This means that growth in the large euro area countries is no longer diverging. The economic outlook has improved, too. The European Central Bank, for example, has raised its forecast for the euro area slightly – to 1.9% for this year and 1.8% for next year.
Concluding Remarks Today, I have discussed the challenges and risks posed by GSCs as well as the need for the reform of retail payment systems. While GSCs have the potential to improve payment services, their widespread use and the increase in GSC-denominated transactions could undermine the effects of monetary policy transmission and financial system stability.