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Global economic outlook, financial stability risks, stablecoins and central bank independence

· Pablo Hernández de Cos, General Manager of the Bank for International Settlements (International)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, financial stability, payments, digital money and crypto-assets, trade, fragmentation and geopolitics

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· Pablo Hernández de Cos Wiki · Bank for International Settlements WikiGlobal economic outlook, financial stability risks, stablecoins and central bank independence

ContextInterview with Pablo Hernández de Cos, General Manager of the BIS, with Japan's The Nikkei (in Japanese) and Nikkei Asia (in English), conducted by Mikio Sugeno, Setsuo Otsuka and Takero Minami, Tokyo, 20 April 2026.

Why it mattersA wide-ranging BIS interview with the Nikkei covering the war's economic impact, non-bank risks and stablecoins.

Problems raised
  1. The Middle East war raises inflation and lowers growth.
  2. Risky financing has moved to non-bank financial institutions.
  3. Stablecoins cannot guarantee conversion at par under stress.
Solutions proposed
  1. Review post-crisis reforms to improve the framework.
  2. Apply consistent regulation to risky non-bank activities.
  3. Avoid fragmentation of payment systems and rules.
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