We are closely monitoring its development for several reasons: to better understand its impact, to assess the risks and to adjust the regulatory environment and supervisory approaches where needed; and also to adapt as an institution and support innovation where justified. Let me now give you some concrete examples of why fintech is directly relevant to our tasks.
A deep knowledge of the channels through which monetary policy affects the economy is of crucial importance to us. As fintech, and financial innovation more broadly, have the potential to impact the way the economy is financed, in the future they may affect the transmission mechanism of monetary policy and ultimately financing conditions.