This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
Payment services and the digital future
Kristalina Georgieva, Managing director of the International Monetary Fund (IMF) describes the Technology Industry as one of the bright spots during 2020 because it has allowed us to keep working, providing and receiving services during the lockdown, and it has changed our ways of working, interacting, and living our daily lives“. In her speech, the IMF Managing director also describes the four cornerstones in which the digital future should be built in order to “ensure that payments evolve to meet user needs while remaining safe and resilient“.
Technology Industry has shown us the potential of the digital future during 2020, particularly during the Covid-19 lockdowns. According to Kristalina Georgieva, this digital future should be based in four cornerstones to “foster a financial sector and international monetary system that are efficient and trusted, equitable and inclusive, and still dynamic”:
- Private-sector innovation: Innovation must be led by private sector to better identify people and business needs. However it is essential to ensure risks taken by the private sector “are not translated into risks to end-users or the financial system” and avoid generating “monopoly power, or underserving vulnerable people”.
- Public-sector involvement to provide verifiable digital ID, communications infrastructure, central bank money, and other necessities. On this point the IMF Managing director strongly encourages investment in infrastructure as “nearly half the world’s people are not online”.
She also explains the role of the central bank digital money in the future: The ability to convert the digital money from different providers into local currency on demand is a key metric of stability” in the digital future. - A robust regulatory and legal frameworks: In order to ensure a level playing field, regulation should be based on activity: “same activity, same risks, same rules”.
- International cooperation to facilitate international payments reducing its final price to consumers and to manage potential spillover effects as “digital money becomes more widespread”.
Filter results
According to @McKinsey, banks must prepare for a new growth curve. Strategic precision —the ability to combine technology, capital discipline, and deep customer insight— will distinguish the leaders from the laggards.
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.