This has the potential to break the stalemate that has occurred not only in the cards dossier but also on the innovation front. Transparency and clarity with respect to the real costs and benefits of cards and other payment instruments are vital for a harmonised and innovative European retail payments market.
I would like to take this opportunity to express my sincere gratitude to all those who have contributed to nurturing the close bonds of cooperation and friendship between the Bundesbank and the Bank of Japan. Given the ever-increasing pace of economic and financial globalization, I believe the strong human networks that thrive among central bankers are becoming ever more important.