Indeed, the process of price discovery is ongoing, and it will likely be some time before it is completed. At the FOMC meeting last week, the federal funds rate target was lowered by another 25 basis points.
However, work still remains to further develop an integrated, innovative and competitive market for euro retail payments. To this end, the ECB established the Euro Retail Payments Board (ERPB) at the end of 2013. In this high-level strategic body the demand and supply sides of payment services are given equal importance.