At the time, the latest reading on the unemployment rate was 8.1 percent, and both we and most private-sector economists were projecting only slow reductions in unemployment in the coming quarters. Recent reports on payroll employment had also been somewhat disappointing. However, since the program was announced, the unemployment rate has fallen 0.8 percentage point, and about 2.6 million payroll jobs have been added.
Authorities as well as the private sector need to strive for further progress in the field of payment infrastructures not to loose the momentum in creating an integrated and harmonised retail market in Europe. This conference offers a good opportunity to discuss recent advances in the field of retail banking it provides an important contribution to better understand developments in retail banking.