The World Council of Credit Unions urged the G20 to adopt language in this year’s Leaders’ Declaration to embrace proportionality that can enable credit unions as community based financial institutions to address financial inclusion around the world.  This year’s Summit under Brazil’s Group of Twenty (G20) Presidency focuses on the theme “Building a Just World and a Sustainable Planet.”  This theme highlights the world’s commitment to fair agreements that promote global economic and social development and the reduction of inequality worldwide.

To that end, World Council notes that policies conducive to increasing financial literacy and consumer protection, reducing financial exclusion, bridging the digital divide among many groups, and reducing inequalities are key to an equitable future.  Specifically, the connection between proportionality an enabling non-profit, community based financial institutions can play a critical role in accomplishing these goals.

World Council notes that a barrier to the proportional tailoring of regulations often occurs at the national level.  Thus, the requested language in the Leaders’ Declaration urges international standard setting bodes such as the Financial Stability Board to work with various agencies on the implementation of proportionality that is often already imbedded in global standards.

World Council has made this a priority of its advocacy efforts joining with many of its G20 members to urge their respective finance ministers to support this effort.  The G20 has heeded World Council’s call to address financial inclusion in past years declarations and specifically last year where they embraced proportionality included in the newly adopted sustainability disclosures issued by the International Sustainability Standards. 

This year’s Summit will occur later this year in November.  A copy of the letter can be viewed here.

The World Council of Credit Unions today urged the G20 to take further action to increase financial inclusion through credit unions worldwide.  Specifically, World Council is requesting that the G20 provide direction to international standard setting bodies to work with national level authorities and supervisors on proportional tailoring of regulations that will allow the unique not-for-profit cooperative model of credit unions to increase access to responsible and affordable financial services to rural and underserved communities.

“While the G20 has embraced financial inclusion as the way to reduce inequality and support inclusive and sustainable growth, they need to take the next step to ensure that local, community based financial institutions such as credit unions that are best suited to achieve their goals do not have unnecessary barriers in their way.  Implementation of proportionality at the national level is key to this success,” said Andrew Price, World Council Senior VP of Advocacy and General Counsel.

These comments were elaborated on in a letter to the finance minister of India who is the Presidency of the G20 New Delhi Summit 2023.  This year it will culminate in the issuance of a Leaders’ Declaration sometime in September in 2023.  World Council is urging the G20 to adopt language furthering the ability of credit unions to address financial inclusion. 

In particular, the letter notes financial inclusion reduces inequality, which in turn supports inclusive and sustainable growth by allowing the vulnerable to remain healthy, stay out of poverty, pay for education and accumulate human capital. The proportionate application of International Standards for financial regulation is the key and a critical factor in enabling innovative financial inclusion through credit unions and achieving this goal.  The request would insure that international standard setting bodies work with national-level authorities to ensure the proper implementation of proportionality.

A copy of the letter can be viewed here.

The G20 Bali Leaders’ Declaration issued November 15-16 in Bali, Indonesia addresses several issues critical to credit unions.  Issues surrounding Financial Inclusion, Sustainable Finance and Climate Change, Payments, Cryptocurrencies, Women and Vulnerable Populations, Anti-Money Laundering/Combatting the Financing of Terrorism, Cybersecurity and others were addressed.  This key document gives direction to the international standard setting bodies (i.e. Basel Committee, IASB, FATF, FSB, etc.) who will focus their workplans on issues addressed in this document. 

This is significant for credit union as it ultimately will shape regulations adopted at the national level for credit unions.  Of importance is the embrace of addressing financial inclusion which supports the risk-based approach and proportionate legal and regulatory frameworks.  This will assist convincing national-level regulators the importance of properly tailoring rules for credit unions so that they can better serve their members.

The continued focus on payments and achieving faster, cheaper, more transparent, more inclusive cross-border payments continues to receive high emphasis from the G20.  Much work is underway that will have a transformative effect on the payments space.

Finally, climate and sustainable finance and how to transform the world, businesses, society, and others to meet climate goals is a major theme throughout the Declaration.  Ultimately, credit unions will play a role in addressing these changes as well as receiving their accompanying share of regulatory burden. 

