FINANCIAL INSTRUMENTS IN THE CONTEXT OF THE DIGITAL AGE AND OPEN INNOVATIONS

Otilia Elena Manta
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Otilia Elena Manta: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania

Journal of Financial and Monetary Economics, 2023, vol. 11, issue 1, 230-244

Abstract: Digital technology is a fact especially in the field of the financial industry, and in the context of this fact, by means of regulations at the European level, attempts are made to limit the risks as much as possible. The digital age has been regulated by the European Commission since 2018, with the emergence of the European Digital Strategy. However, in the financial field, innovations know a specific dynamism, and the risks are directly proportional to this dynamism, which is why two unique sets of rules were made, namely the Digital Services Act (DSA) and the Digital Market Act (DMA) to be adopted at the level of all member states. The digital market according to existing data at the level of the European Commission knows "the size of the global market of the virtual world estimated to increase from EUR 27 billion in 2022 to over EUR 800 billion by 2030", which is why during this period a new strategy on Web 4.0 and virtual worlds on technological transition. In this paper, we propose, starting from the purpose of these European strategies "to ensure an open, safe, reliable, fair and inclusive digital environment for EU citizens, businesses and public administrations", to inventory the existing regulations at the European level on the one hand in terms of the digital era with a direct focus on the financial field, as well as to identify innovative financial instruments with a direct impact on the development and sustainability of the national economy and in the context of open innovations.

Keywords: financial instruments; open innovation; sustainability (search for similar items in EconPapers)
JEL-codes: G23 O36 Q5 (search for similar items in EconPapers)
Date: 2023
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