In recent years the expansion of output has been less than 2 per cent. This year it is expected to come near it. Despite slow growth, the area still shows a small surplus on external current account of less than 0.5 per cent of GDP. Europe’s share of the volume of world exports has declined in the last few years.
A related focus of the Payments System Board is the important role that new technologies can play in promoting efficiency and competition. In recent meetings the Board has discussed the opportunities that distributed ledger technology could offer in the payments system and in financial market infrastructures. And it is also interested in the potential for fintech to deliver improved customer experiences.