Overall, the constant stream of missed targets and data revisions saps at euro area confidence. For those countries receiving financial assistance, confidence can be restored by rigorously implementing their programmes. For Ireland and Portugal, this means maintaining their strong track record of implementation. For Spain, it means a convincing recapitalisation plan that removes all doubts about the solvency of its banks.
Under what we call the “test and learn” approach, the BSP has allowed emerging technologies, along with new business models, to be implemented under a limited scope and environment and applicable regulatory framework.