During the first stage, the inflation rate would exceed the long-term desired inflation rate, as the price-level gap was eliminated and the effects of previous deflation undone. Call this the reflationary phase of policy.
At first glance, the harmonisation of European retail payments may seem like a mandatory replacement of existing products and admittedly implies that we need to get used to new standards and procedures. But when looked at more closely, the true benefits start to reveal themselves.