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A competitive financial sector is key to support the recovery and the autonomy of the entire European economy. To achieve that, financial services firms must be able to compete fairly in digital markets.

A future-proof regulatory framework needs to be able to address upcoming changes and newly created products in a holistic manner. At the same time, the regulatory and political environment must foster innovation and entrepreneurial initiatives of the private sector to empower the European economy in the global context.

In its Paper, the EFR inscribes the main relevant policy areas in a conceptual framework that would enable innovation and competitiveness for the European financial market in a safe and secure manner. Differentiations is made between 3 conceptual areas of attention: “above the glass” (of a digital screen, through which clients interact with any digital services, i.e. all digital customer facing aspects, improved, personalised user experiences, innovative products and services), “below the glass” (referring to technologies that work below the surface, that make the former happen, such as infrastructures, efficiency and security elements) and “frame of the glass” (the enabling context)

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