I trust many of these issues will be addressed and finalised in the course of 2016. Technological environment Finally, let me say a word about the third and in my view the most important area of potential uncertainty in the financial sector: the evolving technological environment.
What I am referring to here is the emergence of disruptive new technologies – so-called “FinTech” – which look set to profoundly reshape the structure of financial intermediation. FinTech now spreads across financial market segments and along the value chain. It is present, albeit still at an early stage, in payments, credit provision, investment and financial advice, insurance.