But they should not become of a persistent and structural nature. Unfortunately, very large imbalances were allowed to accumulate over recent years in several European countries. These imbalances stemmed from different sources: insufficient fiscal discipline, financial excesses, failure to implement structural reforms especially, but not exclusively, in the labour and product markets and significant competitiveness losses. All of this necessitates urgent and resolute adjustment.
From the traditional brick and mortar model, it has evolved to an elaborate anytime anywhere digital ecosystem stradling among other services: payments, credit, savings, insurance, capital markets and pensions. The 2021 FinAccess Household Survey (the Survey) indicated that the level of financial access has tripled from 26 percent in 2006 to 83 percent in 2021. Commercial banks have also transformed dramatically.