Stephan A. Paxmann

#SUERFpolicybrief “How to deal with the negative effects of inflated central bank balance sheets?” by Thomas Jost (TH Aschaffenburg University of Applied Sciences) and Reimund Mink (formerly European Central Bank) Due to the massive purchases of securities in the last 15 years central banks incur substantial losses likely to persist for several years. On the other hand, the banking sector gains large profits from interest payments on their excess reserves holdings. Central banks and fiscal authorities must now bear the flip side consequences of their bond purchase programs. Populist demands to limit bank profits by drastically increasing minimum reserve ratios in the Eurosystem are creating new severe problems. Instead, a consistent and faster normalisation of central bank balance sheets would be desirable. Central banks should also no longer be central players in government bond markets to restore the lost boundaries between fiscal and monetary policy. https://lnkd.in/dz6wxwcw #CentralBankLosses #Eurosystem #QuantitativeEasing #MinimumReserves #MonetaryPolicy

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Tobias Zwingmann & Valentin Marguet post explain how implementing AI in legacy-driven companies presents a unique set of challenges but can offer transformative rewards. Legacy systems often struggle with integration issues such as outdated infrastructure and data quality problems. Moreover, cultural resistance within these companies, stemming from fears of job displacement, adds to the difficulty. Successful AI projects in this context need a robust change management strategy to handle both technical and cultural barriers. Cross-functional collaboration between IT, data science, and business units is essential for aligning AI efforts with business goals. Scalability is a key consideration, requiring meticulous planning and the appropriate tech stack. Furthermore, poor data accessibility due to siloed systems is a common stumbling block. Leadership buy-in plays a crucial role, as executive support ensures the prioritization and funding of AI initiatives. To succeed, AI projects must be aligned with the company’s long-term business goals and strategy. Finally, AI is not a one-time project; it requires continuous learning, adaptation, and updates to remain effective in the ever-evolving technological landscape. #AI #LegacySystems #ChangeManagement #CulturalResistance #CrossFunctionalCollaboration #Scalability #DataAccessibility #LeadershipBuyIn #BusinessStrategy #ContinuousLearning

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🏔 🏔 🏔 21X AG Joins TechQuartier's Prestigious TQ Accelerator Program to Revolutionize Digital Finance🏔 🏔 🏔 🏔 21X AG, a trailblazing market infrastructure firm specializing in digital assets, has announced its participation in the inaugural TQ Accelerator Program: Digital Finance 2024. This prestigious initiative, run by Frankfurt's leading innovation hub, TechQuartier (TQ), aims to bridge the gap between fintech corporates and startups, fostering collaboration to drive technological advancements in the finance industry. 🏔 A Milestone for 21X AG and Digital Finance Innovation🏔 Being selected for the TQ Accelerator Program is a significant milestone for 21X AG as it continues its mission to secure a license for operating a DLT-based trading and settlement system under the European Union’s DLT regime. The program, taking place from May to July 2024, offers 21X AG invaluable opportunities to: 🏔 Engage with key industry players and potential partners in Frankfurt's financial hub. 🏔 Access extensive financial knowledge and regulatory expertise. Build strong relationships with corporate representatives and fintech enthusiasts. 🏔 Showcase its innovative vision for secure digital asset trading at The Pitch Arena. 🏔 Leadership Insights🏔 Max Heinzle, CEO of 21X AG, emphasized the importance of this opportunity: “Securing our EU-wide DLT trading & settlement infrastructure license is a priority. Collaborating with finance-focused organizations through the TQ Accelerator Program allows us to deepen our market understanding, explore new opportunities, and leverage collective knowledge. We are excited to build an ecosystem that meets industry demands from day one.” 🏔 Program Vision🏔 Sebastian Schaefer, Co-Founder and Managing Director of TechQuartier, highlighted the program’s impact: “The TQ Accelerator: Digital Finance program is a unique platform for corporate and startup innovators to come together. Over the next seven weeks, we will spotlight innovative solutions, foster lasting collaborations, and collectively shape the future of Frankfurt's financial center.” 🏔 About 21X AG🏔 Frankfurt-based 21X AG is at the forefront of fintech innovation, developing a blockchain-powered exchange for tokenized assets. Under the regulatory supervision of the European Securities and Markets Authority (ESMA), 21X AG is poised to lead the institutional adoption of tokenized securities, facilitating the issuance, trading, and settlement of tokenized stocks, bonds, and funds via smart contracts. With its license application submitted to operate a DLT trading and settlement system, 21X AG is on track to be among the first authorized under the EU DLT regime, paving the way for a new era in digital finance. #web3 #digitalassets Richie MacTaggart Marc Hegen Severin Kranz Thomas Zraunig Jeffrey Hartjes

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Big shift in the digital payments landscape as EPI arriving! 💳🚀 German banks are discontinuing Giropay (founded in 2015 by Commerzbank, Deutsche Bank, and others to fight PayPal) and shifting focus to the European Payment Initiative's new wallet, "Wero." 💼💶 Set to launch in late June, Wero aims to rival PayPal and other giants in online transactions. 🌐📱 With enhanced security features 🔒, seamless integration 🔗, and a unified European approach 🌍, Wero is poised to revolutionize the market. Is this the dawn of a new era in European digital payments? 💼💶 Read more about this strategic pivot and what it means for the market: https://lnkd.in/duJCywSK #FinTech #DigitalPayments #EPI #Wero #BankingInnovation #DeutscheBank #CommerzBank #PayPal #Giropay

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I am sure all professionals dealing with #AI and #GenAI will immensely be benefitted by reading this interim publication of the first ‘International Scientific Report on the Safety of Advanced AI’. A diverse group of 75 #AI experts contributed to this report, including an international Expert Advisory Panel nominated by 30 countries, the EU, and the UN. This Report, published at the AI Seoul Summit held on May 21-22, 2024 is available at https://lnkd.in/dAFxPEfg. The following are the HIGHLIGHTS of the #EXECUTIVESUMMARY: •       If properly governed, #GeneralPurposeAI or #GPAI can be applied to advance the public interest, potentially leading to enhanced well-being, more prosperity, and new scientific discoveries. However, #malfunctioning or #maliciously used general-purpose #AI can also cause harm, § As #GPAI capabilities continue to advance, risks such as large-scale labour market impacts, #AIEnabledHacking or biological attacks, and society losing control over#GPAI could emerge, although the likelihood of these scenarios is debated. § There is considerable uncertainty about the rate of future progress in #GPAI capabilities. Some experts think a slowdown of progress is by far most likely, while other experts think that extremely rapid progress is possible or likely. •      There are various technical methods to assess and reduce #Risks from #GPAI that developers can employ and regulators can require, but they all have limitations. •      The future of #GPAI technology is uncertain, with a wide range of trajectories appearing possible even in the near future, including both very positive and very negative outcomes. But nothing about the future of AI is inevitable. It will be the decisions of societies and governments that will determine the future of AI. This interim report aims to facilitate onstructive discussion about these decisions.

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