Accordingly, the Public Sector Borrowing Requirements (PSBR), the most comprehensive measure of the deficit, should display next year a reduction equivalent to 1.2 percent of GDP with respect to 2015 (and 1.7 percent with respect to 2014).
Waiting for too long could mean that we end up with very divergent systems in Europe. This in turn would make it extremely difficult to have a European passport and single market in this area. Against that background the envisaged European directive on e-money is expected to improve market development.