This is what it means to share a single currency within a single financial market. 6  BIS central bankers’ speeches
Payments: lowering costs, improving quality Competition between banks will also be based increasingly on their ability to offer efficient payment services. There is room for improvement in payment completion time, costs and security. Completing a payment by cheque still takes an average of seven days; a legislative amendment facilitating digital transmission of the images would make a significant reduction possible.