when these are run as profit - making limited companies with external owners, there is an evident risk of monopolistic pricing. here the swedish competition authority has a difficult but important task. there are also reasons for closer study of the potential threats to the stability of the financial system arising from such developments. finansinspektionen and the riksbank play important roles here. if the infrastructure is instead mainly owned and run by the users, the problems may not primarily concern pricing, but rather how the conditions for changing established structures are affected. here i am thinking of the incentives for new developments and the possibilities for new participants to become established in the market. this is extremely important to avoid rigid structures in the financial markets. the conclusion is that it must be possible to adapt the rules and supervision governing the companies working in the financial infrastructure to the organisational form chosen by the companies. in a changing world, our task is to ensure we employ the best methods for carrying out our supervision and oversight work. the picture is further complicated by the fact that the authorities in different countries become involved when consolidation work crosses national boundaries. eu regulations another important driving force for change is the new regulations being produced within the eu, arising from the financial services action plan of 1999. one of the purposes of these plans was to harmonise regulations for securities trading between the different european countries. the eu has decided to introduce what is known as the lamfalussy process to achieve the target of implementing all parts of the plan prior to 2005. this entails the eu parliament and council providing framework directives on issues of principle, while the commission chisels out the details in follow - up directives and regulations. after this, a group of representatives of the countries'different supervisory authorities will adapt the interpretations of these directives. this plan can be regarded as a building stone of the lisbon strategy - the ambitious target set at the summit meeting in lisbon in march 2000 - which aims to make the european economies “ the world ’ s most competitive and dynamic knowledge - driven economy by 2010 ”. an admirable ambition, although it could possibly have been worded more modestly. harmonising regulations and strengthening competitive advantage in the european economies is a commendable aim. increased harmonisation simplifies price comparisons and thereby strengthens competition between producers of financial services. if these producers also become competitive internationally, there will be benefits for both domestic consumers and shareholders in these countries. i nevertheless wish to say a few words

financial technology the european commission has already launched a public consultation aiming at update and amendments of the settlement finality directive1. in addition, review of other basic legal acts related to payments as the payment services directive2 and the electronic money directive3 is expected to start by the end of 2021. i wish interesting and fruitful work to the participants in the video conference. directive 98 / 26 / ec of the european parliament and of the council of 19 may 1998 on settlement finality in payment and securities settlement systems 2 directive ( eu ) 2015 / 2366 of the european parliament and of the council of 25 november 2015 on payment services in the internal market, amending directives 2002 / 65 / ec, 2009 / 110 / ec and 2013 / 36 / eu and regulation ( eu ) no 1093 / 2010, and repealing directive 2007 / 64 / ec 3 directive 2009 / 110 / еc of the european parliament and of the council of 16 september 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending directives 2005 / 60 / ec and 2006 / 48 / ec and repealing directive 2000 / 46 / ec 2 / 2 bis central bankers'speeches