First, there has been intense debate over the past few years on how supervisors should respond to the increasing digitalisation of financial services. Should new market entrants be regulated in exactly the same way as traditional banks? Or would this unduly hamper competition? What are the risks? Supervisors should be as “neutral” as possible, i.e.
In this perspective, I will focus on the euro area as a whole as well as more disaggregate developments in some countries. Finally, you certainly cannot expect a central banker to end without a note of caution. In the last part of my speech I will therefore focus on the challenges we are still facing.