It is striking that, while the volatility of long-term interest rates in the euro area was still around twice as high as that in the United States in the 1990s, the situation has reversed in the last six years, with euro area interest rate volatility now being below that observed in the United States.
Furthermore, the emergence of new service providers requires reflection on issues such as how to ensure a level playing field for newcomers and long-established players, as well as an appropriate level of protection for the users. Service providers from outside Europe offering global solutions present a further challenge that has to be tackled.