Secondly, I would like to touch upon the issue of innovation and how it will impact cards. SEPA for cards: standardisation, interoperability and security In 2015 the Euro Retail Payments Board (ERPB) took stock of the market initiatives which are developing technical standards for payment cards in the EU, basing its conclusions on a detailed report by the Cards Stakeholders Group.
Another problem is that a decline in sales and corporate profits might contract firms’ future growth expectations and firms might tend to refrain from challenging new business fixed investment or technological innovation. Famous U.K. economist John Maynard Keynes expressed entrepreneurs’ challenging spirit as “animal spirit.” In the economy under deflation, it becomes difficult to secure such animal spirit.