The work of France’s Observatoire de la sécurité des cartes de paiement (Observatory for Payment Card Security) has been a benchmark in that area. Furthermore, since 2012, the ECB has published the Eurosystem’s findings on card fraud in an annual report. What we have observed is that two-thirds of all fraud losses on cards issued within SEPA countries is related to CNP transactions.
Yet, even if this slowdown were to materialize, this in itself is unlikely to bring inflation back to our objective over the medium term. Taken together, all this evidence is fueling my concerns that inflation will remain high for quite some time to come.