Recent Bank research finds that adopting a monetary policy framework consisting of an inflation target and a more flexible exchange rate has led to an increase of about 10 to 20 per cent in measures of financial development.24 This finding is illustrated in Chart 8.
Already shortly after the adoption of PSD2, members of the Euro Retail Payments Board (ERPB) voiced concern that the legal requirements alone would not be sufficient for the provisioning of efficient and integrated pan-European payment initiation services (PIS) and that the industry should agree on common technical, operational and business requirements to complement the legal requirements.