DOCSLIB.ORG

HERO OR DESPOT the Ever-Changeable Rule of President Aleksandar Vučić E

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
HERO OR DESPOT the Ever-Changeable Rule of President Aleksandar Vučić E August EUR PE 2020 Diplomatic magazine KILLER ROBOTS - WHOSE FINGER ON THE TRIGGER? The controversy over ‘lethal autonomous weapons’ FEE-FI-FO-FUM! One woman tackles a 4-headed giant Europe’s competition commissioner Margrethe Vestager HERO OR DESPOT The ever-changeable rule of President Aleksandar Vučić E 3 BRUSSELS - PARIS - GENEVA - MONACO EUROPEDIPLOMATIC IN THIS ISSUE n Hero or despot The ever-changeable rule of President Aleksandar Vučić ................................................p.5 n Fee-fi-fo-fum! One woman tackles a 4-headed giant Europe’s competition commissioner Margrethe Vestager ....................................................................................................................................p.11 5 n Turkey’s latest political battleground Byzantine basilica becomes a mosque ......................................................................................................................p.18 n Killer robots whose finger on the trigger? The controversy over ‘lethal autonomous weapons’ ........................................................................ p. 21 11 n News in brief ............................................................................................................................................................................................................. p. 28 n Still going strong at 70 The birthday of the European Convention on Human Rights ..................................... p. 30 n The United Nations of Europe Europe likely to recover faster than anywhere else, thanks to the European model ................................................................................................................................................ p. 37 21 n Schadenfreude for fun and profit The surprising fall of Wirecard an emerging German giant ............................................. p. 40 n Covid-19 European Commission secures EU access to Remdesivir for treatment of covid-19 ................................................................................................................ p. 48 30 n Newly accredited European Ambassadors ............................................................................................ p. 50 n A place to visit August 2020 - January 2021 ............................................................................................ p. 52 n Van Gogh museum acquires 1888 letter from Van Gogh and Gauguin to Bernard for 210,600 euros ............................................................................................. p. 54 40 n Books Our selection ......................................................................................................................................................................................... p. 58 EUR PE “EUROPE DIPLOMATIC MAGAZINE” is characterized by a very open editorial line that allows it to capture all the themes that affect directly or indirectly the European political, economic, social and security issues. Whether piracy in the Gulf of Aden Diplomatic and its threats to the global economy, articles about political leaders, geostrategic situations or technological developments magazine affecting our civilization, Europe Diplomatic Magazine strives to work in comparing opinions and providing an objective analysis based on extensive research. For a wide audience composed of both members of the diplomatic corps, lobbyists, international officials or academics, the magazine gives everyone the necessary and useful information about all topics that make up our daily lives. Covering sensitive issues such as nuclear, the rise of Islamism and energy dependence, the magazine opens its pages to recognized specialists who would like to express first order and exclusive information. But Europe Diplomatic Magazine is not only a source of information on recent topics. It is also addressing older facts with deep thought fur further analysis. Whether it’s news, security, diplomacy, technology, energy, terrorism, European affairs, no subject is treated superficially. Europe Diplomatic Magazine is an independent media, conveying balanced ideas of openness and analysis based on almost 30 years of experience in the journalistic world. Visit our site and please give us your comments: https://europe-diplomatic.eu/ [email protected] 3 EUROPEDIPLOMATIC Nikola Hendrickx 4 EUROPEDIPLOMATIC © Predsednik President Vučić visiting the 15th Tank battalion of the ground troops First Brigade HERO OR DESPOT The ever-changeable rule of President Aleksandar Vučić “A riddle wrapped in a mystery inside an enigma.” That was how Britain’s wartime leader, Winston Churchill, described the likely reaction of Stalin’s Russia to the outbreak of the Second World War (In fact, Churchill said it in 1939, shortly before he became prime minister; Neville Chamberlain was still in charge at the time). It would also be, however, a reasonable description of Serbian President Aleksandar Vučić, whose rule in Serbia still commands some support among EU member state leaders whilst appearing to lapse at times into autocracy. Videos of severe police brutality, described by the news website Euractiv as “unmatched anywhere in contemporary Europe”, have gone viral around the world. riddle wrapped in a mystery contemporary Europe”, have gone viral COVID-19 and resistance to Vučić’s inside an enigma.” That was how around the world. decision to impose a weekend lockdown. Britain’s wartime leader, Winston We’ve seen similar protests in other “AChurchill, described the likely reaction The violence was certainly extreme countries, especially the United