Latest data suggest that inflation in rapidly growing BRICS1 remains elevated (Table 1). 1  Brazil, Russia, India, China and South Africa. BIS central bankers’ speeches  1  Global factors With recovery, global commodity prices rebounded given the higher level of commodity intensity of growth in EMEs. There was also an element of financialisation of commodities given the global excess liquidity2.
The ERPB has decided that the European Payments Council should develop an instant payment scheme for euro payments that is based on the SEPA credit transfer. With regard to e-commerce, another challenge arises from the emergence of new payment service providers. Payment initiation services and online payment integrators are expected to enter the payments chain with their service offerings.