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European financial intermediation and money will end up being completely remodelled by the transformations under way, which have been accelerated by the Covid-19 crisis. Rather than eliminating the bank-focused intermediation model, these transformations can lead to a reshuffling of the market around four main models, which can in turn enhance user experiences, provide more diversified financing for the economy and make the financial system more efficient. However, these transformations also have the capacity to cause disruption and pose potentially systemic risks. In this context, the role of regulators, supervisors and central banks is to help maintain trust and foster innovation – including by adapting their operational framework – to ensure these risks are properly contained. JEL Codes: E51, G21