States, of Stalin’s Russia to the outbreak of the and shocking, with protestors being where conspiracy theories seem more Second World War (In fact, Churchill beaten to the ground with batons and infectious than the Sars-CoV-2 virus, said it in 1939, shortly before he became then repeatedly kicked. In one incident, but the brutality of the Serbian police prime minister; Neville Chamberlain was three men simply sitting together on a was extreme. Serbia’s Interior Minister, still in charge at the time). It would also park bench are targeted by the baton- Nebojsa Stefanović said the police had be, however, a reasonable description wielding thugs of Belgrade’s finest and acted ‘with restraint’ and only in self- of Serbian President Aleksandar Vučić, beaten to the ground. These are horrific defence. The footage now on the internet whose rule in Serbia still commands scenes and demonstrate that something suggest that Stefanović is suffering from some support among EU member state is rotten in the state of Serbia, as Hamlet’s self-delusion over self-defence. Vučić leaders whilst appearing to lapse at times friend Horatio might have said. In this himself blamed ‘far-right radicals’ (having into autocracy. Videos of severe police particular instance, though, the cause been one once upon a time he ought brutality, described by the news website of the violence was - theoretically - the to know them) and ‘foreign agents’ for Euractiv as “unmatched anywhere in spread of conspiracy theories about the trouble. The country’s ombudsman 5 EUROPEDIPLOMATIC insisted that the police had not used and other kinds of poison. You have to on Vučić to try to rein in his excesses, excessive force. In that case, I’d hate to be have a ruthless autocrat and politician to but the EU, as on previous contentious there when they are using excessive force. even want that sort of control, anyway. occasions, prefers to keep its head One reason for the protest is that there The problem is that Serbia seems to have down and hum to itself to drown out have been credible claims that Vučić lied one of its very own, in the person of the the cries and screams. It’s never brave about the number of COVID-19 cases in country’s President, Aleksandar Vučić. when confronting contentious issues, Serbia in order to calm the public before generally preferring the status quo to elections that he wanted to go ahead. Serbia is rated by the US-based non-profit continue as long as ‘stability’ triumphs. These allegations came first from the NGO Freedom House as a “transitional That’s why so far, their response to or hybrid regime”. Corruption is rife and Balkan Investigative Research Network the violent repression is, largely, an some of his opponents have pointed out (BIRN), which wrote in an article that, embarrassed (and embarrassing) silence. Vučić’s venality since he took power in according to its investigation of the data, Six member states have blocked further 2012 as evidence that the country is a the number of deaths from the pandemic negotiations for membership, partly virtual kleptocracy, lining the pockets up to the 1st June was 632 instead of the because Vučić still insists that Kosovo, of Vučić and his cronies (or allies, if you reported 233. The sudden clampdown an ethnically Albanian province, should prefer). Freedom House cites another came as a shock, while some were again become part of Serbia; he refuses example of political violence that to recognise its independence. Kosovo circulating the sort of conspiracy theories almost marks a turning-point in the created to sow doubt and discord. broke away in 2008 after a brutal war country’s recent development: “As 2018 in which atrocities were committed drew to an end, one event set the scene on both sides. Vučić was Minister of for the start of 2019,” it says in a report Information during that conflict, and he on Serbia. “In November, just before introduced huge fines
Load more

Recommended publications
  • FINANCIAL CRIME DIGEST July 2020
    FINANCIAL CRIME DIGEST July 2020 Diligent analysis. Powering business.™ aperio-intelligence.com FINANCIAL CRIME DIGEST | JULY 2020 ISSN: 2632-8364 About Us Founded in 2014, Aperio Intelligence is a specialist, independent corporate intelligence frm, headquartered in London. Collectively our team has decades of experience in undertaking complex investigations and intelligence analysis. We speak over twenty languages in- house, including all major European languages, as well as Russian, Arabic, Farsi, Mandarin and Cantonese. We have completed more than 3,000 assignments over the last three years, involving some 150 territories. Our client base includes a broad range of leading international fnancial institutions, law frms and multinationals. Our role is to help identify and understand fnancial crime, contacts, cultivated over decades, who support us regularly integrity and reputational risks, which can arise from a lack in undertaking local enquiries on a confdential and discreet of knowledge of counterparties or local jurisdictions, basis. As a specialist provider of corporate intelligence, we enabling our clients to make better informed decisions. source information and undertake research to the highest legal and ethical standards. Our independence means we Our due diligence practice helps clients comply with anti- avoid potential conficts of interest that can affect larger bribery and corruption, anti-money laundering and other organisations. relevant fnancial crime legislation, such as sanctions compliance, or the evaluation of tax evasion or sanctions We work on a “Client First” basis, founded on a strong risks. Our services support the on-boarding, periodic or commitment to quality control, confdentiality and respect retrospective review of clients or third parties. for time constraints.
