SEPA a rule of convenience

SEPA is going to get a firm date at last but where are the sanctions for countries who don't comply? I have said this many times before but rules without a penalty are not worth writing. It's of course the European way to be collaborative and well, just nice, but this is hardly a frightening prospect for great big hairy global bankers.

However, let's be a little positive and say that after nine or a million years of yearning SEPA looks like it's finally going to happen. Millions of people have died while SEPA has been arriving and at EBA Day you can't help but feel the relief.

One very positive from my last EBA Day visit was the very warm and close relationship that has sprung up between the EPC, EBA and the Banks. This has to be lauded after so many years and bodes well for the future development of the European financial markets. But didn't it take a long time though.