14  various occasions, the fiscal deficit has been decreasing after the introduction of QQE.15 The ratio of the general government deficit to GDP has declined significantly from 8 percent in 2012 -- the level before the introduction of QQE -- to 2 percent in 2016.
Conclusion Innovation and digitalisation in payment services will significantly change the payments market. They offer opportunities for efficiency gains and improve the competitiveness of actors that embrace them. The legislative framework established by PSD2 supports such innovation and enhances competition. It offers a legislative basis for a level playing field between new entrant TPPs (fintechs) and incumbent banks.