Open banking and inclusive finance in the European Union:perspectives from the Dutch stakeholder ecosystem

In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.

A Study of the European Union’s Path for Constructing Digital Governance Rules and the Logical Implications of the Path

The European Union(EU)seeks to build a Europe fit for the digital age.For this purpose,the EU has accelerated the process of catching up with digital technology and issued a number of legal and regulatory documents to establish a digital governance rule regime with EU characteristics.This paper analyzes the EU’s path towards the construction of digital governance rules.This path is composed of three aspects,i.e.,strict digital supervision,differentiation of the free market,and multi-stakeholder governance.This three-step path has intrinsic logical implications.That is,strict digital supervision is applied to defend the EU’s unified market and values;differentiation of the free market takes the principle of adequate protection as the core to make the EU an exporter of rules;multi-stakeholder governance brings multiple stakeholders together in the governance to deal with the ethical anomie that arises during the use of big data.By setting up a series of digital governance rules,the EU seeks to achieve rule dominance to gain regulatory power for global digital governance.However,due to multiple constraints,there is a long way to go,and there are obstacles in the way.

Multidimensional Analysis of Social Convergence Within the European Union Countries

Social convergence is one of the most important objectives for European integration. It is understood as a process of cohesion and assimilation of countries in the area of social development, which is the conditions and standards of living of the citizens of the European countries （EU27）. The aim of the article was to investigate whether there is convergence or divergence in the EU27 area, taking into account multidimensional analysis of social convergence. Methodology used in the article was taxonomic and statistical tool. It allowed applying the synthetic approach to the issue. The time taken into consideration was the period of 2000-2013. The article showed that the area of the EU27 is very diversified in terms of social development. It allows indicating five groups of countries similar to each other due to the level of social development, although the differences among the groups are significant. The analysis of convergence led to the conclusion that the process of ＂catching up＂ occurred until 2007. Then this process has stopped and even divergence trends are visible due to crisis 2008/2009. The period of 2008-2011 revealed the greatest disparities of development among the EU countries.

The Welfare Assessment of Calves in Terms of the European Union Legislation

After entering to the Europe Union, Slovak Republic has implemented the EU legislation into the legislation of the Slovak Republic. The previous legislation of this country was effective in practice. So we were interested in, whether actual legislation is effective in practice too as previous or it will be necessary to make some changes in the legislation. This led us to carry out the assessment of welfare by farmed animal, specifically by calves. Our assessment was based on the Bristol Welfare Assurance Programme protocol developed at the University of Bristol. Very good results were achieved by assessment, and it shows about good level of legislation in the area of protection of animals, it has conditions and requirements, which will not require big changes and the breeder can ensure without bigger problems so to ensure to animals their five freedoms originally established by the Brambell Committee in 1965： （1） Freedom from hunger and thirst; （2） Freedom from discomfort; （3） Freedom fi＇om pain, injury or disease; （4） Freedom to express normal behaviour; （5） Freedom from fear and distress.

THE EUROPEAN UNION

For the European Union (EU), 1997 will be a critical year, whether for es-tablishing its Economic and Monetary Union (EMU) or for building its political u-nion, or for its eastward enlargement. First, 1997 is a decisive year for countries applying for founding membershipof the EMU scheduled to be launched in 1999. To be sure, to realize EU’s plan forsingle currency is one of the major objectives of its cross-century strategy and

Energy Security and Climate Change in the European Union,China and Latin American Relationships:Major Challenges and Areas of International Cooperation

The author discusses the subject in both ecological and political perspectives based on a most comprehensive,authoritative and updated bibliography.Hence,Latin America and the Caribbean(LAC) is as much diversified as there are sub-regions and regional organizations in geopolitical and geo-economical terms and often dialectic regarding energy security,climate change and LAC ties with Europeans and China and so is the tripartite relations with the rest of the world so far as energy security and climate cha...

The trend of relations between the European Union and Latin America and the Caribbean from the perspective of Bi-regional Summits

Nowadays,multilateral consultative mechanism is gradually becoming a mainstream approach in the contemporary international system.As one of the most important international collective player,the European Union(EU) has been engaging in multilateral cooperation and consultation since its inception.It has also been promoting a plural world through advocacy and action.The EU and the Latin America/Caribbean(LAC) Countries summits are considered a stability mechanism for promoting bi-regional dialogues.Nevertheless,after 10 years of bi-regional strategic partnership construction,the EU and LAC relations are currently experiencing a difficult phase,suggesting it is time to reform.The purpose of this paper is to analyze the advantages as well as the challenges to EU-LAC relations from the perspective of bi-regional summits,and to assess the short-term trend of their relations in the near

The European Union's Role in Economic Globalization

Astheworldenterstheageofglobalization,mankindhasagreatercapabilitytocreatematerialinterests,andcountriesfaceafiercercompetitioninthedistributionofsuchintereSts.AsKarlMarxputitsowellinanarticlecarriedbytheRhine,allthosestrivingtowinarerelatedintheirin...

The Impact of COVID-19 on Europe and Sino-European Relations

The COVID-19 virus has created widespread challenges to thegovernance system and capacity of European countries and the European Union.During the height of the epidemic,Europe made unprecedented efforts to seal off its cities,states and the union as a whole.The epidemic has exerted serious impacts on Europe;meanwhile,Europe's response andreactive measures will have even more far-reaching impacts.An economic recession in Europe is inevitable,which could pose potential social and political risks,or even a crisis for its integration that would further damage the international image and status of the EU.After the epidemic subsides.the development of the EU and European integration will face major choices.The epidemic may drive member states to speed up the process of integration,or instead it may lead to the acceleration of"de-integration,"resulting in another retrogression for the EU.The integration project unlikely to make any major breakthroughs in the near future.In the post-epidemic period,China-EU relations will face new challenges as well as opportunities.It is urgent for both to cooperate.

Challenges, Responses and Prospects of the Internationalization of the Euro

The euro is an important achievement of European integration and the construction of the European Union(EU)single market.As a primary international currency second only to the US dollar,the euro faces severe challenges in its internationalization process today.Since the second half of 2018,the EU has demonstrated an increased desire to enhance the international influence of the euro,with more expansionary actions toward this end.This is due to economic benefits and strategic interests in the transformative global context.In the future,the internationalization of the euro may reap some practical results in certain areas,but will hardly make marked progress due to realistic constraints.