Denis Beau: Trends in financial intermediation and implications for the regulation and supervision of the European financial sector

Speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the Aix-Marseille School of Economics (AMSE), Marseille, 11 December 2018.

Central bank speech  | 
13 December 2018

Ladies and Gentlemen, dear students,

It's a pleasure to be at the Aix-Marseille School of Economics today to discuss the trends affecting a key channel of the financing of the real economy: financial intermediation. This topic is well chosen the year of the tenth anniversary of both Lehman bankruptcy and Nakamoto's paper underlying the Bitcoin. This is not just a coincidence. For crypto-assets' proponents, the "old world" of bank-centric financial intermediation failed in 2008 and had to be replaced by disintermediated peer-to-peer systems like Bitcoin.

Where do we stand now?