Europe, between Stagnation and Technological Revolution: Digital Banking as a Driver of Economic Growth

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This article reviews the specific factors that are hindering growth in Europe. It concludes that a more efficient banking system is a structural reform that would facilitate better resource allocation, reduce the cost of capital, and improve the transmission of monetary policy. Only through technological advances can productivity in banking be improved. As an example, the article illustrates the process towards the digital banking of tomorrow, based on BBVA’s own experience, and underscores the need for sweeping changes in the industry’s regulatory framework to guarantee its stability and protect consumers while also capitalizing on the vast potential of technology.