In a world of global supply chains and corporations, it would be very costly to prohibit bank provision of these services that have become integral to global commerce. Moreover, with global cross-border flows already under such pressure, further impediments would be extremely risky.
Banks and financial institutions are not the only ones that have to prepare for an operating environment in a state of flux. Policymakers too, at national and European level, have to make sure that the regulatory framework is fit and ready to safeguard the resilience of the financial sector in the face of the new challenges. Let me mention two examples.