The financial system of the future

Christian Beer (), Ernest Gnan (), Manuel Mayer () and Martin Summer
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Christian Beer: Oesterreichische Nationalbank, Economic Analysis Division
Ernest Gnan: Oesterreichische Nationalbank, Economic Analysis Division, http://www.oenb.at

Monetary Policy & the Economy, 2017, issue 10, 34–42

Abstract: 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? To shed light on these issues, the Oesterreichische Nationalbank (OeNB) joined forces with SUERF – The European Money and Finance Forum to organize its 44th Annual Economics Conference in Vienna on May 29 and 30, 2017, on the topic The Financial System of the Future.

Date: 2017
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