    [Show full text]
  • Letter from Berlin
    LETTER FROM BERLIN THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY 220 I Street, N.E., Suite 200 Washington, D.C. 20002 202-861-0791 www.international-economy.com Germany’s Wirecard Scandal [email protected] The largest accounting fraud in the country’s postwar history. By Klaus C. Engelen hile all of Europe broke. When Wirecard took the place of the world electronic payment trans- is still in the grip of Commerzbank AG in the DAX in action services as well as the issuing of of the worst pan- September 2018, the fintech’s shares physical cards. According to its promo- demic in a century, were worth about €20 billion. tion material, Wirecard authorized and Germany’s po- Its Austrian CEO Markus Braun, processed payments for about 280,000 Wlitical and financial establishments are who owned 7 percent of Wirecard, merchants, issued credit and prepaid also haunted by the Wirecard AG scan- was a billionaire. Now Braun (51) is in cards, and provided technology for dal. It is turning out to be the largest detention awaiting trial with two other contactless smartphone payments. case of accounting fraud in the coun- company executives. His second-in- Clients included German discounters try’s post-war history. The sad story is command Jan Marsalek (40), also Aldi and Lidl as well as nearly one that most of the political and financial Austrian, who was in charge of the hundred airlines. Since January 2006, establishments at all levels aided and company’s Asian business, has van- the group included a bank with a full abetted the mega-fraud.
    [Show full text]
  • What Are the Wider Supervisory Implications of the Wirecard Case?
    STUDY Requested by the ECON committee What are the wider supervisory implications of the Wirecard case? Public Oversight Systems for Statutory Auditors in the EU External authors: Beatriz GARCÍA OSMA Ana GISBERT Begoña NAVALLAS Economic Governance Support Unit (EGOV) Directorate-General for Internal Policies EN PE 651.383 - October 2020 1 PE 651.383 IPOL | Economic Governance Support Unit 2 PE 651.383 What are the wider supervisory implications of the Wirecard case? What are the wider supervisory implications of the Wirecard case? Public Oversight Systems for Statutory Auditors in the EU Abstract While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency limits the usefulness of this briefing and hinders evidence-based policy making. This document was provided by the Economic Governance Support Unit at the request of the ECON Committee. PE 651.383 3 IPOL | Economic Governance Support Unit This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Beatriz GARCÍA OSMA, Universidad Carlos III de Madrid, Spain. Ana GISBERT, Universidad Autónoma de Madrid, Spain Begoña NAVALLAS, Universidad Autónoma de Madrid, Spain ADMINISTRATOR RESPONSIBLE Cristina DIAS, Marcel MAGNUS EDITORIAL ASSISTANT Donella BOLDI LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR The Economic Governance Support Unit provides in-house and external expertise to support EP committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal policies.
    [Show full text]
  • What Are the Wider Supervisory Implications of the Wirecard Case?
    STUDY Requested by the ECON committee What are the wider supervisory implications of the Wirecard case? External authors: Katja LANGENBUCHER Christian LEUZ Jan Pieter KRAHNEN Loriana PELIZZON Economic Governance Support Unit (EGOV) Directorate-General for Internal Policies EN PE 651.385 - November 2020 1 IPOL | Economic Governance Support Unit 2 PE 651.385 What are the wider supervisory implications of the Wirecard case? What are the wider supervisory implications of the Wirecard case? Subtitle (optional) Abstract The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in Europe. This document was provided by the Economic Governance Support Unit at the request of the ECON Committee. PE 651.385 3 IPOL | Economic Governance Support Unit This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Katja LANGENBUCHER, Goethe University Frankfurt and Sciences Po Paris 1 Christian LEUZ, University of Chicago Booth School of Business and NBER Jan Pieter KRAHNEN, Leibniz Institute for Financial Research SAFE and Goethe University Loriana PELIZZON, Leibniz Institute for Financial Research SAFE, Goethe University and Ca’ Foscari University of Venice ADMINISTRATOR RESPONSIBLE Cristina DIAS Kristina GRIGAITÉ Rebecca SEGALL Marcel MAGNUS EDITORIAL ASSISTANT Donella BOLDI LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR The Economic Governance Support Unit provides in-house and external expertise to support EP committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal policies.
