Turning to the long-term prospects, in order to raise the rate of potential economic growth in the euro area, structural reforms in the size and composition of public revenue and expenditure, as well as in product and labour markets, have to continue.
In the past, the banking industry has taken steps to address its own security concerns, as well as those of its customers. The experience with card systems and the ACH are instructive. In the 1970s, major credit card companies began to deploy electronic authorization systems for transactions. This step was strongly influenced by the desire of banks and merchants to control fraud.