Turning to the European economies, the European debt problem has yet to be fully resolved, and the year-on-year rate of change in consumer prices in the euro area has been less than 1 percent for more than six months, giving rise to some concern over deflation. Moreover, a potential risk factor is the situation in Ukraine and Russia, which warrants due attention.
Moreover, citizens and businesses should be able to send and receive cross-border payments to and from countries beyond the euro area under the same conditions and with the same ease as within as was highlighted this morning by Bundesbank President Jens Weidmann. Clearly, we need comprehensive European answers to the challenge posed by digitalisation while harnessing the benefits it offers.