A summary of all of the provisions as well as their impact on credit unions can be viewed here.

On April 20, 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klass Knot, to the G20 Finance Ministers and Central Bank Governors in preparation for a meeting that took place on the same day. The letter outlined the status of global financial stability as well as the FSB’s plans to address emerging vulnerabilities. The letter further discusses the effects of Russia’s invasion of Ukraine on the global financial market including large price fluctuations and “concerns about the growth and potential use of crypto-assets”; however, these effects are far exceeded by the impact of the COVID-19 pandemic. Still, the Russian invasion is concerning as it is triggering inflation, which could promote restrictive financing; additionally, growing vulnerabilities may begin to present themselves in a material way, for example, high debt levels within the non-financial sector, and stretched valuations.

Issues of particular concern include linkages between commodity markets and the financial system; “financial system leverage and possible amplifiers in the event of market stress... and cyber risks”; heightened geopolitical tensions and rising energy and food prices within many emerging markets and developing economies are tacked on to already existing economic stressors from the pandemic; and “reduced policy space and tightening global financial conditions”. The FSB outlined actions items that include work on regulation and supervision of unbacked crypto-assets and stablecoins; increased monitoring of emerging vulnerabilities and market developments; continued work on G20 initiatives such as COVID-19 exit strategies and remedies; an upcoming report on US dollar funding and EME vulnerabilities related to external financing; and ongoing policy work related to financial risks from climate change.

More information on the FSB’s letter to the G20 is available here.

The World Council of Credit Unions (World Council) urged the G20 to continue its commitment to financial inclusion and its objective reduce inequalities and promote inclusive growth.   Specifically, World Council asked the G20 to direct the international standard setting bodes to work closely with national-level regulators to fully adopt proportional tailoring of regulations for the purposes of advancing financial inclusion.

National-level regulators are often reticent to tailor international norms and standards for fear that a deviation may subject them to criticism from other nations or fear of an unintended consequence as a result of right-sizing regulations.  The result is that credit unions are often prevented from serving underserved or marginalized populations, thus leading to financial exclusion.

The collective international credit union movement is urging the G20 to take action to enhance its embrace of financial inclusion and work with the many challenges faced by national-level regulators in achieving financial inclusion vis-à-vis proportionality.  Proportionality, if applied appropriately, can significantly advance the G20’s goals of promoting financial inclusion by fostering responsible finance through increased access to responsible and affordable financial services.

The G20 this year is headed by the Presidency in Bali, Indonesia with a Leaders’ Declaration expected to be issued at the 2022 G20 Bali Summit in November. 

 A copy of the letter can be viewed here.

In advance of a meeting set for February 17 through 18, 2022, the Financial Stability Board (FSB) published a letter from their chair, Klass Knot, to the G20 Finance Ministers and Central Bank Governors. The letter details the work the FSB is doing this year to promote sustainable growth and global financial resilience in response to continuing COVID-19 issues such as uneven recovery across regions, inflation and record-high global debt levels. The FSB credits “determined” policy response and G20 post-2008 crisis reforms for current recovery successes which include bank and market infrastructure resilience.

These successes do not come without their challenges as the financial market is still dealing with COVID-19 fallout and trying to acclimate to what a post-pandemic market may reveal, including its effect on interest rates and asset prices, and vulnerabilities created by digital innovation. The FSB letter laid out the policy work planned for 2022 in response to efforts necessary for the market to transition to post-pandemic life, which include:

• “Supporting financial market adjustment to a post-COVID world including work on policy considerations to support a more even, sustainable and inclusive global recovery, and on effective financial sector practices for national authorities to consider for addressing the effects of COVID-19 scarring.
• Reinforcing financial system resilience in light of the COVID experience focusing on the FSB’s work to strengthen resilience in the non-bank financial intermediation (NBFI) sector through its NBFI work programme, including policy proposals to address systemic risk in NBFI.
• Harnessing the benefits of digitalisation while containing its risks including implementing the G20 Cross-Border Payments Roadmap and its associated quantitative targets; work to address the financial risks posed by crypto-assets; and developing best practices for regulatory reporting of cyber incidents.
• Addressing financial risks from climate change. Work here will focus on progressing the FSB’s roadmap for addressing climate-related financial risks.”

