We may still lack sufficient pan-European law enforcement capability to fully monitor the potential for cyber-attacks. However, work has been started to enhance cyber resilience of the Eurosystem. For instance, promoting cyber best practices for financial market institutions, conducting cyber surveys to monitor progress, and establishing a framework for testing procedures would be important operational objectives in the short term.
Shadow banking, shadow markets and new unregulated players Third, are there specific macroprudential issues that the digitalization development would raise? One implication of the new technologies is that they may provide a way to move financial activities to less regulated areas. This would clearly be counterproductive because the goal of regulation should be to safeguard financial stability in the broad sense.