Such open-access infrastructure allows reducing the new players’ dependence on banks, providing them with a level playing field and creating an additional source of competition for the established banking sector. This comes hand in hand with payment schemes standardization – creating a one-stop shop for both firms and consumers. This allows eliminating intermediaries and increasing the efficiency and speed of payment chains.
The risk of losing a job is significantly higher for people with low educational attainment. And this group was severely hit by the crisis, with their unemployment rate increasing from about 11% in 2008 to 21% in 2013 in the euro area. The pattern is similar for young workers.