More information on FSB letter to the G20 and Central Bank Governors is available here.

This week the International Advocacy team at the World Council of Credit Unions (World Council) released the 2022 Global Regulatory Update. The update highlighted the leading regulatory issues currently affecting credit unions including sustainable finance, proportionality, financial inclusion, anti-money laundering and countering the financing of terrorism (AML/CFT), payments and digitization. With sustainable finance as the feature of the report, it was noted that we should look forward to regulations that will encourage investments in environmentally responsible products as well as related regulations that govern procedure, including disclosures and reporting requirements.

The updated further underlined other key regulatory factors, including:

• Proportionality and financial inclusion: G20 and international regulators are beginning to home in on the value of proportionate standards, understanding that reduced regulatory burden will ultimately help to address concerns related to financial inclusion.
• AML/CFT: AML/CFT regulations continue to place regulatory and compliance burdens on credit unions; however, inter-governmental bodies such as the Financial Action Task Force (FATF) are in line with objectives to alleviate these burdens in order to support financial inclusion by providing a risk-based and proportionate approach to regulation.
• Payments: Payment reforms are a double-edged sword bringing both disruption and opportunities to credit unions.
• Digitalization: Evolving regulations surrounding digitization will most likely affect credit unions down the line. As credit unions become more technologically advanced, regulations may prove to be overburdensome; and eventually, credit unions that have not advanced in the digital arena may still find themselves subject to digitization requirements. In the course of time, credit unions will presumably need to jump on the digital bandwagon.

The entire 2022 Global Regulatory Update is available here; and episode 9 of the Global Credit Union Podcast featuring its authors, World Council's Senior Vice President of International Advocacy and General Counsel, Andrew Price, and Assistant General Counsel of International Advocacy, Panya Monford , is available here.

The G20 adopted the G20 Rome Leaders’ Declaration wherein it reaffirmed its support to supporting WOCCU advocated focus on financial inclusion.  WOCCU urged the G20 to focus on the importance of proportionality for the purposes of allowing credit unions to increase financial inclusion. The G20 reaffirmed its commitment to enhancing financial inclusion of vulnerable and underserved segments of society and endorsed the G20 Menu of Policy Options focused on digital financial literacy and financial consumer protection.  The G20 also reiterated its support for the e G20 2020 Financial Inclusion Action Plan which includes Principle 3 which provides for providing an enabling and proportionate legal and regulatory framework for digital financial inclusion, taking into account relevant G20 and international standard setting body standards and guidance.

Their goal is to provide a guide for policymakers in their efforts to lay the ground for new financial inclusion strategies in the post-pandemic world.  Further, the G20 endorsed the risk-based approach of the Financial Action Task Force which aims to promote financial inclusion and ensure legitimate cross-border payments.  The focus on adopting a risk-based approach is welcomed by WOCCU as it focuses on the importance of proportional regulations tailored to the size, risk and complexity of credit unions.

 A summary of the issues addressed by the Leaders’ Declaration are as follows:

Financial Inclusion:   The G20 reaffirmed commitment to enhancing digital financial inclusion of vulnerable and underserved segments of society, including micro, small and medium-sized enterprises (MSMEs), carrying forward the work of the Global Partnership for Financial Inclusion (GPFI) and implementing the G20 2020 Financial Inclusion Action Plan. We endorse the G20 Menu of Policy Options for digital financial literacy and financial consumer and MSME protection “Enhancing digital financial inclusion beyond the COVID-19 crisis”, with the aim to provide a guide for policymakers in their efforts to lay the ground for new financial inclusion strategies in the post-pandemic world.

The G20 also reiterated its support for the  G20 2020 Financial Inclusion Action Plan which includes Principle 3 which provides for providing an enabling and proportionate legal and regulatory framework for digital financial inclusion, taking into account relevant G20 and international standard setting body standards and guidance.

