. yet another would be to tweak ipo prospectus requirements in a move to do away with unnecessary red tape. looking into the more distant future, it would make sense to harmonise insolvency law, company law and tax law. however, we should not focus on the institutional and legal framework to the exclusion of everything else. it would probably also be worthwhile to take into account soft factors such as cultural preferences for certain forms of financing or financial literacy levels. these are areas we will also need to address if we are to achieve our goal of establishing a european capital markets union. 6. conclusion ladies and gentlemen, the road to a european capital markets union is a long and winding one. the journey will be arduous and time - consuming. there will be challenges and resistance we must overcome along the way. so we need to be realistic about what we are setting out to achieve. and yet we have travelled this road to deeper financial integration for 16 years now – since the year, in fact, in which we launched the euro as a common european currency. and we must not falter. if we want european monetary union to be a true success, we will need to press ahead towards ever deeper integration. we took a huge stride on this path in november 2014 with the launch of the banking union. now the next major step is in order – the establishment of a european capital markets union. a capital markets union which includes not just the member states of the euro area but embraces the entire european union. on that note, i would like to bring my speech to a close with a quote that has been attributed to robert f kennedy. “ there are those that look at things the way they are, and ask why? i dream of things that never were, and ask why not? ” looking at the capital markets union, i believe we should take this confident and optimistic outlook to heart. thank you very much. bis central bankers ’ speeches

penalise certain players or to give them special privileges. the main purpose of financial regulation is still to ensure financial stability by avoiding risks to a stable and trustworthy financial sector. in the case of both fintechs and banks, new risks stemming from intelligent technologies cannot be ruled out. big data is a good example : on the one hand, it may definitely prove helpful in terms of keeping a proper and timely overview of risks and processes in a complex banking world. but big data technologies may also give rise to whole new categories of risk. for example, big data could entice banks and also unregulated players to let algorithms become even greater decision - makers – think of decisions regarding credit assessment or trading, for example. but we have to ensure that humans, or, more precisely, well - informed risk takers ultimately take responsibility for their decisions. the same applies to risk management via intelligent data processing methods : the approaches i have witnessed so far sound very promising. but we have to bear in mind that computer algorithms may not always be right. cyber security is another issue that needs to be dealt with in an industry that is becoming increasingly reliant on it. bis central bankers ’ speeches all in all, regulators will have to remain alert with regard to new technologies. there are many new businesses and technologies out there, and we cannot foresee for the time being all of their possible risks, nor can we limit the scope of potential risks. the objective is therefore more a matter of ensuring a risk - adequate prudential approach and the necessary degree of intervention. thank you. bis central bankers ’ speeches