27 The hypothesis that as an economy develops, inequality favours growth but as income grows to higher levels,  inequality starts to decline. See Kuznets, S. (1955), “Economic growth and income inequality”, American Economic Review 45, pages 1-28.
* * * I would like to thank the BIS for inviting me to participate in this panel on Bigtech and data in finance, and discuss what does the entry of big techs in payments mean for competitiveness and financial ecosystem and the challenges it represents for central banks.