As of now at least, it is hard to say that we are sufficiently equipped, considering the several constraints surrounding the current conduct of monetary policy. Like any other central bank, the Bank needs to examine every possible measure to enhance the transparency of its conduct of monetary policy.
It is essential that the “instant at the point of sale” solutions that need to be developed are pan-European in nature, convenient for consumers and technically not too complex for merchants. I call on the payments industry to start working in this direction. E-commerce In e-commerce, too, instant payments can be an enabler for innovation.