    [Show full text]
  • What Are the Wider Supervisory Implications of the Wirecard Case?
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Langenbucher, Katja; Leuz, Christian; Krahnen, Jan Pieter; Pelizzon, Loriana Working Paper What are the wider supervisory implications of the Wirecard case? SAFE White Paper, No. 74 Provided in Cooperation with: Leibniz Institute for Financial Research SAFE Suggested Citation: Langenbucher, Katja; Leuz, Christian; Krahnen, Jan Pieter; Pelizzon, Loriana (2020) : What are the wider supervisory implications of the Wirecard case?, SAFE White Paper, No. 74, ISBN 978-92-846-7442-8, Leibniz Institute for Financial Research SAFE, Frankfurt a. M., http://dx.doi.org/10.2861/936827 This Version is available at: http://hdl.handle.net/10419/226215 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]
  • Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce
    GW Law Faculty Publications & Other Works Faculty Scholarship 2021 Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce Arthur E. Wilmarth Jr. Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce 40 Banking & Financial Services Policy Report No. 5 (May 2021) (forthcoming) Arthur E. Wilmarth, Jr. Professor Emeritus of Law George Washington University Law School May 10, 2021 Introduction The pandemic crisis has accelerated the entry of financial technology (“fintech”) firms into the banking industry. Some of the new fintech banks are owned or controlled by commercial enterprises. Affiliations between commercial firms and fintech banks raise fresh concerns about the dangers of mixing banking and commerce. Recent scandals surrounding the failures of Wirecard and Greensill Capital (Greensill) reveal the potential magnitude of those perils. In the U.S., the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have encouraged commercial enterprises to acquire fintech banks. The FDIC has authorized commercial firms to acquire FDIC-insured industrial banks in reliance on a controversial loophole in the Bank Holding Company Act (BHC Act). The OCC is seeking to charter nondepository fintech national banks, which commercial firms could own under a separate exemption in the BHC Act. The FDIC’s and OCC’s initiatives undermine – and could potentially destroy – the BHC Act’s longstanding policy of separating banking and commerce.1 1 Arthur E. Wilmarth, Jr., “The OCC’s and FDIC’s Attempts to Confer Banking Privileges on Nonbanks and Commercial Firms Violate Federal Laws and Are Contrary to Public Policy,” 39 Banking & Financial Services Policy Report No.
    [Show full text]
  • Fit for Purpose? by STEPHEN SCOTT MAY 17, 2021
    Fit for Purpose? By STEPHEN SCOTT MAY 17, 2021 he COVID pandemic has made business ‘resiliency’ a key priority. To safeguard such, financial institutions, their regulators and auditors, Tshould examine whether their approach to conduct risk governance and supervision is ‘Fit for Purpose.’ Fit for Purpose? 1 CASE STUDY: CREDIT SUISSE were suppressed. “There was a dulling of the senses,” said a former executive. “There was systematic insensitivity at all levels,” said another.10 Warner was ousted late last month.11 NON-FINANCIAL RISK IS FINANCIAL RISK The reported suppression of dissenting voices at Credit Suisse illustrates the importance a ‘psychologically safe’ workplace culture, as Harvard's Amy Edmondson styles it.12 “Psychological safety is present when colleagues trust and respect each other Yü Lan / stock.adobe.com and feel able—even obligated—to be candid,” she writes. At Credit Suisse, it appears that such candor Credit Suisse is been embroiled in a series of crises was unwelcome and dismissed. In her landmark stemming from lapses in its financial risk governance study, Columbia sociologist Diane Vaughan found practices.1 In the last year: it was caught up in alleged that the Challenger disaster was a “socially organized” fraud at Chinese coffee house chain Luckin Coffee;2 outcome — one that illustrates “how deviance in an exposed to the fraud-driven collapse of German organization is transformed into acceptable behavior.” payments company, Wirecard;3 indicted in What is “a dulling of the senses” and “systematic Switzerland over
    [Show full text]
  • SMSG Own Initiative Advice to ESMA on Wirecard Case
