Page 111 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

interoperate. As expected, regulators tend to act when the market is not developing towards a scenario that is
considered to provide the best welfare results. Yet, the related strategies include not only normative rulings, but
also moral suasion and general policies disclosures. Authorities should be transparent on their interoperability
strategy to give market participants planning security.

Positive outcomes are reported ‒ or expected ‒ across countries. This condition suggests that the current
policies are going to persist for the time being in those countries. Unfortunately, publically available data is
limited and these positive outcomes are mainly confirmed by the increase of interoperable systems over time.
Without appropriate counterfactuals, no further inference can be made.
Authorities seem to be conscious that any intervention needs to be carefully considered and take place
exclusively when no market-driven solution is leading to interoperable services. However, they should not fail
to consider inducing market participant behaviors in order to guarantee the system’s soundness and efficiency .
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13 See Bossone (2016) for a discussion on interoperability and the oversight of payment systems.

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