Second, the ECB announced outright monetary transactions (OMTs) in the summer of 2012, which removed redenomination risk in government bond markets stemming from fears of a possible euro area break-up. 1/4  BIS central bankers' speeches  Yet the sovereign debt crisis left a deep scar on the economy. Unemployment rose steeply, firms cut back on investment and loan delinquencies increased.
Especially in Germany, they are quite important: approximately 60 million cards using ec BIS Review 38/1998  -2-  technology are in circulation. Prepaid cards are a logical development of the eurocheque card with a common security access and clearing standard. But their system faces drawbacks due to relatively high transaction and turnover fees charged to retailers.