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European Central Bank (ECB) president Christine Lagarde, US Federal Reserve chair Jerome Powell, Bank of England governor Andrew Bailey and Bank of Japan governor Haruhiko Kuroda came together (virtually) on 29 September to answer these questions in an hour-long discussion on global economic prospects entitled ‘Beyond the pandemic: the future of monetary policy’ during the ECB Forum on Central Banking.
FaceBook’s recent ‘unfriending’ of Australia, as prime minister Scott Morrison put it, is an ongoing, high-profile example of the high-stakes arena, while the UK is to shortly launch a Digital Markets Unit to (in the government’s words) ‘introduce and enforce a new code to govern the behaviour of platforms that currently dominate the market, such as Google and Facebook’.
When it comes to green fintech, Switzerland is on a roll. The Alpine country is stepping up its support for the fashionable holy union of fintech and sustainable investing, with its Federal Council having launched a Green Fintech Network to ‘identify areas in which the conditions for green fintech could be improved’.
“SEPA is interbank functioning,” points out Weimert. “Do I as a consumer care? No. Do merchants care? No, since it doesn’t give me a solution that I can use in a shop or online - I cannot click on a SEPA button on a website. SEPA is only rails and not the front-end solution.
“US authorities have dominated the global AML landscape through the imposition of numerous huge fines for AML failings. But that has changed somewhat in recent years - US fine amounts have fallen while other jurisdictions, particularly in Europe, have imposed very large fines of their own,” explains Duff & Phelps’ head of UK regulatory consulting Nick Bayley.


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