In today’s interconnected world, a global approach to data collection is a prerequisite for developing a coherent view of the global economy and financial system, and for identifying vulnerabilities.
But many legal hurdles to cross-border data sharing remain to be overcome, and implementation gaps to be filled, if the intended benefits of the data harmonisation reforms in the financial field are to be fully achieved.27 Regulation also plays a big role in decisions about accessibility. Consider the revised Payment Services Directive (PSD2), which will enter into force in a few weeks.