What are the prospects for the economy not just over the short-to-medium term but also in the long term? Second, I want to say a few remarks about the euro area. In particular I want to discuss the steps taken by the ECB in order to lessen the impact of the crisis in the euro area, including changes to governance in EMU.
It might not be in their best interest to develop new systems that cannibalize profits from their existing investments. The new-comers are facing an uphill battle in trying to establish a bridgehead within the payment landscape. Still, it seems that something fundamental has changed. Historically the usage of payment methods has evolved slowly over time.