In the United States, resource utilization has increased substantially over the past five years. The U.S. unemployment rate is now under 5 percent, compared with 10 percent at its recent peak. Even so, there is evidence that some labor market slack still remains.
Looking beyond the end-date, the ECB will establish and chair the Euro Retail Payments Board (ERPB) as successor of the SEPA Council to contribute to and to facilitate the creation of an integrated, competitive, innovative and level-playing field market for euro retail payments. The ambition is for the ERPB to achieve a wider membership, strengthened mandate and a more output-driven approach.