As a consequence, the IT infrastructure has become more and more essential to the functioning of financial institutions as a whole. 3/5  BIS - Central bankers' speeches  Looking at the payments industry, you are the prime example of this broader evolution. And your digital infrastructure forms the very core of your operations.
In 1998 a tax reform was introduced that not only brought long-term structural improvements, but also dampened demand in the short term (the "Whitsun Package"). This was one of the reasons why the subsequent cyclical downturn was mild and brief. In theory, a similar measure is available today, i.e. immediately to increase the early retirement and retirement ages.