According to Eurostat’s flash estimate, euro area annual HICP inflation was 0.3% in November 2014, after 0.4% in October. Compared with the previous month, this mainly reflects a stronger fall in energy price inflation and a somewhat lower annual increase in services prices. Taking into account the current environment of very low rates of inflation, it will be important to assess the broader impact of recent oil price developments on mediumterm inflation trends and to avoid spillovers to inflation expectations and wage formation. Against the background of recent oil price developments, it is crucial to recall that forecasts and projections are based on technical assumptions, especially for oil prices and exchange rates. On the basis of information available in mid-November, at the time the December 2014 Eurosystem staff macroeconomic projections for the euro area were finalised, annual HICP inflation was foreseen to reach 0.5% in 2014, 0.7% in 2015 and 1.3% in 2016. In comparison with the September 2014 ECB staff macroeconomic projections, they have been revised significantly downwards. These revisions reflect mainly lower oil prices in euro terms and the impact of the downwardly revised outlook for growth, but they do not yet incorporate the fall in oil prices over the past few weeks following the cut-off date for the projections. Over the coming months, annual HICP inflation rates could experience renewed downward movements, given the recent further decline in oil prices. The Governing Council will continue to closely monitor the risks to the outlook for price developments over the medium term.

Nina Stoyanova: Upcoming changes in the area of payment services Publication of Ms Nina Stoyanova, Deputy Governor (Banking Department) of the Bulgarian National Bank, in the Quarterly Bulletin of the Association of Banks in Bulgaria, issue 58, July 2019. * * * Over the last years we have witnessed a continuous trend of increase in cashless and online payments, dynamic development of technologies in the financial sector and new entrants in the market. In this regard, initiatives have been taken on both European and national level aiming to improve the legal framework in the area of payment services with a focus on payment security, ensuring a level playing field for market participants and improving customers’ awareness. Common and Secure Open Standards of Communication In accordance with the provisions of Chapter 5 of Commission Delegated Regulation (EU) 2018/3891, account servicing payment service providers that offer to a payer a payment account that is accessible online, must have in place at least one interface which enables the providers of the two new payment services to identify themselves towards the account servicing payment service provider, as well as to communicate with it securely and in a secure environment. In order to fulfil this obligation, Delegated Regulation (EU) 2018/389 provides two options: by enabling the providers of the new types of services to communicate with the account servicing payment service providers through the interfaces, intended for payment services users (e.g. internet banking of the respective bank) or by establishing a dedicated interface (so-called application programming interface - API).