During a period of low interest rates banks cannot cross-subsidise payment services from other revenue sources. At the same time, end-customers are not willing to pay for paying. The equation is quite difficult.
Understanding this heterogeneity and its implications for resilience is crucially important. 3 Summing Up Macroprudential policy is a new policy field and offers lots of unchartered territory to be explored by basic academic research and policy-oriented and applied research.