The adaptation to competition by financial technology companies in an environment of low profitability and risks associated with climate change are the challenges facing the eurozone banking system, Constantinos Herodotou, the Cyprus Central Bank Governor and ECB Governing Council member and Luis de Guindos, the ECB Vice President told a banking conference held in Nicosia.
“Climate change is the next challenge for the humanity for the next decade,” de Guindos said addressing virtually the 9th Banking Forum & FinTech Expo from Frankfurt, noting that Central Banks must make their own contribution in addressing climate change along with governments.
He noted that in terms of financial stability, banks may be confronted with transition and physical risks.
Source: Cyprus News Agency