Many digital innovations happen in the area of financial markets and can provide real added value for citizens in their daily lives. As a digital financial markets union, the EU could promote the digital transformation of the financial sector and open up numerous opportunities for new business models and products.
A truly digital financial market offers us the opportunity to meet the key challenges of the future together.
We are living in an age of digital transformation. More and more areas of our lives are dominated by digital technology. We shop, make phone calls and do our banking online. Many transactions only take a few clicks. Especially during the global coronavirus pandemic, digital technologies are convenient and, in many cases, indispensable. This trend will continue. Keeping pace with it and ensuring that digital processes are secure and reliable are top priorities. After all, while digital technologies offer many benefits, there are also risks, for example in connection with data protection and vulnerability to fraud. That is why it is important to turn Europe into a modern, secure and innovative digital financial markets union. This means increasing cybersecurity and cyber-resilience. It also means creating a reliable framework for financial innovations such as crypto-assets, especially stablecoins.
Taking these steps will make Europe more competitive. By adequately addressing emerging and evolving risks, we can safeguard the stability and resilience of Europe’s financial markets.
