We are closely monitoring its development for several reasons: to better understand its impact, to assess the risks and to adjust the regulatory environment and supervisory approaches where needed; and also to adapt as an institution and support innovation where justified. Let me now give you some concrete examples of why fintech is directly relevant to our tasks.
For those acquainted with the Bundesbank it was immediately clear that nothing of any substance was being reported. Of course, it pains me to see how frivolously fears are being aroused, particularly at a time when people are already very uncertain.