Systemic risks of technology-enabled innovation in the financial sector
30.4.2018
Question for written answer E-002402-18
to the Commission
Rule 130
Sorin Moisă (PPE)
One of the main objectives of the Commission’s FinTech Action plan[1], launched in March this year, is to strengthen the single market for technology-enabled innovation in the financial sector.
Technology-enabled innovation can bring added value for the financial sector and society in general, for example by facilitating wider financial inclusion, but it can also present risks for the integrity of the financial system: less control over credit expansion, market concentration, fragile and underperforming systems along the financial value chain, etc. In this regard, the Commission’s FinTech Action plan does not include an analysis of such risks.
Does the Commission have a comprehensive evaluation of the potential impact of technology-enabled innovation in the financial sector that also includes the risks and possible ways to mitigate them?
- [1] https://ec.europa.eu/info/publications/180308-action-plan-fintech_en