* * *  Introduction Between Christmas and New Year, many TV programmes and magazines looked back at events, cultural and political, that shaped 2016. Focusing on the field of payments innovation, I will also begin with a very short review of the events of last year. But the main part of my speech will be dedicated to looking ahead.
My personal take on this – which dovetails with the second hypothesis I mentioned at the beginning of my speech – is that an increase in M&A activity, and thus a higher level of market concentration, can make sense from both an economic and a commercial perspective; that said, long-term success will be reserved for initiatives which ultimately bring forth a stable credit institution running a sustainable business model.