European Commission Keynote speech from Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, at the European Supervisory Authorities high-level conference on financial education and literacy

Date: 01/02/2022
Source: European Commission

On 1 February 2022, Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, gave a Keynote speech at the European Supervisory Authorities high-level conference on financial education and literacy.
The following points were highlighted in the speech: • The EU is working an Open Finance Framework which will ensure the following:

  1. New and innovative products personalised to the individual consumer will come up in the near future;
  2. Consumers will keep control over their data and how it is shared.
    Such a framework is expected to be in place by 2024.
    • The European Union is working on the digital euro which will ensure the following benefits:
  3. Combining the safety of central bank money with the efficiency of digital payments;
  4. Being a secure, quick and easy tool for daily payments;
    • Even though design, distribution and use of the digital euro still need to be investigated, the European Central Bank (ECB) and the Commission are already reviewing a broad range of questions concerning the digital euro, such as the following:
  5. How would you maintain the privacy of users?
  6. What impact could it have on financial stability or market integrity?
  7. How would we ensure it meets consumer needs?