ECB’s Nagel: ‘Further Digitalisation Will Strengthen Our Economy’

27 September 2024

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday spoke in favour of more digitalisation while also urging that the associated risks be kept in mind.

Speaking at the presentation of the TARGION Science Prize in Frankfurt, Nagel, who heads the German Bundesbank, said that further digitalisation would strengthen the economy.

‘However, further digitalisation is also accompanied by risks, especially cyber risks, which must be kept in check', he said. 'But one thing is certain: one of the biggest risks is missing the opportunities of further digitalisation.'

Among the risks of digitalisation was cybercrime, according to Nagel.

‘Overall, damage is increasingly caused by attacks from abroad – partly politically motivated, partly financially. The boundary is becoming increasingly blurred. Geopolitical tensions have increased the risk of state-backed cyberattacks’, he said.