The Reserve Bank, which was not much concerned about the low level of penetration of credit cards in the initial years, quickly stepped in to ensure fair practices and customer protection. The Reserve Bank also took upon the task of assessing the existing retail payment systems and laying out a clear road map for the future.
All in all, these challenges will require major efforts to increase the output growth and adjustment capacity of the euro area in general and the flexibility of workers in particular. European governments should take advantage of the recent favourable growth developments to push ahead with structural reform.