Third, high and persistent fiscal imbalances indirectly fuel inflationary expectations, because they raise the issue of sustainability. Fourth, an additional reason for the establishment of a pact for stability and growth is the possible danger of “free rider” behaviour by individual Member States.
Regulators are therefore starting to focus on the operational risks associated with retail payment systems and whether the operators and the participants are meeting appropriately high standards of resilience. Conclusion There is a lot of change happening in retail payments and it is happening quickly.