The current situation is particularly unsatisfactory in the area of cross-border credit transfers, whereas the situation in the area of cross-border card-based payments raises fewer concerns. As you will be aware, one of the basic tasks conferred upon the Eurosystem by the Treaty is the promotion of the smooth functioning of payment systems.
The last time this happened was in 1951, more than 70 years ago. In this new environment, households and firms can no longer afford to ignore inflation. Everyone is worried about their next gas and electricity bills and rising food prices. In other words: Inflation leaves the zone of “rational inattention” and snaps into the focus of attention.