The changing economic environment, together with the entry of technology companies into the financial services areas (fintech), is changing the existing market conditions, the manner in which financial services are provided and consumed, and the business models according to which the existing financial entities operate. The research literature deals a lot with the connection between innovation and financial performance.
Waivers for large exposure limits, for instance, are still fragmented across the euro area. This in turn affects other cross-border waivers, such as that on liquidity requirements. More generally, it stands in the way of a truly European banking market, as do the other ONDs that fall within the competence of national legislators.