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Publications on Crypto-assets

11 July 2022
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 18
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Abstract
Some crypto-assets have a significant carbon footprint and are estimated to consume a similar amount of energy each year to individual countries like Spain, the Netherlands or Austria. As the mining and expansion of these crypto-assets are fully dependent on energy supply, their valuation is particularly vulnerable to jurisdictions’ climate policies. Increasing financial exposures to such crypto-assets are therefore likely to contribute to increased transition risk for the financial system. This article provides an overview of the estimated carbon footprint of certain crypto-assets such as bitcoin and its causes. It also discusses the primary policy role of public authorities, which need to evaluate whether the outsized carbon footprint of certain crypto-assets undermines their green transition commitments. Finally, it analyses policy options for prudential standard-setters and the need for climate-related considerations in crypto-investors’ practices.
JEL Code
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
11 July 2022
MACROPRUDENTIAL BULLETIN - FOCUS
Macroprudential Bulletin Issue 18, 2022
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Abstract
This article describes the main features and risks of decentralised finance (DeFi), focusing in particular on similarities and differences between DeFi and traditional finance. While the financial services provided through DeFi mainly replicate those of traditional financial services but within the crypto-asset ecosystem, they are provided in a novel way that relies on automated protocols and cuts out centralised intermediaries. The article explains how this novel method of service provision entails specific financial stability risks and regulatory challenges.
JEL Code
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G01 : Financial Economics→General→Financial Crises
1 June 2022
SPEECH
Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the seventh meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures
30 May 2022
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Nuño Rodrigo and Laura Salces on 25 May 2022
English
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16 May 2022
SPEECH
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the National College of Ireland
5 May 2022
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Marco Zatterin
English
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25 April 2022
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Columbia University
English
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9 February 2022
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 February 2022
30 November 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Guillaume Benoit, Édouard Lederer and Thibaut Madelin on 24 November and published on 30 November
English
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8 October 2021
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the panel on “Cross-border dimensions of non-bank financial intermediation: what are the priorities for building resilience globally?”, as part of the UK G7 Presidency Conference on “Safe Openness in Global Trade and Finance” hosted by the Bank of England
29 July 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Frank Wiebe and Jan Mallien
English
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20 June 2021
INTERVIEW
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Martin Arnold on 14 June 2021
English
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9 April 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Tim Bartz and Stefan Kaiser on 1 April and published on 9 April 2021, in print on 10 April 2021
English
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2 March 2021
INTERVIEW
Interview with Luis de Guindos, Vice-President of the European Central Bank (ECB), conducted by Sérgio Aníbal
English
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26 February 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Andrés Stumpf on 22 February
English
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30 November 2020
INTERVIEW
Article by Christine Lagarde, President of the ECB, in L’ENA hors les murs magazine
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27 November 2020
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Deutsche Bundesbank conference on the “Future of Payments in Europe”
4 November 2020
SPEECH
Speech by Fabio Panetta, Member of the Executive Board of the ECB, at Il Salone dei Pagamenti 2020
English
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11 May 2020
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Consensus 2020 virtual conference, 11 May 2020
5 May 2020
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 10
Details
Abstract
Stablecoins provide an alternative to volatile crypto-assets. Depending on their asset management function, they may fall under different regulatory regimes or – with certain design features – under none at all. Given their potential size, global stablecoins could pose risks to financial stability. Such arrangements need a robust regulatory framework.
JEL Code
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G15 : Financial Economics→General Financial Markets→International Financial Markets
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
8 April 2020
OTHER PUBLICATION
Colloquium in honour of Benoît Coeuré, held on 17-18 December 2019
5 February 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the "Grand Prix de l’Économie des Echos pour l’année 2019"
2 December 2019
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament
26 November 2019
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Joint Conference of the ECB and the National Bank of Belgium on “Crossing the chasm to the retail payments of tomorrow”
25 September 2019
SPEECH
Hearing of Benoît Cœuré, Member of the Executive Board of the ECB, organised by the Committee on the Digital Agenda on the topic of “Digital currencies, focusing on Libra”, Deutscher Bundestag
English
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17 September 2019
SPEECH
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at the Banque centrale du Luxembourg-Toulouse School of Economics conference on “The Future of the International Monetary System”
2 September 2019
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the ECB Legal Conference, Frankfurt am Main, 2 September 2019
25 July 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 25 July 2019
29 May 2019
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at Zahlungsverkehrssymposium, Deutsche Bundesbank, Frankfurt, 29 May 2019
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15 November 2018
SPEECH
Welcome remarks by Benoît Cœuré, Chair of the Committee on Payments and Market Infrastructures of the Bank for International Settlements and Member of the Executive Board of the ECB, at the Economics of Payments IX conference, Basel, 15 November 2018
Annexes
15 November 2018
ANNEX
26 June 2018
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Central Bank Payments Conference, Singapore, 26 June 2018
14 May 2018
SPEECH
Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the International Center for Monetary and Banking Studies, Geneva, 14 May 2018
14 May 2018
SPEECH
Speech by Yves Mersch, Member of the Executive Board of the ECB, at the 39th meeting of the Governor’s Club Bodrum, Turkey, 14 May 2018
11 April 2018
SPEECH
Introductory remarks and Q&A with Mario Draghi, President of the ECB, Frankfurt, 11 April 2018
8 February 2018
SPEECH
Lecture by Yves Mersch, Member of the Executive Board of the ECB, Official Monetary and Financial Institutions Forum, London, 8 February 2018
English
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