G2TT
来源类型Policy Contribution
规范类型简报
Capital Markets Union and the fintech opportunity
Maria Demertzis; Silvia Merler; Guntram B. Wolff
发表日期2017-09-15
出版年2017
语种英语
概述Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new business models empowered by intelligent algorithms, big data, cloud computing and artificial intelligence. Policymakers need to consider four questions urgently: Develop a European or national fintech market? What regulatory framework to pursue? Should supervision of fintech be exercised at the European level? What is the overall vision for the EU’s financial system?
摘要

Complementing Europe’s bank-based system with deeper capital markets and more cross-border financial integration promises benefits, but despite long-running debate and policy action, financial system change remains slow.

Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new business models empowered by intelligent algorithms, big data, cloud computing and artificial intelligence. Lower costs and potentially better consumer experiences could be the driving forces.

However, empirically, fintech remains at a small scale, especially in the European Union. Even the largest fintech market, in China, is of marginal size compared to overall financial intermediation. In the EU, much of fintech is concentrated in the United Kingdom.

We argue that policymakers need to consider four questions urgently: (1) Develop a European or national fintech market? (2) What regulatory framework to pursue? (3) Should supervision of fintech be exercised at the European level? (4) What is the overall vision for the EU’s financial system? Getting the answers to these questions right at an early stage of market development would be an opportunity to shape a stable and cost-efficient financial system. In contrast, late action could mean that Europe loses out to foreign competitors and misses an opportunity to improve financial intermediation in Europe.

主题Finance & Financial Regulation ; Innovation & Competition Policy
关键词blockchain China Disruptive technologies Europe finance & financial regulation fintech
URLhttps://bruegel.org/2017/09/capital-markets-union-and-the-fintech-opportunity/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429653
推荐引用方式
GB/T 7714
Maria Demertzis,Silvia Merler,Guntram B. Wolff. Capital Markets Union and the fintech opportunity. 2017.
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