    Securities and Markets Stakeholder Group 15 February 2021 ESMA22-106-3194 ADVICE TO ESMA Own initiative overview report on the Wirecard case Executive summary The unprecedented case of Wirecard triggered the SMSG to present an own initiative report with construc- tive recommendations to ESMA and other European institutions. The magnitude of the case and its impact on a wide range of areas require forward-looking responses, embedded in a fully-fledged Capital Markets Union (CMU) where investor protection and market integrity are core objectives. Following a documented examination of the case and building on the Fast Track Peer Review (FTPR) pub- lished by ESMA on 3 November 2020, the SMSG presents in a first part recommendations on priority topics which fall into ESMA´s remit, namely supervision/enforcement, market abuse and short selling. As a com- plement to this, the SMSG deemed relevant to also address auditing due to the importance of reliable stat- utory accounting for properly functioning capital markets. The second part of the report deals with general banking supervision, corporate governance and collective redress. Even though ESMA does not have direct competences in those areas, the SMSG is of the opinion that regulatory developments in those areas would mitigate the risk of such wrongdoings happening again. The key recommendations of the SMSG’s are the following (Annex 1 provides a full overview). First, in case more than one national authority oversees the supervision of accounting fraud, their respective compe- tences should be clearly defined. The SMSG recommends that ESMA would develop guidelines to further harmonize how and when NCAs should use their investigative powers in case of possible accounting fraud.
    [Show full text]
  • Coronavirus Lockdowns Increase Poaching in Asia, Africa
    FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo TUESDAY T. 28º/ 33º Air Quality Good MOP 8.00 3561 “ THE TIMES THEY ARE A-CHANGIN’ ” N.º 23 Jun 2020 HKD 10.00 LIFTING OF QUARANTINE MEASURES WILFRED WONG TO DRAFT LAW KEEPS EMPLOYMENT BETWEEN MACAU AND HONG KONG AGENCY FEES UNCHANGED, STILL UNCLEAR, WITH ‘TOO MANY LEAD SANDS CHINA THOUGH UNEQUAL, FOR BOTH FACTORS’ TO CONSIDER: GOV’T UNTIL 2024 EMPLOYERS AND EMPLOYEES P5 P2 P5 China Eight children drowned in a river in southwestern China after one fell in and the others jumped in to help, state BEITLER DANIEL media said. The children, described as elementary- school age, had gone to play at a beach Sunday on the Fu River, according to state broadcaster CCTV. Their bodies were recovered by yesterday morning. Heavy rain had been forecast for the area, but it wasn’t clear if the weather was a factor. AP PHOTO China told Canadian PM Justin Trudeau yesterday to “stop making irresponsible remarks” after he said Beijing’s decision to charge two Canadians with spying was linked to his country’s arrest of a Chinese tech executive. The spying charges are “completely different” from the case of Huawei executive Meng Wanzhou, a foreign UNDER ministry spokesman said. Meng was arrested on U.S. charges connected to possible violations of trade sanctions on Iran. China The chairman of a chain of pharmacies in Beijing Expats in Macau wait years for their has been sentenced to 15 REVIEW years in prison for selling more ID cards ‘under review’ from IPIM, a than 500,000 counterfeit 3M Corp.
    [Show full text]
  • Restoring UK Law Freeing the UK's Global Financial Market
    Barnabas Reynolds Restoring UK Law Freeing the UK's Global Financial Market POLITEIA Editor: Sheila Lawlor A FORUM FOR SOCIAL AND ECONOMIC THINKING POLITEIA A Forum for Social and Economic Thinking Politeia commissions and publishes discussions by specialists about social and economic ideas and policies. It aims to encourage public discussion on the relationship between the state and the people. Its aim is not to influence people to support any given political party, candidates for election, or position in a referendum, but to inform public discussion of policy. The forum is independently funded, and the publications do not express a corporate opinion, but the views of their individual authors. www.politeia.co.uk Restoring UK Law Freeing the UK's Global Financial Market Barnabas Reynolds POLITEIA 2021 First published in 2021 by Politeia 14a Eccleston Street London SW1W 9LT Tel: 020 7799 5034 E-mail: [email protected] Website: www.politeia.co.uk © Politeia 2021 ISBN 978-1-9163575-1-8 Cover design by John Marenbon Politeia gratefully acknowledges support for this publication from The Foundation for Social and Economic Thinking (FSET) Printed in the United Kingdom by: Millnet Limited 6-7 Princes Court 11 Wapping Lane London E1W 2D FOREWORD* Sheila Lawlor I For a snapshot of how closely Britain’s constitutional principles and its economic system are linked, there are few better places to look than London, the heart of the UK’s financial services sector - and at how its many different businesses, which were often established to facilitate trade and shipping, have developed over centuries, operating under UK laws.
