Such cyclical increases in unemployment are distressing for those affected and can have dire consequences, but they tend to reflect a transitory downturn in labour demand and do not necessarily have a strong structural component. Firms that are uncertain about the strength of the recovery are unlikely to invest or to rehire workers.
The European Commission, for example, could propose legislation obliging payment service providers to adopt instant payments within a certain period if a critical mass has not been reached by, say, the end of 2020. Other regulatory changes may be needed in due course. For its part, the Eurosystem stands ready to provide additional technical assistance where useful and required.