In doing so, I will emphasise the risks, rather than the obvious opportunities provided by these ongoing changes. This focus is not just the professional deformation of a central banker. It reflects the lessons drawn from observing how frequently, in many countries and over many decades, rapid change in the financial sector has been a source of significant economic disruption.
However, work still remains to further develop an integrated, innovative and competitive market for euro retail payments. To this end, the ECB established the Euro Retail Payments Board (ERPB) at the end of 2013. In this high-level strategic body the demand and supply sides of payment services are given equal importance.