There are already several innovative market solutions that have the potential to be transformed into an efficient pan-European digital payment solution. • In addition SEPA instant credit transfers could serve as a basis for pan-European payment solutions. We should develop these systems further before contemplating further, more radical steps. 5 Conclusion Ladies and gentlemen, The old world of payments versus the new world.
To express it in annual average terms, growth in 2005 is projected to be about 2 1/2 per cent, down slightly from the January Update, while the projection for 2006 is little changed at about 3 1/4 per cent.