Government policies have generally improved labour market performance in euro area countries. A number of countries have lowered marginal tax rates in order to make their tax systems more employment-friendly. Many countries have targeted tax cuts at the lower end of the labour market in particular. These measures have contributed to a higher demand for low-skilled workers.
We have launched mobile apps for savings and investments. We have rolled out programs that pave the way for an extensive use of the QR code system for payments. The BSP embraces regulation technologies or “RegTech,” which facilitate efficient delivery of regulatory requirements.