This will also be the case in the future which will be marked by innovation, new technologies and increased competition across borders. Such a development should be embraced by financial authorities, just as we welcome innovation and competition in other sectors of the economy. At the same time, financial authorities must ensure that the new developments support the needs of society.
To strike that balance, regulation is an important tool. But the right form can be difficult to assert. Different countries have adopted different regulatory approaches as starting conditions and policy choices vary across countries. The future of money and finance calls for a coordinated approach to regulation internationally.