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      "text": "Regulation is an indispensable part of financial services, but more regulation isn’t always a good thing. 2024 will be the year in which this issue is debated more earnestly than ever.",
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      "text": "Regulation is an indispensable part of financial services, but more regulation isn't always a good thing. 2024 will be the year in which this issue is debated more earnestly than ever.",
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      "text": "We expect a shift in the conversation about and the approach to regulation in the next year and beyond. Regulators and banks will work together to recalibrate the balance: focus their measures more efficiently on the causes of bank failures while responding more nimbly to the unintended effects and minimizing the cost to banks. We also believe financial institutions and their associations will urge regulators to work more effectively with their counterparts in other countries—the disparity in objectives and approaches is hampering international trade and impairing the efficiency of cross-border markets, not to mention making it more difficult for each regulator to achieve its goals.",
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      "text": "We believe regulators can take this further by partnering more closely with banks on data standards and accessibility. If they could draw the data they need from each bank, as and when they need it, they would succeed in making compliance a lot more transparent, continuous and efficient.",
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      "text": "Central banks and other regulators around the world are transforming their data and AI capabilities to gain a better and more immediate understanding of the dynamics of their markets, including the impact of their actions. They are basing more of their decisions on current if not real-time information, improving their scenario planning and forecasting, and honing their regulations for more precise outcomes. The ECB, for example, is digitalizing and introducing other measures to facilitate reporting by banks in the euro area. Its system will facilitate policymakers’ analysis and comparison of such data.",
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      "text": "Conversely, market efficiency could be improved by governments opening up their data to banks. Open Data—a logical extension of Open Banking—encourages holders of consumers’ income, tax and other data to make it available to approved parties.",
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