44th Economics Conference– Save the date
The financial system of the future
Modern economies need a functioning financial system. In principle, the financial system has four main functions: providing a payment system, matching borrowers and lenders, enabling people to manage their personal finances across their lifetimes and between generations, and sharing and managing risk.
Despite the implementation of a series of reforms in 2010, including enhanced capital requirements for banks, new banking resolution legislation and the centralization of derivatives markets, the question whether the current financial system is fit for the future remains unanswered. Critics claim that the financial system today is still very similar to what it was before the financial crisis started in 2007.
So is the financial system fit for the future? Will its current structure allow it to fulfill its main functions? Do we need further structural changes? If so, what kind of changes? Are tighter banking regulation, an increasing role for shadow banking and the EU’s project of establishing a capital markets union the way to go? What opportunities and potential risks do such changes involve? How will technological developments like fintech and digital money shape the future financial system?
in cooperation with:
SUERF – The European Money and Finance Forum
Interview with John Kay – The Financial System of the Future
Within the Framework of the 44th economic conference of the OeNB, John Kay is talking about if we do have too much intermediation.
Speeches and presentations, May 29, 2017
- Ewald Nowotny – Opening remarks (PDF), 139 kB
- Thomas Puschmann – Banking without banks? How will technology transform financial intermediation? (PDF), 367 kB
- Paul Tucker – The political economy of central banking in the digital age (PDF), 108 kB
- Patricia Jackson – The future - banks or platforms? (PDF), 382 kB
- Nikolaus Hautsch – High-frequency trading: risks and benefits (PDF), 2.2 MB
- David Yermack – Smart contracts and corporate governance (PDF), 290 kB
Speeches and presentations. May 30, 2017
- Helmut Stix – The surprising resilience of cash (PDF), 813 kB
- François Velde – Money and payments in the digital age: innovations and challenges (PDF), 10.7 MB
- Peter Mooslechner – Fintech: opportunities and challenges for banks and regulators (PDF), 349 kB
- Klaus Kumpfmüller – Financial innovation – a regulator’s perspective (PDF), 520 kB
- Marc Niederkorn – Fintech: opportunities and challenges for banks and regulators (PDF), 1.2 MB
- Erkki Liikanen – Is the post-crisis financial system more resilient? What needs to be done? (PDF), 69 kB