This time is never different: the importance of safeguarding financial stability
· Christine Lagarde, President of the European Central Bank (Euro area (EU))
Summary written by Dark Majestic in its own words · topics: financial stability, payments, digital money and crypto-assets, technology, ai and cyber risk
CL · Christine Lagarde Wiki · European Central Bank WikiThis time is never different: the importance of safeguarding financial stabilityContextWelcome address by Christine Lagarde at the 10th ECB Annual Research Conference, held jointly with Stanford's Hoover Institution.
Why it mattersThe ECB president warns that stablecoins, fintechs and non-banks bring back old run and liquidity risks in new forms.
Problems raised- Fintechs and stablecoins challenge bank business models.
- Technology speeds up how risks spread.
- Non-banks face liquidity and leverage risks.
Solutions proposed- Stay alert to new financial stability risks.
- Use research to guide policy.
- Address run and reserve risks for each type of institution.
Read full speech on ecb.europa.eu ↗More from Christine Lagarde · European Central Bank · all speeches
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