Ecb, Draghi: point to financial integration in the Eu – The Sun 24 Hours

financial integration “, you should not take for granted”. he said the president of the Ecb, Mario Draghi, opening in Frankfurt, a conference dedicated to the digital market integrated in Europe. “As we saw during the financial crisis – has continued Dragons – a financial integration is incomplete creates vulnerability and is at risk of fragmentation. What matters is the quality of financial integration. With the Banking Union we are laying the foundations for financial integration is more complete in the future”.

However, he said even Dragons, “to be truly complete, a single financial market must also include the integration of the capital market”.

Draghi called the four rules on the inflation “hawks” German

the objectives of The Eurosystem
“to Promote the financial integration – said Draghi – is, next to that of price stability – one of the primary objectives of the Eurosystem. It is essential for a good functioning of the single currency. In fact, you can consider the financial integration and the single currency as the two sides of the same medal: one of the motivations behind the effort towards the single currency has been the maximization of the benefits of the single market for capital” and, on the other hand, “an integrated financial market is necessary to have a single currency efficient”. It is for this reason that the Ecb “”look with favor on the project of the union of the capital market”. The project is able to complete the banking Union, strengthening the economic and monetary Union and strengthen the single market” so as to put together a banking Union, “the foundations for finan cial integration more sustainable in the future”.

The risks of cybercrime
“we should Not underestimate” the “potential” of an attack of cybercrime “given the high level of interconnection of the infrastructure of the financial market”. It was the warning of the Dragons, opening in Frankfurt the conference: “Every step forward of progress are accompanied by risks and opportunities, and one of the biggest risks related to the digitisation of one of the cybercrime“, the activity related to the cyber attacks of the hackers “that is on the rise. The increase in the number of users and data on digital platforms, in the activity on the cloud, and on different networks, have multiplied the potential pathways for an attack criminal. Agents of the cybercrime, whether it is criminals, hacker activists or terrorists, are constantly seeking to increase their level of sophistication and to find new ways to attackR 21;. The Eurosystem aims to improve the resistance of the system as a whole to this type of attacks, improving of the infrastructure of the market, encouraging the sectoral level and promoting collaboration in the form of joint initiatives”.

digital business
The process of digitisation that is sweeping not only the financial industry but the whole of society” can make the business process faster, less expensive and generally more efficient. But there are also risks that must be managed,” he explained to the Dragons, who then added that the Eurosystem “continually seeks new ways to improve the efficiency and lower the costs of the infrastructure of the market”, Target2-Securities, that allows capital to move freely across Europe. “We are constantly evaluating, – said Draghi – how to respond to and benefit from the technical innovation so as to meet the needs of the user, always trying to stay ahead of the evolving risks. On this background, we initiated a strategic reflection on the future of the infrastructure of the market of the Eurosystem”.

(Il Sole 24 Ore – Radiocor Plus)

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