Let me cite a million reasons why: •  113 member institutions as of end-2014 represent an ATM cardholder base of over 73 million. By March this year, the number had increased to nearly 78 million cardholders. •  The high volume of switched transactions reached almost 500 million in 2014 or an average of 1.36 million transactions per day.
Monetary policy has achieved a high degree of policy credibility. And for the SSM it is perhaps too early to judge, though I am certain we would not have had such a rigorous clean-up of our banking sector without it. If we look at the rules-based approach, however, it is difficult to reach such a positive conclusion.