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.
Right now banks are going around and competing against each other with bows and arrows. But the real enemy is the big technology firms; they’re using AI, laser guns, digital weapons, which is way beyond what the banks are doing.
The financial services and platform industry is beginning to understand the true value and potentially seismic impact of blockchain technology to generate new revenue, improve end-user experience, increase speed of transactions and build the trust of customers.
The BIS Innovation Hub’s geographic footprint is growing to include centres in London, Toronto, Stockholm, Paris and Frankfurt, as well as a strategic partnership with the Federal Reserve Bank of New York.
“Europe remains at a disadvantage to the US and China, thanks to its lack of successful technology giants, such as Microsoft and Google on one side of the Pacific and Alibaba on the other.
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