AML/CFT:  The G20 reaffirmed its full support for the Financial Action Task Force (FATF) and the Global Network and recognized that effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/CPF) measures is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system. They stressed the relevance of the risk-based approach of the FATF recommendations with the aim to ensure legitimate cross-border payments and to promote financial inclusion. They confirmed support for strengthening the FATF recommendations to improve beneficial ownership transparency and call on countries to fight money laundering from environmental crime, particularly by acting on the findings of the FATF report.

Sustainable Finance:  The G20 noted that sustainable finance is crucial for promoting orderly and just transitions towards green and more sustainable economies and inclusive societies, in line with the 2030 Agenda for Sustainable Development and the Paris Agreement. They welcomed the establishment of the G20 Sustainable Finance and endorsed the G20 Sustainable Finance Roadmap and the Synthesis Report. The Roadmap, initially focused on climate, is a multi-year action-oriented document, voluntary and flexible in nature, which will inform the broader G20 agenda on climate and sustainability.  The G20 also noted that it is focused on expanding the scope of sustainable finance to include social matters.

Payments:  They welcomed the progress reported against milestones set for 2021 by the G20 Roadmap to enhance cross-border payments, and we endorse the ambitious but achievable quantitative global targets for addressing the challenges of cost, speed, transparency and access by 2027 set out in the FSB report. They called on public authorities and the private sector to work together to make the practical improvements to achieve these goals.

Stablecoins/Digital Currencies:  The G20 reiterated that no so-called “global stablecoins” should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed through appropriate design and by adhering to applicable standards. They encouraged jurisdictions to progress in the implementation of the FSB High-Level Recommendations, and standard setting bodies to complete their assessment of whether to make any adjustments to standards or guidance in light of the FSB Recommendations. They focused the Committee on Payments and Market Infrastructures, Bank for International Settlements Innovation Hub, IMF and World Bank to continue deepening the analysis on the potential role of central bank digital currencies in enhancing cross-border payments and their wider implications for the international monetary system.

Digitalization:  The G20 recognized the importance of policies to create an enabling, inclusive, open, fair and non-discriminatory digital economy that fosters the application of new technologies, allows businesses and entrepreneurs to thrive, and protects and empowers consumers, while addressing the challenges related to privacy, data protection, intellectual property rights, and security. Mindful of the need to support a better inclusion of MSMEs in the digital economy, they reinforced their actions and international cooperation towards the digital transformation of production, processes, services and business models, also through the use of consensus-based international standards and the improvement of consumer protection, digital skills and literacy.

Gender Equality and Women’s Empowerment. They reaffirmed commitment to gender equality and emphasize the pivotal role of women’s and girls’ empowerment and leadership at all levels for inclusive and sustainable development. The G20 committed to putting women and girls, who have been disproportionately affected by the pandemic, at the core of efforts to build forward better.

International Taxation:  The final political agreement as set out in the Statement on a Two Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy and in the Detailed Implementation Plan, released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on 8 October, is a historic achievement through which the world will establish a more stable and fairer international tax system. They called on the OECD/G20 Inclusive Framework on BEPS to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023.

The Italian G20 Presidency at the Fourth G20 Finance Ministers and Central Bank Governors meeting (Finance Track) issued its Communique addressing Financial Inclusion (among other topics). 

WOCCU, together with its member credit union associations have placed efforts toward asking the G20 to give direction to national-level regulators to increase financial inclusion vis-à-vis a focus on the importance of proportionality.  The importance of this is that it allows smaller cooperative depository institutions such as credit unions to fulfill their mission and greatly reduce inequalities and promote inclusive growth.  More importantly, proportionality, if applied appropriately, can significantly advance the G20’s goals of promoting financial inclusion by fostering responsible finance through increased access to responsible and affordable financial services offered by credit unions.

WOCCU applauds the G20 focus on financial inclusion and is pleased to see that the Communique issued by the Finance track includes the following passage:

We reaffirm our commitment to enhancing digital financial inclusion of vulnerable and underserved segments of society, including micro, small and medium-sized enterprises (MSMEs), carrying forward the work of the Global Partnership for Financial Inclusion (GPFI) and implementing the G20 2020 Financial Inclusion Action Plan. We therefore endorse the G20 Menu of Policy Options for digital financial literacy and financial consumer and MSME protection “Enhancing digital financial inclusion beyond the COVID-19 crisis”, with the aim to provide a guide for policymakers in their efforts to lay the ground for new financial inclusion strategies in the postpandemic world. We look forward to the review of the G20/OECD High-Level Principles for Financial Consumer Protection in 2022. 

