It is true that, when travelling or even living in a foreign country, one of the things that takes some getting used to is local payment habits and standards. When taking up office at the ECB in Frankfurt, I, too, had to open an extra bank account for my German payments and acquaint myself with German payment rules, standards and practices.
However, the economy was already hit by significant commodity price increases and the ongoing correction in the housing market in some euro area countries. 2  BIS Review 158/2008  After two negative quarters of economic growth, GDP growth in the 4th quarter 2008 and in the coming quarters will be very weak.