What I think is safe to say is that user expectations have undoubtedly changed due to the digitalisation of our lives at home and at work. At the ECB, we receive many inquiries and comments from individuals and companies across Europe about retail payments. We are frequently asked why, in this age of real-time communication, e-payments take longer than e-mails.
I would also like to say that it is important to reform the social security systems and to work on fiscal consolidation, since public concerns over the future of the pension system and public finances hamper economic growth by creating a strong incentive to save, rather than spend.