Proposal for a Regulation on digital operational resilience for the financial sector6 The Regulation contains the following basic concepts: - introducing requirements for the management by financial entities of the ICT-related risks and for the reporting to the competent authorities of major ICT-related incidents and digital operational resilience testing; - sharing information on cyber threats and vulnerabilities; - prescribing measures for the sound management by financial entities of the risk related to ICT third-party service providers; - introducing requirements for the contractual arrangements between ICT third-party service providers and financial entities; - establishing an oversight framework for critical ICT third-party providers when providing services to financial entities. 5.2. Proposal for a Regulation on Markets in Crypto-assets7 The Regulation defines the notion ‘crypto-asset’8 and lists the main types of cryptoassets, distinguishing between three sub-categories of crypto-assets: - Asset-referenced tokens9. Such tokens may be offered to the public only by credit institutions authorised to operate in the EU or by entities which hold the authorisation referred 6  https://eur-lex.europa.eu/legal-content/BG/TXT/HTML/?uri=CELEX:52020PC0595 https://eur-lex.europa.eu/legal-content/BG/TXT/HTML/?uri=CELEX:52020PC0593 8 ‘Crypto-asset’ means a digital representation of value or rights which may be transferred and stored electronically, using distributed ledger technology or similar technology; 7  4  to in the Regulation. However, issuers should always draw up and publish a crypto-asset white paper – a special information document which must comply with mandatory content and form requirements.

Looking at your coverage of our policy one might be inclined to think so. Between 2001 and 2005, for example, the Swiss National Bank was mentioned three times less in the Financial Times than in the period 1996 to 2000. However, let me emphasise that more transparency does not mean that monetary policy will always be simple to predict. Remember that the inflation forecasts published by central banks are always based on expectations of future economic developments. Hopefully, these expectations will be accurate most of the time. However, during certain periods of the economic cycle, particularly at turning points, our expectations will be prone to correction. I am therefore confident that, despite transparency, there will remain some news to report about monetary policy. I do believe, however, that central bank transparency may change the nature of media reports on monetary policy. In the old days of secrecy and unexpected monetary interventions, journalists obviously debated the objectives of central bankers and what this meant for the future. With increased transparency, such discussions have become obsolete, as objectives seem to be clear and future policy is easier to predict. In return, central bank transparency now gives journalists the opportunity to question the consistency of our monetary policy decisions with our stated objectives. This leads me to believe that, in future, media coverage of monetary policy may concentrate on scrutinising the congruency of our actions with our goals, rather than debating about what central banks are trying to achieve.