Experience shows that downturns in the housing market do happen and can cause significant losses to banks and to the financial system as a whole when they do.
So payments transfers are on the brink of numerous innovations. The agreement that was just signed is an excellent response to this and is decidedly forwardlooking. On the road to state-of-the art European payments. I call on all parties to include the agreement in the ERPB debates to work on new European payments products. DNB will also do this, of course.