It is up to euro area governments to act so that the recovery is more than a flash in the pan and long-term growth takes over from cyclical support factors. The euro area’s unemployment rate remains very high, at 11.3% in March, and has reached unacceptable levels in several countries.
Some, such as Australia, Britain, and the European Union have adopted a regulatory approach to facilitate open banking by implementing specific regulatory frameworks that are built upon the concepts of consumer data rights, data privacy, and competition. So far, the United States has taken more of a market-driven approach to open banking.