I think there is further scope to move some large payments which still go through the deferred settlement systems into the real-time systems, in order to further reduce financial risks for both banks and their customers, and this might require some changes to bank customer behaviour.
The euro area’s economic environment is improving, and the negative tail risks to inflation expectations, which were so visible at the start of our asset purchase programme, have virtually disappeared. But measured inflation rates are exceedingly volatile and metrics of underlying price pressures remain anaemic. The entire distribution of inflation expectations still needs to shift a fair distance to the right.