Financial services are an integral part of our daily activities and are deeply affected by advances in technology. Payment services have changed considerably in recent years, driven by new technologies and shifts in consumer preferences. Instant person-to-person (P2P) retail payment solutions are now a reality in many countries[1] and are increasingly available for consumers and businesses to use around the clock.
Whether Austria before 1999 or Latvia today, many Member States pursued a fixed exchange rate policy or currency board vis-à-vis a bigger neighbour – Germany in the past, the euro area today. This meant that they were effectively importing a monetary policy over which they had no say. Now, as members of the euro area, they have a say.