The demand for credit is broadly based, originating from both households and corporations. The main factors behind this development appear to be the low levels of bank lending interest rates in conjunction with the ongoing strengthening of economic activity in the euro area.
We strongly support domestic and international testing efforts by major market participants, such as the New York Clearing House, the Securities Industry Association, and S.W.I.F.T. to test critical data exchanges. Under the leadership of the New York Clearing House and with the support of the Federal Reserve, cross-border testing of major payment transactions and S.W.I.F.T. is planned to take place in June 1999.