During this period, BigTechs have been able to particularly strengthen their position in financial services, as the Financial Stability Board has recently noted. [1] At the same time, many banks have digitally evolved their business models in order to compete with the new entrants. This surge in digitalisation has also changed banking supervision.
A decisive European response to crises such as the current coronavirus pandemic can underpin trust in European institutions. This response requires a European architecture that provides suitable instruments to combat severe crises. Further steps towards European integration should strengthen Europe’s capacity to act.