22 All told, it is difficult to pinpoint the causes of low-flation without resorting to standard explanations from macroeconomics textbooks: a negative output gap and weak inflation expectations. Such an interpretation fits the observation that inflation has become increasingly sensitive to the Eurozone economic cycle in recent years, 23 but the data need to be analysed with care.
Our goal is to democratize access to a transaction account, and make every transaction account useful not only as a store of value but also as a convenient and affordable means to pay, remit and receive funds. In this regard, we provide an enabling regulatory environment that encourages increased use of affordable digital channels for payments, fund transfers and remittances.