Cœuré flags risks to ‘autonomy and resilience’ of European payments
Central banks need to resist payment market fragmentation, says ECB official
Central banks in Europe should play a role in resisting the fragmentation of payment systems, Benoît Cœuré said today (November 26).
The European Central Bank executive board member said back-end progress on infrastructure, such as the recent launch of Target Instant Payment Settlement, had not been matched with similar progress at the front end. The result was fragmentation, with many consumers turning to a range of different payments providers.
“National providers in particular have not been
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