    [Show full text]
  • Does the 'Wirecard AG' Case Address Fintech Crises?
    Zentrum für wissenschaftliches, interdisziplinäres Risikomanagement und Nachhaltigkeit Does the ‘Wirecard AG’ Case Address FinTech Crises? Prof.Dr.Stefan Zeranski Prof.Dr.Ibrahim E. Sancak 03 August 2020 Copyright © 2020 The views expressed in ZWIRN Working Papers are those of the author(s) and do not necessarily represent the views of the ZWIRN, or the Ostfalia University of Applied Sciences. Zentrum für wissenschaftliches, interdisziplinäres Risikomanagement und Nachhaltigkeit www.zwirn.de / [email protected] Salzdahlumer Str. 46/48 38302 Wolfenbüttel, Germany Does the ‘Wirecard AG’ Case Address FinTech Crises? Stefan Zeranski Ibrahim E. Sancak Professor in Business Administration with Focus on Professor of Finance Financial Services and Financial Management Associate Member, ZWIRN-Research Center Brunswick European Law School (BELS) Ostfalia University of Applied Sciences Director, ZWIRN-Research Center Founding (E) Director, Market Oversight and Enforcement Ostfalia University of Applied Sciences Division, Capital Markets Board of Turkey Visiting Professor for Banking Regulation at the Savings Banks Finance Group - University of Applied Sciences - Bonn E-mail: [email protected] E-mail: [email protected] August 2020, Germany Abstract This paper analyzes the Wirecard AG case from a digital finance perspective. The relatively low pace of digital transformation of financial supervisors and the high speed of advancements in technology increase the technological gaps between supervisors and their responsibility areas and result in a new phenomenon named “asymmetric technology”. This transition period's lagged and foggy atmosphere might be very conducive to potential white-collar fraudsters who plan to abuse their TECHs in Finance advantages. Fueled by inconsistent supervisory approaches, national protectionism in reaction to trade wars, fierce competitions among national economies, and unattractive yields at money markets, potential white-collar fraudsters come up with great opportunities to abuse FinTech related companies at capital markets.
    [Show full text]
  • History and Trends of Fintech in Germany, Austria and Switzerland
    The History and Trends of Fintech in the DACH Region How financial technology has developed in German-speaking countries, what it looks like now and where it is heading Elinext, 2021 The History and Trends of Fintech in the DACH Region Contents Introduction 1 What Is Fintech 2 History of Fintech in DACH Countries Germany 3–8 Switzerland 9–13 Austria 14–15 General DACH Fintech Overview 16–17 How Forecasts and Expectations for Fintech Have Played Out 18–19 Fintech Development Trends and Factors Key Drivers 20–22 Main Challenges 23–24 Latest Forecasts and Expectations Germany 25–26 Austria 27 Switzerland 27 Conclusion 28 About Elinext 29 References 30–32 The History and Trends of Fintech in the DACH Region 1 Introduction Financial services have changed enormously in the past decades. 1 So did German-speaking societies embrace the change? This has affected the way people pay for products and services, send money to their family, buy stocks and save. It has affected people wherever they may live, and German-speaking countries When did financial technology (fintech) emerge in the 2 are no exception. DACH region? 3 How has it been developing? Germany, Austria and Switzerland, also knOwn as DACH countries, are often seen as the most conservative in their apprOach to finances. And so they are. People in This white paper answers those and other fintech-related questions about those countries tend to question innOvation in finance the region. and won’t give up their cash-based habits easily. There aren’t many studies prOviding a fintech overview for DACH as a whole, so we had to look at separate sources for Germany, Austria and Switzerland.
    [Show full text]