This also calls for ensuring a consistent regulatory treatment of similar risks, irrespective of the framework or combination of frameworks under which stablecoins schemes might be operated. - Secondly, coordinating the adjustment of regulatory and supervisory frameworks at the international level Whatever the final choice made for the European Union in terms of regulation strategy, such an adjustment of the regulatory framework should be part of broader adjustment at the global level, given the possible development of global stable coins. Indeed, there is a need for overall consistency to prevent regulatory arbitrage under the “same activities, same risks, same rules” principle. This is also necessary to address risks that fall outside existing frameworks, including risks to fair competition and monetary policy transmission. Indeed, in July 2019, G7 Finance Ministers and Central Bank Governors agreed that possible stablecoins initiatives must meet the highest regulatory standards, be subject to prudent supervision and oversight and that possible regulatory gaps should, as a matter of priority, be assessed and addressed. Accordingly, the Financial Stability Board is working on a global regulatory and supervisory approach towards stablecoins. Developing shared public policy, regulatory and supervisory goals and principles should help capture activities that fall outside traditional regulatory boundaries. It should also help prevent any discrepancies at domestic levels that may give rise to fragmentation and regulatory arbitrage which would be counterproductive for the development of these new instruments themselves.

These goals and principles should include common requirements vis-à-vis GSC operators before they start their operations, such as clear and proper risk management policies and means, regarding their stabilisation mechanisms, legal certainty of users’ redemption rights and potential claims on underlying reserve assets, and regarding linkages and exposure between their core components and the other entities of the financial system. In addition, there is a need to agree on adequate cross-border oversight principles and schemes between authorities in charge of jurisdictions impacted by the potential circulation of stablecoins. To that end, we could take inspiration and review existing standards and principles for cross-border cooperation in the field of market infrastructures or AML-CFT. - Thirdly, making concrete efforts – including live experimentations – to address weaknesses of the current payment and settlement landscape Adjusting the regulatory and oversight frameworks might not be enough as we have to make sure stablecoins do not become a bad solution to a real problem. Our current financial system  order rests on multiple issuers of settlement assets linked to the anchor settlement asset provided by central banks. In order to preserve the incentives and benefits for innovation, efficiency and stability, central banks as issuers of the reference settlement asset need to revisit and possibly adapt the conditions under which they make that settlement asset available. In that perspective, central banks could, for instance, issue their money in digital form, the so-called concept of Central Bank Digital Currency (CBDC).