In the period from 1995 to 2007, the budget deficit averaged 4.3% of GDP, and was always above the Maastricht threshold of 3% of GDP. When the international financial crisis broke, the weak potential output growth and rising external indebtedness fuelled investors’ doubts about the capacity of Portuguese economic agents to pay their debts.
4  -4demonstrate in the coming days, parts of the industry have already seized on the opportunity to build new services and capabilities that support instant payments. These efforts will increase competition in the market for end-user services and promote innovation—key benefits from providing the FedNow Service as a neutral platform, accessible to financial institutions of all sizes nationwide.