Outsourcing and centralisation in the field of individual banks’ payment and settlement systems is another example of such joint projects which are being undertaken in a number of EU countries at the same time. The profitability pressures I described earlier have not led banks into immobility; in fact they have been quite responsive in taking corrective measures.
Lending terms have been tightened and more riskbased pricing strategies applied. In addition, non-core assets have been shed and the number of branches and employees reduced. This is particularly evident in the national banking systems that were in need of further substantial restructuring. I want to conclude my overview by pointing to the developments in financial markets in Europe.