So, whereas in the aftermath of the previous crisis the emphasis was very much on the banks, we now have some catching up to do when it comes to financial markets. A key question here is how to appropriately reflect financial stability considerations in regulating market-based financial intermediation.
Ultimately, higher merchant costs flow through into higher prices for the customers of those merchants. This is a cost borne by all consumers whether they use a credit card or not. Competition Between Debit Card Schemes There is a similar story in the competition between two types of debit card systems in the United States.