This facilitator is a controlled environment where supervised entities and FinTech operators will be able to test technologically innovative products and services in the banking, financial and insurance sectors for a limited period of time. The tests will take place in close liaison with the supervisory authorities and will eventually benefit from a simplified transitional regime.
Narayana Kocherlakota: Central bank independence and sovereign default Speech by Mr Narayana Kocherlakota, President of the Federal Reserve Bank of Minneapolis, at the Sovereign Debt Seminar, CME Group-MSRI Prize in Innovative Quantitative Applications, Chicago, Illinois, 26 September 2011. *  *  *  These remarks are highly similar to those I gave on April 1, 2011, in Philadelphia.