Conclusion Some months ago, I asked, "What happens when liquidity falters?" 8 Highlighting the risks of a liquidity shock at some indeterminate point in the future is easier than ascertaining the consequences with precision.
However, work still remains to further develop an integrated, innovative and competitive market for euro retail payments. To this end, the ECB established the Euro Retail Payments Board (ERPB) at the end of 2013. In this high-level strategic body the demand and supply sides of payment services are given equal importance.