Although EU data requirements are more stringent – for good reason – there is considerable scope for such technologies, if used prudently, to also foster growth and convergence in the EU. On my next slide you can see that in Europe more generally, and in most CESEE economies in particular, these technologies have not yet gained much traction.
In other words, progress towards a true capital markets union can both support the funding of investments, thereby helping overcome the current lack of capital accumulation, and, at the same time, foster the use and distribution of new financial technologies that may themselves become a source of growth.30  11 / 16  BIS central bankers' speeches  Using EU funds to foster convergence The third area where Europe can help is arguably the most contentious one.