Matolcsy: Politicians are afraid of the tech challenge

English2021. márc. 24.GOVERNOR MATOLCSY100WORDS

To regulate or not to regulate, that seems to be Hamlet’s new question. The present skirmishes between governments and tech companies are really just the early signals of future fights. The ownership of data, the gig economy, the shift to online retail, new forms of transport, an ethical framework for artificial intelligence all mean the new battle fields for regulators and market players. /Robert Shrimsley, FT, 25 February 2021/

The world of regulation –as we regularly witness it in the financial sector- is binary. You can either let the new business sector, based on new information technologies, to emerge and regulate it later, or you regulate it just before the birth of tech giants and risk to stifle wealth creation and technological progress.

The first seems to be the Anglo-Saxon and also the Chinese way, the second is the European.

It is better to fail the tech challenge in some cases and for a limited period of time than miss the Age of Information due to an overwhelming fear of the side effects of progress.

Governor Matolcsy, MNB, the Central bank of Hungary

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