The more sophisticated the financial markets are, the more easily a country can finance its payments deficit; and the less urgently needed is a policy to adjust the domestic economy. I can still hear Alan Greenspan saying: “it is tempting to conclude that the US current account deficit is essentially a by-product of long-term secular forces, and thus is largely benign.
However, work still needs to take off on this. Cards standardization Another important issue is cards standardisation and a security certification framework. The standardization of cards is a crucial element to ensure the interoperability of cards and a harmonized use of cards across Europe.