Under this act, while a bank could no longer demand to receive the original check, it could still demand to receive a paper check. Banks would likely receive a mix of original checks and substitute checks.
However, according to ECB staff projections, price pressures will pick up again due to further rises in aggregate capacity utilisation. The ECB’s economists expect the inflation rate to amount to 1.4% in both 2018 and 2019, before rising to 1.7% in 2020 – in other words, to a figure that is broadly in keeping with our definition of price stability over the medium term.