I am therefore delighted with the long-standing relationship between NBRM and DNB, and the resulting cooperation and knowledge transfer. Integration and innovation Now let me turn to the relationship between integration and innovation. Is innovation a driver for integration? Yes, to some extent. If an innovation is easily accepted in various countries, replacing other, older technologies or instruments, international differences disappear.
Internet and smartphone technology are great examples. They are relatively new and form the basis for common and new payment methods across Europe. I will come back to this in a minute. Yet, I think that there is also a reverse causality. In plain English, integration is also a driver for innovation, at least in the eyes of economists.