On top of this, tighter global competition directly affects the regional economy, especially in the era of regional autonomy and fiscal decentralization. Consequently, the need has arisen for each region in Indonesia to improve their competitiveness. Furthermore, tight competition among the regions of Indonesia forms the “spear head” for the improvement of national competitiveness amidst the growing desire to compete globally.
Years later, an English account of this episode from financial history states “... Frankfurt leapfrogged us with better technology". And it is just this type of “leapfrogging” that we need again now, in a team of continental European financial centres, on the digitalisation race track. The effort will be worth it, also from the specific viewpoint of a central banker.