This will not provide a strong stimulus to export growth if the demand is not forthcoming, but may have inflationary consequences, which may limit monetary policy flexibility. For this reason some emerging market economies have intervened to prevent excessive depreciations. Increased intraregional trade has been an important contributor to the resilience of the Asian economies.
There is currently no single cross-border solution for e-commerce or card payments for the euro area that is based on European infrastructure. In order to overcome this deficit, the Eurosystem may also be able to build on work started by the private sector “European Payments Initiative,” which includes a common digital wallet, amongst other ideas.