But Italy is still considerably behind in the use of electronic payments. Although the diffusion of POS terminals and payment cards is not less than in the rest of Europe, the number of transactions per capita with these instruments is far below the average.
So in a number of cases, that was the binding constraint, not the increased liquidity cost of funding inventory or the leverage ratio. The example of dealer inventories of fixed income is reflected in a number of areas of the market. It has often been the self-imposed limit which has been the binding constraint.