WOCCU will continue to work on this guide for policymakers noting the importance of providing for proportionality that will allow credit unions to maximize its ability to fulfill its mission of serving marginalized, underserved, and financially excluded populations.

A copy of the Communique can be viewed here and a copy of the G20 Menu of Policy Options included in the “Enhancing digital financial inclusion beyond the COVID-19 crisis” can be viewed here.

A recent webinar by WOCCU on Credit Unions and the G20: The Push for Financial Inclusion outlining its efforts with the G20 can be viewed here.

The Italian G20 Presidency at the Fourth G20 Finance Ministers and Central Bank Governors meeting (Finance Track) issued its Communique addressing numerous issues that may impact credit unions in the future.  Key passages from the Communique are as follows:  

1. Financial Inclusion: We reaffirm our commitment to enhancing digital financial inclusion of vulnerable and underserved segments of society, including micro, small and medium-sized enterprises (MSMEs), carrying forward the work of the Global Partnership for Financial Inclusion (GPFI) and implementing the G20 2020 Financial Inclusion Action Plan. We therefore endorse the G20 Menu of Policy Options for digital financial literacy and financial consumer and MSME protection “Enhancing digital financial inclusion beyond the COVID-19 crisis”, with the aim to provide a guide for policymakers in their efforts to lay the ground for new financial inclusion strategies in the postpandemic world. We look forward to the review of the G20/OECD High-Level Principles for Financial Consumer Protection in 2022.  

2. Payments: We reiterate our commitment to a timely and effective implementation of the G20 Roadmap to enhance cross-border payments. We welcome the progress reported against milestones set for 2021, and we endorse the ambitious but achievable quantitative global targets for addressing the challenges of cost, speed, transparency and access by 2027 set out in the FSB report. 

3. Sustainable Finance: Three seperate passages are as follows:  1. We agree to coordinate our efforts to tackle global challenges such as climate change and environmental protection, and to promote transitions towards greener, more prosperous and inclusive economies and societies. Sustainable finance is crucial for promoting orderly and just transitions towards greener and more sustainable economies and inclusive societies, in line with the 2030 Agenda for Sustainable Development and the Paris Agreement;  2. We endorse the G20 Sustainable Finance Roadmap and the Synthesis Report prepared by the Sustainable Finance Working Group (SFWG); and 3. It is complemented by the Financial Stability Board (FSB) Roadmap for addressing climate-related financial risks, and is designed to accommodate the evolving sustainable finance landscape and the G20 priorities going forward, taking into account national circumstances. 

4. Taxation: After the historic agreement reached in July on the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax, we endorse the final political agreement as set out in the Statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy and in the Detailed Implementation Plan, released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). This agreement will establish a more stable and fairer international tax system. We call on the OECD/G20 Inclusive Framework on BEPS to swiftly develop the model rules and multilateral instruments as indicated in and according to the timetable provided in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023. 

5. Digitization: We will continue to explore and address the implications of major economic, social, environmental, technological and demographic challenges including through our recovery strategies. Drawing on the G20 Menu of Policy Options - Digital Transformation and Productivity Recovery, we will continue discussing policies to sustain productivity growth, and to help ensure that the benefits are evenly shared within and across countries and sectors. 

6. Covid-19: We reaffirm our resolve to use all available tools for as long as required to address the adverse consequences of COVID-19, in particular on those most impacted, such as women, youth and informal and low-skilled workers, and on inequalities. We will continue to sustain the recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability, and safeguarding against downside risks and negative spillovers. 

7. AML//CFT: We reaffirm our full support for the FATF and recognise that effective implementation of AntiMoney Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/CPF) measures is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system. We stress the relevance of risk-based approach in the FATF recommendations with the aim to ensure legitimate cross-border payments and to promote financial inclusion. We confirm our support for strengthening of the FATF recommendations to improve beneficial ownership transparency and call on countries to fight money laundering from environmental crime, particularly by acting on findings of the FATF report. 

