Finally, he shows that traditional New Keynesian models in which money plays a purely residual role are incapable of replicating such a lead-lag structure, as they typically imply that money growth lags inflation, or is, in the best of cases, contemporaneous with it.
We have developed a “Guide to the assessment of fintech bank licence applications”. The purpose of the guide is to make the process more transparent for potential fintech bank applicants and to increase their understanding of the procedure and criteria applied by the ECB when assessing licence applications.