In October, I was invited by Sergey Lagodinskyto discuss the geopolitical dimension and effects of technological competition with Dr. Janka Oertel and Dr. Dimitrios Argirakos at the Europa Haus in Berlin. Even in the preliminary discussion, the panelists quickly agreed on what has been lacking in Europe in recent years. In recent years, Europe and Germany have rested too much on their own (economic) dominance in the tailwind of US and US-influenced rule-based globalization and must now enter the competition more confidently.

In my contributions, I have repeatedly emphasized that regulation alone will not take us forward. The paper-based financial system in particular will lose influence in the competition between systems in the long term and the new financial world will be increasingly determined by code. If Europe wants to maintain its position as an economic power, it needs innovation and we must offer the world a reliable financial infrastructure that is based on the rule of law and, above all, open.

The digital age is not determined by legislators, but by the code that is written and used.