And if we look at the figures, we see that an adjustment is already under way – in fact, Germany’s current account surplus with the other euro-area countries halved between 2009 and 2012. Furthermore, and contrary to widespread belief, the current upturn in Germany is being driven principally by strong domestic demand, not by exports. 5.
An arrangement where regulation of non-bank fintechs are not aligned to the regulation of banks (or their subsidiaries) offering similar services will create inefficiencies and risks associated to regulatory arbitrage. Simultaneously, new risks associated with use of information technology like cyber crimes and frauds also need to be addressed if the wider population is to be encouraged to adopt digitisation. 5.