Digitalisation offers substantial challenges and opportunities at the same time. In any event, it has the potential to reshape the banking sector. The third factor is the high degree of investment uncertainty. Unfortunately, in the current economic setting, there remains a high degree of uncertainty about the economic trajectory.
What regulators can do, however, is pave the way for a sustainable recovery in the financial sector within a strong framework of rules – and combine this with reasonable phasing-in horizons. The fourth factor in the difficult environment is the low interest rate setting in which you all have to do business.