Bundesbank Vice-President Claudia Buch believes that the capital markets union helps to make the financial system more stable. Speaking at the 2nd annual conference of the Community of Practice in Financial Research in Brussels, she also highlighted the importance of better access to data and information, improved communication of the benefits of integrated financial markets, and financial literacy.

Bundesbank Executive Board member Joachim Wuermeling sees digital financial and money functions pursued by initiatives ranging from clouds to Libra as a major challenge facing European banking supervisors. At an event in Frankfurt, Wuermeling stated that “if risk-relevant links in the financial value chain evade supervision, for credit institutions, it’s a matter of a level playing field, but for us as supervisors it’s a question of financial stability.”