What would you say in defence of your institution, Mr Cœuré? I’ve read Jean Quatremer’s book, “Il faut achever l’euro”. Now, when he speaks of the “democratic hold-up” he’s not talking about the ECB, but about European institutions and the way the euro functions in general. And it’s true, I agree with him: there’s a democratic deficit in the way the euro area functions.
Recently, key developments within the intermediation process include the growing importance of FinTechs in delivering financial services as well as the introduction of electronic payment platforms  to  enhance  interoperability.