I would like to approach the topic from three angles: First, the role of governments. Second, the role of the ECB. Third, the role of Banking Union. 1. Dealing with financial fragmentation: the role of governments  I begin with the role of governments because it is important to stress that they have the first responsibility for dealing for financial fragmentation.
How do new technologies shape the future of central banking? Ladies and gentlemen, getting the issue of policy intervention right still seems to be a formidable task. But while no effort should be spared in addressing this topic, central banks need to be aware that, more often than not, change is not the result of crisis, but of technology.