With the Capital Markets Union, a project I fully endorse, the role of players outside the traditional banking sector will hopefully get bigger. This justifies particular vigilance on the part of the ECB to be ready to monitor developments in this area.
We should also make sure we are able to monitor developments in so-called private virtual tokens that aim to play a role as money – even though I tend to think that these developments are not (yet) of macroeconomic relevance. Related to this, the Fintech revolution blurs the traditional boundaries between the financial and the non-financial sector.