But other uncertainties also call for attention. I would like to stress the importance of maintaining the credibility of fiscal consolidation. In this regard, avoiding any relaxation of the fiscal stance, as well as reducing the risk of any deficit slippage in the event of an unexpected growth slowdown are certainly key elements.
Consumers could also limit invasions of privacy by keeping low balances on their card or restricting its use, but this limits the utility of electronic money in the first place. From the standpoint of merchants, electronic money systems raise orthodox benefit-cost questions.