And overall, I consider that our agreement strikes the right balance between the objective of strengthening the resilience of the financial sector and the need to avoid unduly severe implications for national banking systems. They are also global minimum standards and national regulators or supervisors can set tougher standards if they deem that appropriate.
What I have tried to show in these opening remarks is that the structural changes in the retail payments industry arising from digitalisation are just beginning to take effect. Payment service providers – be they market incumbents or new players – and regulators need to respond to the challenges that these structural changes bring.