A key topic for 2009 in many countries within the Euro-area is the progression of the Single Euro Payment Area, SEPA. Starting in 2009 some very critical processes are moved from a mostly national level with cross-border capabilities to a common European plane open to all member states. Regulators and banking supervisors remain typically national.

The rapidly forward moving fundamental technological change and cross-border financial activities combined with old fashioned mostly national regulation and supervision is interesting in many ways.

Finland has a long tradition of critical infrastructure protection, securing supply and maintaining high redundancy levels in key areas of the national economy. Recently the financial sector of the economy has received a lot of attention in this sense. Nationally as well as internationally. The banking industry is rapidly becoming less national and more international. How can basic national supervisory organs function in this new context with SEPA proceeding?

It seems to be the case, that there are several single points of failure in the present set up. Is this actually the case? If not, then why not? If yes, then what can be done to right the wrong?

These same problems are relevant to several EU members, but those member states that are separated from the central European scene by the sea (e.g. England) or a long distance (e.g. Finland) are in a more difficult situation as compared to continental central Europe.

This is written with special attention not to mention or implicate any specific company or actor.