Oh dear. So much for the Lisbon agenda and all that.
The central banks are charged with making the European economy more competitive, and replacing cash with electronic transactions is an easy win in this regards. Yet the central banks income, as we drone on and on about here, comes from the least efficient payment mechanism of all, cash. Surely there’s some tension here?
Peter concluded “So will the EU win the ‘War on Cash’ and achieve improved efficiency in payments? Without focus and leadership this appears unlikely. Fragmentation will grow as will the eurozone’s costly cash mountain. Sadly the indications are Europe’s payments sector productivity will take years to achieve best in world performance”. A disappointing conclusion, but Peter is, of course, right.