and remote transactions, as well as bill payments. see ecb ( 2020 ), study on the payment attitudes of consumers in the euro area ( space ), forthcoming. [ 2 ] whether they are made at the physical point of sale or online and whether they are made by private individuals, businesses or the public sector. [ 3 ] source : ecb staff estimates based on payments statistics ( ecb statistical data warehouse ) and findings from ecb ( 2020 ), ibid. [ 4 ] payments at the physical point of sale and person - to - person payments. [ 5 ] as of 2019, cash is used by euro area adults for 73 % of in - person transactions in terms of volume and 48 % in terms of value. card payments account for most of the remainder : 24 % in terms of volume and 41 % in terms of value. source : ecb ( 2020 ), op. cit. [ 6 ] examples of e - payment providers include paypal, sofort and afterpay. card payments account for approximately half of all remote purchases, and e - payments for approximately one - quarter, in terms of both volume and value. source : ecb ( 2020 ), ibid. https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201127 ~ a781c4e0fc. en. html 4 / 6 01 / 12 / 2020 from the payments revolution to the reinvention of money [ 7 ] direct debits account for 41 % of bill payments in terms of volume and 37 % in terms of value. credit transfers account for 20 % of bill payments in terms of volume and 29 % in terms of value. source : ecb ( 2020 ), ibid. [ 8 ] about 41 % of respondents to a recent survey say they have reduced their use of cash. the vast majority of them expect to continue to pay less with cash after the pandemic is over. see ecb ( 2020 ), “ survey on the impact of the pandemic on cash trends ( impact ) ”, in ecb ( 2020 ), ibid. [ 9 ] in terms of the total volume of in - person transactions by euro area adults, cash declined from 79 % in 2016 to 73 % in 2019. in terms of the value of in - person transactions, it fell from 54 % to 48 %. in some countries, the use

luis de guindos : strengthening european financial markets to ensure a more resilient future keynote speech by mr luis de guindos, vice - president of the european central bank, at the joint conference of the european commission and the european central bank on european financial integration, frankfurt am main, 18 june 2024. * * * it is a pleasure to address you once again at this annual joint conference on european financial integration. over the years, this platform has become an important forum for discussing the pivotal issues shaping the financial landscape of the eu. the discussions and analysis we heard in today's sessions provide valuable perspectives on how we can foster financial integration. the conference is also very timely, coming just before a new european commission will have to shape the policy agenda for the coming years. financial integration and financial stability are key to ensuring a resilient and prosperous future for europe. developments in financial integration despite the resilience shown during the recent unprecedented times – marked by significant global geopolitical and economic shocks – progress towards greater financial integration in the euro area has been disappointing overall. over the past two years, price and quantity - based measures of financial integration have declined substantially. in fact, we are back to the levels seen at the start of the monetary union, and this is despite the significant legislative efforts made over the past decade. cross - border financial market activities and risk sharing have not recorded any growth. financial integration has shown little progress in terms of cross - border bank lending and equity markets. yet these markets are key to helping small and medium - sized enterprises – the backbone of the euro area economy – overcome their financing challenges. they are also a critical source of risk capital for innovative and high - growth companies, particularly in sectors such as technology, biotech and renewable energy. facilitating cross - border banking and removing barriers to cross - border crisis management cross - border lending can generate important benefits, especially in relation to private sector risk sharing across countries. banks can reduce the concentration and home bias of their exposures while borrowers can broaden their access to financing and strengthen funding resilience when the domestic market is under stress. yet, the european banking sector is still fragmented. over the past decade, little progress has been made in integrating banking groups across borders. and when consolidation in the banking sector does occur, it is often at the national level. 1 / 4 bis - central bankers'speeches despite the existence of a european supervisory and resolution framework, a number of prudential