The advantages can also be seen by the fact that debates are now taking place in countries outside of the euro area regarding the benefits membership could bring them. However, membership of a monetary union and the absence of an independent monetary and exchange rate policy means that member state’s domestic economic policies have to be appropriate.
PSD2 is not only legislation that banks must comply with. It also provides banks and the new service providers with opportunities to develop new products, by working together. Open Banking, as it is called, unleashes third party creativity. Banks’ online interfaces become platforms for new services. Interestingly, we are still not sure what many of these services will be.