In cooperation with the Hungarian Competition Authority we have analysed the current size of interchange fees applicable for domestic card transactions and the pros and cons of intervening into the functioning of this market. Let me shed some light on the summarised outcome of the above-mentioned studies and main conclusions we have drawn for the future. The costs of payment transactions are too high.
For this reason, policymakers might change their judgment about what monetary policy rules constitute reasonable benchmarks, or, over time, they might develop a procedure for revising the monetary rule. But a frequently revised rule does not really qualify as a rule in the sense that we currently use the term.