Innovation in 3 main users of the financial system: government, enterprises and residents;  4. Innovation in 3 main financial regimes: financial rules and regulations, financial supervision and cross-border financial cooperation. If the above definition of financial innovation is established, its realization will vary in accordance with time, place and people involved. It would be unrealistic for Macao to realize an overall financial innovation.
Sabine Lautenschläger: Harmonisation paves the way for a European banking market Statement by Ms Sabine Lautenschläger, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the Federal Financial Supervisory Authority 15th anniversary event, Bonn, 28 June 2017.