But even though consumers in Germany show only little willingness to experiment, changes in payment behaviour are certainly taking place, in small steps. Today, virtually every adult owns a girocard, which is now used to pay for around 30% of turnover at the point of sale; in 2011, this figure was around 28%.
This could weaken the euro area economy even further, if global conditions were to deteriorate. In my view, it remains a high priority to complete the Banking Union by creating the European Deposit Insurance Scheme (EDIS). Renewed efforts should also be made to complete the Capital Markets Union, especially in view of Brexit.