Such a reform package is currently before the European Parliament. The ECB very much counts on the Parliament to call for very clear and strong governance rules, including automaticity in triggering procedures and sanctions, which will be to the long-term benefit of Europe’s citizens.
As you are aware, the Government has set up the Fintech Regulatory Committee under the chairmanship of Lord Meghnad Desai. The Committee has already submitted its Report and the main recommendations are being implemented. We even had a meeting today, hence the presence of Lord Desai and Ms Loretta Joseph of the OECD.