During the credit crisis, central banks and governments have taken extraordinary measures to preserve financial stability and prevent strong credit rationing of the private sector. Central banks cut official rates, provided liquidity support to the banking sector and supported specific financial...

National noncash retail payment markets in the euro area will gradually migrate to a single euro payments area (SEPA) from 2008 onwards. Within SEPA, citizens will be able to make and receive payments to and from other euro countries as easily and safely, and on the same conditions, as in their...