We cannot start to define areas where an institution is relieved of its responsibility for risks that ultimately affect its own services. This would pose a problem not just from the point of view of effective supervision, but also in regulatory terms. I also see a European dimension here. Europe is already pressing ahead with regulation for issues emerging as a result of digitalisation.
I am thinking, for example, of the EBA’s recently issued guidelines on outsourcing arrangements. The Bundesbank and BaFin helped to draft these guidelines. Looking further ahead, I would like to see the European stakeholders set the right course for the overarching framework of digitalisation. First, cross-border business will be even more relevant in the digital age.