This means that FinTechs can provide payment services across the euro area on their own, cutting out the middleman. In other words, innovative financial institutions are placed on a truly equal footing with established banks, fostering competition in the sector. While ‘regulatory sandboxes’ for interacting with new market entrants have become quite widespread by now, we have taken a step further.
Mr. Meyer considers the economic outlook and challenges facing monetary policy Remarks by Mr. Laurence H. Meyer, a member of the Board of Governors of the US Federal Reserve System, before the 1998 Global Economic and Investment Outlook Conference, Carnegie Mellon University, Pittsburgh, Pennsylvania on 17/9/97.