Stronger financial regulation and supervision, and developing global standards, can help address many concerns about crypto assets The already volatile world of crypto has been upended anew by the collapse of one its largest platforms, which highlighted risks from crypto assets that lack basic protections. The losses punctuated an already perilous period for crypto, which has lost trillions of dollars in market value. Bitcoin, the largest, is down by almost two-thirds from its peak in late 2021, and about three-quarters of...

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"Check against delivery" Ladies and Gentlemen, Lieber Klaus, Dear Olena, For almost one year now, Ukraine has stunned the world. On that fateful February morning, many predicted that Kyiv would fall in a matter of days. But this did not account for the morale and physical courage of Ukrainian people. You have resisted the Russian invasion and pushed back against the aggressor against all odds. Not even Russia's relentless attacks on civilians or the spectre of a brutal winter have shaken your resolve....

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The Basel Committee's oversight body endorses a global prudential standard for banks' exposures to cryptoassets, for implementation by 1 January 2025. Endorses the Committee's work programme and strategic priorities for 2023–24. The programme prioritises work on emerging risks and vulnerabilities, digitalisation, climate-related financial risks and Basel III implementation. The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse a finalised prudential standard...

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Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Wolf on 12 January 2023 | 17 January 2023 | From your perspective, how much do you see the big rise in inflation as having been due to a supply shock or a demand shock, globally and also within the eurozone? The way to think about the last two years is that this supply versus demand question has to be addressed at a sectoral level. We...

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Today, the Foreign Subsidies Regulation (‘FSR') enters into force. This new set of rules for addressing distortions caused by foreign subsidies will allow the EU to remain open to trade and investment, while ensuring a level playing field for all companies operating in the Single Market. The Regulation was proposed by the Commission in May 2021 and agreed by the European Parliament and the Council in record-time, in June 2022. The new rules on distortive foreign subsidies The FSR applies to...

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