MNI BRIEF: Regulators Must Respond To Changing World-Makhlouf

Digitalisation of financial services will bring greater choice and freedom for consumers, but increased risk for regulators, Central Bank of Ireland Governor Gabriel Makhlouf said Wednesday in Dublin.

Speaking at a central bank conference on regulation, Makhlouf said "as the financial system goes through a period of transition, we want to ensure that in their interactions with firms, consumers’ best interests are secured".

Makhlouf acknowledged not all risks were external for regulators, with some a direct response to central bank action in recent years.

"The economy and financial system is still adjusting to the change in interest rates by central banks. Overall, although we have seen bouts of volatility and episodes of risk crystallisation globally, that adjustment to date has been relatively orderly," he said.