This feature, which is not characteristic of the United States, may suggest that the underlying adjustment mechanisms in the euro area economies are not functioning as smoothly and in a timely manner, with potentially undesirable implications for the dynamics of economic activity and employment.
This means that financial institutions under BSP supervision will be held accountable for ensuring that consumers are: 1. Provided with correct and understandable information about their financial transactions; 2. Protected from mis-use or abuse of their personal data through risk-based data handling procedures; 3. Treated fairly and professionally, with the consumer’s well-being in mind; 4.