EMU is based on the efficient interplay of three main factors embodied in the stability architecture: first, a monetary policy with the primary goal of maintaining price stability in the medium term; second, sustainable public finances; and third, structural policies that support growth and global competitiveness.
If analysed from a customer’s perspective, they maintain multiple payment instruments and multiple channels for different payment needs. Can we think of a regime where the all these payment instruments could be subsumed in a single instrument i.e. a single card acting as a debit card, credit card, pre-paid card and all purpose smart card?