Benoit Coeure

A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion, however...they give rise to a number of risks related to public policy priorities including anti-money laundering and countering the financing of terrorism, consumer and data protection, cyber resilience, fair competition and tax compliance.

Further engagement of stablecoin developers with the public and authorities will be required, the working group stands ready to take forward its work in coordination with G7 finance ministries, relevant standard-setting bodies and the G20.

You've got to be safe, robust and resilient from day one, it's not a learning process: either it works or it doesn't.

Down the road we might find that there are gaps or inconsistencies that would require a prolonged discussion by regulators on how to do it differently, authorities are not going to let any such projects happen before we have answers to our questions and before we have the right regulatory framework.

Market discipline is useful but I wouldn't see it as progress to shift monetary sovereignty from governments to private multinationals.

The health check by the ECB of the large Greek banks is another step forward, and bank recapitalization should be completed by the end of the year, the situation in the euro area is considerably more robust than it was a couple of years ago.