A small fintech firm may lack a traditional financial history, raising questions about how a bank can evaluate the fintech firm’s status in the industry, corporate history, or financial condition. It certainly can be difficult for a small bank’s staff to evaluate a wide range of potential technology vendors. I am heartened to hear that small banks are increasingly collaborating to vet third-parties.
As a president, with extensive discussions with the staff and the ECB chief economist, one gathers a deep view of the whole Eurozone, encompassing national views. Bringing this to the Governing Council, together with the collegial exchanges – where participants may be expected to change their minds if facts warrant it – is of utmost importance.