In principle, the ECB and the Eurosystem also support the adoption of a framework directive on clearing and settlement, for two main reasons. First, a directive would complement the market-led removal of the “Giovannini barriers”, a necessary condition for competition to be able to fully play its role. Second, the implementation of the ESCB/CESR standards, as well as any other harmonisation measures, may require changes to the national legal framework that cannot be made by the national supervisory authorities. We do not expect this framework directive to duplicate the work of the ESCB/CESR. Rather, in line with the Lamfalussy approach, the directive should stipulate high-level principles to be further developed by implementing measures. We agree with the Commission that the ESCB/CESR standards might form the basis of such implementing measures. Last, but not least, in the light of our interest in the financial market infrastructure, the Commission is invited to recognise explicitly, the responsibilities and tasks of the ESCB and the Eurosystem, especially their role in the oversight of the securities clearing and settlement infrastructure. Having covered the wholesale aspects of the financial infrastructure, I now turn to the retail aspects, which are very important. Take the example of the mortgage markets that I covered earlier. A pan-European mortgage market cannot develop if there are limitations on making payments from one bank to another within the euro area.