Contribution received to the FET Flagships consultation: The grand challenge: Universal Digital European Finance EDUF

Author: Alistair Milne - - Loughborough University

You can add your comments on this topic at:  https://ec.europa.eu/futurium/en/content/universal-digital-european-fina...

The vision: moving all European finance – bank payments; bank lending; insurance; investment arrangements; securities and derivative transactions; servicing and portfolio management; foreign exchange between Eurozone and non-Eurozone member states – onto standardised pan-European virtual platforms.The objectives. Europe has an historic opportunity for using technology to overcome the contractual and information barriers to the provision of financial services, dismantling remaining national and institutional impediments to supply and ensuring access to all with maximum competition and minimum exploitation of market power and information.These are already agreed European policy objectives, but the central role of technology and standards in achieving them is not adequately appreciated or understood. We are not yet exploiting the synergies between “Digital Single Market” on the one hand and “Capital Markets Union”, “Banking Union” and “Monetary Union” on the other. Finance is a digital industry and so to fully achieve these objectives the end goal must be Digital Union, combining all of these under one coherent schema and with Universal Digital European Finance (EDUF) a key focus along with other industries such as telecommunications, internet commerce, and the employment of digital technologies in health, education and social security.

Read full text: https://ec.europa.eu/futurium/en/system/files/ged/digital_economy_respon...

You can add your comments on this topic at:  https://ec.europa.eu/futurium/en/content/universal-digital-european-fina...