Banking Disrupted? Financial Intermediation in an Era of Transformative Technology

The Peterson Institute for International Economics (PIIE) held the Washington launch of the 22nd edition of the Geneva Report on the World Economy titled “Banking Disrupted? Financial Intermediation in an Era of Transformative Technology” on November 19, 2019. PIIE senior fellow and report coauthor Nicolas Véron presented the report’s findings. Tobias Adrian, the International Monetary Fund's (IMF) financial counsellor and director of the Monetary and Capital Markets Department, served as a discussant.

This latest edition of the Geneva Report, coauthored by Kathryn Petralia, Thomas Philippon, Tara Rice, and Nicolas Véron, and published by the International Center for Monetary and Banking Studies and the Centre for Economic Policy Research, looks at the challenges generated by new technology-enabled entrants to the global banking industry and the public authorities that oversee it. It argues that to respond adequately to the FinTech/Big Tech challenge, authorities will need to raise their game and enter uncharted territories.

Véron has been affiliated with PIIE since October 2009. He is also a senior fellow at Bruegel. He has published on accounting standards, audit firm governance, banking supervision, cross-border financial crisis management, financing of high-growth firms, oversight of inward investment in the European Union, and rating agencies.

Prior to joining the IMF, Adrian was a senior vice president of the Federal Reserve Bank of New York and the associate director of the Research and Statistics Group. He has taught at Princeton University and New York University and has published extensively in economics and finance journals, including the American Economic Review.