Nonetheless, it is important to realise that, rather than being detrimental to a return to sustainable economic growth, the adherence of these countries to their medium-term consolidation programmes will strengthen consumer and investor confidence. Any deviation from the medium-term orientation could thus only prove counterproductive. Countries without fiscal imbalances can, of course, allow automatic stabilisers to operate fully.
This is why the main focus of today’s session is on financial innovation, the rise of FinTechs, and the regulatory challenges that regulators are facing in this new era.