ECB’s Nagel: ‘Quantum Computing Will Change the Financial Sector’

7 December 2023

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Thursday said that the financial industry would be deeply impacted by the use of quantum computing in the long term.

In a speech at the Handelsblatt BankenTech conference in Frankfurt, a text of which was posted to the website of the German Bundesbank, which he heads, Nagel said that quantum computing could be an important tool for the financial market and that despite the uncertainty of an emerging technology, ‘we currently see the biggest risk in not dealing with quantum computing.’

‘At the Deutsche Bundesbank, we assume that quantum computing will change the financial sector - and will do so in the long term’, he said.

The fact that quantum computing would affect the banking industry was already a reality, he said, adding that it was now necessary to understand how this impact on the sector and on the central banks would develop.

‘To get this understanding, we actively engage with the technology and see ourselves as part of the community - not just as observers’, he said.