The expansion of Digital Financial Services (DFS) - such as mobile and online financial services, electronic money, as well as branchless banking – is a major global phenomenon and is particularly widespread in the developing world. Digital Financial Services are currently available to over 60% of the world’s population, particularly in the form of mobile money.
We are witnessing an increasingly worrying disconnect between buoyant financial markets on the one hand and a stubbornly weak real economy leading to uncertain prospects for companies, and enduring economic hardship for people, said OECD Secretary-General.
U.S. President Barack Obama’s plan to separate core commercial banking from some higher-risk activities in financial conglomerates and to place a moratorium on further consolidation could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system.
As the financial crisis deepens and spreads, a decisive policy action is needed to restore confidence and restart the flow of credit, according to Mr.Gurría.