Lagarde sees euro-stablecoin risks for banking, monetary policy

Mark Schroers / Bloomberg05-08

Lagarde said that even euro-denominated stablecoins would create risks to financial stability and monetary-policy transmission, questioning the case for introducing such instruments.(May 8): European ...

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Their rise has prompted questions over whether Europe needs its own version of the instruments.\nBundesbank President Joachim Nagel in February touted euro stablecoins. But an ECB working paper in March, which Lagarde referenced, warned that a widespread adoption would pose major risks to euro-area banks and the institution’s monetary sovereignty, particularly if linked to foreign currencies like the dollar.\nWhile banks and payment firms in the currency bloc have stepped up efforts toward rolling out stablecoins, some global regulators and supervisors also worry about potential threats to financial stability.\nLagarde, who’s pushing to speed the introduction of a digital euro, said that Europe’s task isn’t simply to “replicate instruments developed elsewhere”. She also highlighted the ECB’s work on wholesale settlement options.\n“The best solution remains the same,” she said. “More integrated capital markets through the savings and investments union, and over time a safe asset base that matches the scale of our ambitions for the euro’s international role.”\nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634461153","isCrawlerRequest":true}