While the committee has not reached detailed final conclusions, it is clear that the Federal Reserve can best ensure the safety and effectiveness of the nation’s payments system by continuing to provide its existing retail payment services for checks and ACH, and we will so BIS Review 88/1997  -6-  recommend.
As a consequence, euro area real GDP growth is likely to have remained uneven around the turn of the year, making it advisable to look through the quarterly volatility and to compare growth developments on a half-yearly basis.