Yet there is another challenge we have to master if European banking supervision is to work. The challenge I’m talking about now has to do with decision-making processes. Since the ECB is responsible for European banking supervision, the Governing Council is the highest decision-making body, not just for monetary policy issues but also for matters of banking supervision.
We therefore need to invest in digital infrastructure, including 5G networks, to fully adjust to the new reality. Digitalisation will also bring more automation and artificial intelligence, thus providing a boost to productivity. We should encourage this with our investment policies, including investment in human capital, so that the labour force can successfully participate in this brave new digital economy.