The ERPB was created by the European Central Bank in 2013 as a strategic body that formulates guidance and a common starting point for the development of an integrated, innovative and competitive market for retail payments in euro in the European Union. It also provides recommendations on work priorities, including standardisation needs.
As we all know the global economy went through a period of extraordinary financial instability in 2008 and 2009. This was accompanied by the worst global economic down turn and a collapse in trade. No country escaped the reach of this economic storm, and we were no exception. Our export oriented sectors, notably minerals and tourism, have been especially hard hit.