Maria Demertzis|Silvia Merler|Guntram B. Wolff
Capital Markets Union and the Fintech Opportunity
Bruegel|Bruegel|Bruegel
complementing europes bankbased system deeper capital markets crossborder financial integration promises benefits despite longrunning debate policy action financial system change remains slow fintech potential change financial intermediation structures substantially could disrupt existing intermediation new business models empowered intelligent algorithms big data cloud computing artificial intelligence lower costs potentially better consumer experiences could driving forces yet empirically fintech remains small especially european union eu even largest fintech market china marginal size compared overall financial intermediation eu much fintech concentrated uk argue policymakers need consider four questions urgently develop european national fintech market ii regulatory framework pursue iii supervision fintech exercised european level iv overall vision eus financial system getting answers questions right early stage market development constitutes opportunity shape stable costefficient financial system contrast late action could mean europe loses foreign competitors misses opportunity improve financial intermediation europe