The Financial Stability Board defines it as “technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.” According to this definition, fintech encompasses a wide range of services and activities. An example may help clarify this.
This is not about reverting to the pre-crisis situation: this is about rebuilding the system as it should have been to avoid the crisis. It also reveals that having such a single market would be extremely beneficial for the euro area, if not indispensable.