By collaborative engagements, we mean maintenance of active multi-stakeholder collaboration – This is necessary in view of the multiplicity of players and multi-layered relationships among fintechs innovators and varied incumbent financial sector players. It represents a “whole-of-government approach”, ensuring policy consistency and preventing regulatory arbitrage.
As regards labour market reforms, several euro area countries have moved towards a negotiating framework for wages and working conditions based more on firm-level agreements. This should enhance competitiveness by promoting a closer link between wages and productivity and, at the same time, allow firms to rapidly adjust their internal organisation of labour and production in response to changing economic conditions.