be 31 october 2016. bis central bankers ’ speeches furthermore, in july 2012 the eurosystem organised a third meeting of the forum on the sepa certification framework. the eurosystem thereby expressed its support for the continued joint efforts being made by the stakeholders. in this case : card schemes, certification authorities, evaluation laboratories, terminal manufacturers and the banking industry. together, they are developing a thorough methodology for the security evaluation and certification of new payment terminals for physical card acceptance. the goal of this multi - stakeholder cooperation is to allow retailers and terminal manufacturers to buy and sell card payment terminals which function securely with all card schemes all across europe. when thinking of card payments and the internet, several things come to mind, such as cumbersome keying - in card numbers and sometimes excessive surcharging. however, my main thought is card fraud. regrettably, even though banks have a great interest in reducing card fraud, and the epc could in theory play a major role, so far it has not engaged thoroughly with this important task. some card schemes and some national card associations have been more ambitious when it comes to addressing card transaction security. fraud is about criminals financing themselves and their activities ; decisions on fraud - prevention should therefore not only be based on a bank ’ s short - term business case, the need to fight fraud is also justified from the perspective of keeping trust in the payment system, and from society ’ s perspective in general. it all shows that, in respect of user convenience and of security, cards were not designed for use on the internet. although measures could be taken to improve this experience, banks should not pin all their hopes on cards when it comes to delivering payment services for the internet. study into costs of retail payments – importance of retail payments in october 2012, the ecb published the results of its study into the costs of making retail payments, conducted in cooperation with 13 ncbs3. for the euro area, these costs amount to around €45 billion, or almost 1 % of gdp. if extrapolated to cover all the 27 eu countries, they would be around €130 billion. the results underline the importance of retail payment services to the people of europe and its economy as a whole. the study offers valuable guidance on how overall cost efficiency can be improved even further. retail payments are an economic factor on their own, representing a market segment dominated by banks – at the moment. research shows that that the performance of banks in eu

will be brought to an end. this is in line with our guidance on the expanded asset purchase programme ( app ). thereafter, the monetary support necessary for inflation to converge to our aim of below, but close to, 2 % will be provided by reinvestments continuing for an extended period of time and policy rates remaining at their present levels well past the end of our net asset purchases. policy decisions will continue to be firmly guided by the outlook for price stability for the euro area as a whole and not for any individual country. the ecb remains committed to its price stability mandate, but other actors need to do their part to boost the resilience of the euro area and individual economies. governments should take advantage of the increasingly solid and broad - based recovery to rebuild their fiscal buffers in line with the stability and growth pact ( sgp ). at the same time measures to increase euro area economies ’ productivity should be forcefully pursued. and finally, the completion of the banking and financial unions would be a substantial step towards strengthening the euro area ’ s capacity to withstand any future shocks. 1 / 1 bis central bankers'speeches