Of course, these opportunities may be limited by the regulatory and legal safeguards in place for payments between countries with different legal structures, including customer identification, customer due diligence, and sanctions screening for compliance with regulations and policies for Bank Secrecy Act/Anti-Money Laundering (BSA/AML). These competing priorities are challenging to reconcile.
In May this year, inflation, as measured by the HICP, exceeded 5 % in France and 8 % in Germany. The last time we had inflation rates of this magnitude in Germany was in the winter of 1973-74 during the first oil crisis.