The complete Communique from the G20 Finance Track can be viewed here.

Ahead of their October 13, 2021, meeting, the Financial Stability Board (FSB) Chair, Randall K. Quarles, issued a letter to the G20 Finance Ministers and Central Bank Governors in relation to the two reports the FSB has already provided to the G20 regarding the development of a more resilient NBFI sector, and addressing challenges in cross-border payments.

The FSB committed to a multi-year plan to enhance NBFI resilience after market turmoil in March 2020, to focus on, in collaboration with the International Organization of Securities Commission (IOSCO), vulnerabilities in money market funds (MMFs). The FSB also provided the G20 with a final report entitled “Policy Proposals Aimed to Enhance Money Market Fund Resilience”.

Further, as a follow up to the roadmap they previously submitted to the G20 on enhancing cross-border payments, the FSB plans to submit:

• “a progress report on the roadmap to enhance cross-border payments, which also confirms steps for next year and beyond;
• quantitative targets for addressing the challenges of cost, speed, transparency and access experienced by end-users; and
• a report on the progress made on the implementation of the FSB’s high-level recommendation for the regulation, supervision and oversight of “global stablecoin” arrangements.”

More information on the FSB’s letter to the G20 can be found here.

As a follow up to the Financial Stability Board (FSB) and International Monetary Fund’s (IMF) report entitled, The Financial Crisis and Information Gaps (2009), that discussed information gaps and strengthening data collection, the entities published the Sixth Progress Report - Countdown to December 2021. The first report was phase one of the G20 Data Gaps Initiative (DG-1) where G20 Ministers and Governors requested the FSB and IMF examine information gaps and generate proposals to strengthen data collection processes. The Sixth Progress Report and phase two (DG-2) sets out to “to implement the regular collection and dissemination of reliable and timely statistics for policy use”, as well as provide new recommendations that outline policymaker priorities, including: (i) climate change; (ii) household distributional information; (iii) fintech and financial inclusion data; and (iv) access to private sources of data and administrative data, and data sharing.

The report consists of 20 different recommendations falling under the following headings:

• Monitoring risk in the financial sector;
• vulnerabilities, interconnections and spillovers; and
• data sharing and communication of official statistics. 

More information and highlights of the Sixth Progress Report - Countdown to December 2021 can be found here.

On June 17, 2021, Ignazio Visco, the Governor of the Bank of Italy gave a keynote address to the 2021 IIF G20 Conference- The G20 Agenda Under the Italian Presidency. In his address, Mr. Visco covered topics regarding COVID-19 and the global economy, financial regulation, and financial inclusion and international digital cooperation.

Visco highlighted that the concerns that existed before the pandemic are more pronounced today, such as the increased use of digitalization. He noted that in coordination with major international organizations, the G20 Finance Ministers and Central Bank Governors updated their Action Plan to continue to continue the effectiveness of economic policy responses and conceded the“…need to closely monitor the increasingly divergent recovery paths – which may well entail an asynchronous unwinding of monetary and fiscal support measures – and take international policy spillovers into account.”

The Governor also emphasized the need to address vulnerabilities in the non-bank financial intermediation (NBFI) sector, especially in the areas of Money Market Funds. Visco also discussed financial regulation concerns surrounding mitigation of climate-related financial risks. “The G20 Finance Track aims to encourage a better alignment of both public and private financial commitments with the objectives of the 2015 Paris Agreement.”

Most notably, Visco addressed how digitalization has a direct impact on financial inclusion. He warned that while digitalization may build access, it could also “lead to new forms of exclusion” including indebtedness. “The outcome will depend, crucially, on the development and accessibility of digital infrastructures, the degree of financial and digital literacy, and the adequacy of governance, especially in the fields of regulation and supervision.” Some of the solutions Visco prescribed include: fostering more innovative regulatory and supervisory approaches; development of cross-border payments to make them cheaper, faster, more transparent and inclusive; and coordination with the Financial Stability Boards’ recommendations to address challenges related to global stablecoins for regulation, supervision, and payment-system oversight.

Governor Ignazio Visco’s full speech is available here.