Chart 2 Market-based lift-off dates (date of lift-off; date of observation)  Sources: Bloomberg, Refinitiv and ECB calculations. Notes: The market-based lift-off date is the date during which the € forward rate exceeds the current € rate by at least 10 basis points or 25 basis points. The latest observations are for 18 March 2022.
These criteria include the need to fully recover costs over the long term; the expectation that the new service will yield clear public benefit; and the expectation that other providers alone cannot be expected to provide the service with a reasonable effectiveness, scope, and equity.9 The Federal Reserve will also continue to support the ongoing work of the Secure Payments Task Force.