The instant payment scheme is the basis for the Europe-wide implementation of instant credit transfers, as well as the launch pad for other innovative payment solutions, such as person-to-person mobile payments. Fostered by the Euro Retail Payments Board (ERPB), work is under way not only on instant payments and mobile payments, but also payment initiation services and e-invoicing, among other things.
This is because investment in the resource sector is being reduced faster than it is growing in the nonresource part of the economy. This means that, over the near term, potential output is likely to grow in the lower part of the range of estimates that the Bank presented in April.