Other trends were an increased focus on higher processing speed, and a greater role for non-banks. Specific recent examples Let me illustrate this by discussing the two most significant innovations in European payments right now, PSD2 and instant payments.
The easing of credit standards stems, notably, from the lower cost of funds and balance sheet constraints, as well as from greater competition among banks. Both developments were clearly objectives of our measures, in particular of the TLTROs. The right-hand chart in Figure 4 shows net credit demand conditions and their contributing factors.