Policy-makers are making a concerted effort to steer the financial sector away from supporting fossil fuel producers, creating opportunities for new lenders, but some worry about the impact on the global economy.

It is tempting to dismiss the UK government’s plans to scrap banker bonus caps, reintroduce a competitiveness mandate for regulators and to potentially dilute conduct rules to turbo charge the City of London’s growth as a return to casino capitalism. The reality is somewhat more nuanced.

The battle between hackers and banks is very unequal, with the former often able to perform their attacks anonymously at little cost. For banks, much is at stake from reputation to profitability and they are having to marshal increasingly sophisticated tools to defend their moats.

Banks are under constant attack from cyber criminals, forcing them to turn to ever more sophisticated tools to mount an effective defence. AI is very much moving into the front line as a protection tool.

Decentralised finance is one of the most difficult areas of crypto to regulate and could pose systemic risks if it becomes deeply embedded in the traditional financial system, central bankers warned.

The blow-up of a particular type of UK pension fund investment strategy, which could have rolled into a global financial crisis, almost certainly paves the way for more regulation.

A retail digital euro released into a complex financial system could become a ‘liquidity vampire’ if severe stress erupted in the banking system. But if soundly designed it could also bring many benefits.

There are good reasons for most countries to improve cross-border payment efficiencies, though that desire is complicated by technical and legal issues. But new forms of digital money potentially open up some interesting new channels.