For the ECB, it is important that the industry does not loose sight of the ultimate goal: the creation of an integrated and competitive market where you can use “any card at any terminal”.
And I expect this number to fall further through the course of this year, to around 5.7 percent. However, this progress in the decline of the unemployment rate masks continued weakness in labor markets. There are many ways to see this continued weakness. I’ll mention two that I see as especially significant.