An English translation of the Vatican Pontifical Council for Justice and Peace paper “Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority” released October 24, 2011.
In the context of rapidly increasing inter-dependence across national economies and shifting economic weight of different regions, the crisis has been a wake-up call for putting in place a global financial and monetary system that reduces the frequency and severity of crisis, underpinned by greater multilateralism in policymaking. Global cooperation and coordination on a wide set of issues, ranging from crisis prevention to regulatory and prudential reform and to provision of financial support, is critical for responding to the challenges presented by financial fragilities, external imbalances, weak fiscal positions and rising debt levels, and volatile capital flows.
The Single Euro Payments Area is an initiative of the European Central Bank which will unify all of the retail payment markets in the euro area to form a single market. The initiative has three phases: a design phase, followed by a period of integration, followed by total migration to the new system. SEPA is currently nearing completion of its migration phase, indicating that its instruments are generally in use at this time.
Community fora in the Single Euro Payments Area, including in Austria, Belgium, Cyprus, Estonia, Éire/Ireland, Finland, France, Germany, Greece, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.