In order to promote digital finance in Europe, while adequately regulating its risks, in light of the mission letter of Executive Vice President Dombrovskis the Commission services are working towards a new Digital Finance Strategy for the EU.
As stated by President von der Leyen in her political guidelines for the new Commission, it is crucial that Europe grasps all the potential of digital age and strengthens its industry and innovation capacity, within safe and ethical boundaries.
Digitalisation and technology is significantly transforming the European financial system and the way it provides financial services to Europe’s businesses and citizens. Almost two years after the Commission adopted the Fintech Action Plan in 2018, the actions set out in it have largely been implemented.
Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in the EU while addressing its risks and ensuring a true level playing field, making the EU financial services regulatory framework more innovation-friendly, and enhancing the digital operational resilience of the financial system.
This public consultation, and the parallel consultation on digital operational resilience published, are first steps to prepare potential initiatives which the Commission is considering in that context. The Commission may consult further on other issues in this area in the coming months.
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