4 This measure will facilitate a more uniform transmission of the single monetary policy across the euro area. Conclusion Let me conclude. The sovereign debt crisis has brought to the spotlight the weakness of economic governance in the euro area. Important steps forward have been taken for improving fiscal governance and redressing the public finance situation in several member countries.
Many of the retail payments innovations in the 1960s, such as credit cards, debit cards and the automated clearing house, are now taken for granted. In the wholesale financial markets, checks and drafts are rarely used and securities are transferred in book-entry form.