The long-predicted decline of the paper check is materializing as consumers and businesses continue to embrace alternative ways of making and clearing payments. A 2004 Federal Reserve study of retail payments revealed that electronic payments have now surpassed the use of checks as the preferred means of making noncash payments.
I would like to thank Governor Noyer for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today’s meeting of the Governing Council. We will now report on the outcome of today’s meeting, which was also attended by the Commission Vice-President, Mr Rehn.