Specialisation can help deliver economies of scale, increase the potential for innovation, and achieve excellence. In an environment of “coopetition” – a neologism merging the words cooperation and competition, European financial centres could cooperate, compete and, at the same time, hone their own areas of expertise. But this is a vision for the future.
It was proposed, both in the fourth and fifth plenary sessions of the 19th CPC Central Committee as well as the 20th CPC National Congress, to establish a modern central banking system.