These results have guided changes introduced to questions in the survey, which have gone some way towards reducing the commonly observed upwards bias in surveyed consumer inflation expectations. Conclusion  18. To conclude, inflation dynamics and expectations are important underpinnings of the macroeconomic dynamics confronting the region in the period ahead. The organisations represented here are at the forefront of analysis into the various aspects of these developments. I am sure there will be interesting insights and perspectives from this Seminar. [1] See for example, Crust, E, Daly, M, and Hobijn, B (2020), “The Illusion of Wage Growth”, Federal  Reserve Bank of San Francisco, Economic Letters, 2020-26. [2] International Monetary Fund (2021), “Chapter 1. Global Prospects and Policies”, World Economic  Outlook: Managing Divergent Recoveries, April. [3] See for example: Shiller, R. J. (1981), “Do Stock Prices Move Too Much to be Justified by Subsequent  Changes in Dividends?”, American Economic Review, Vol. 71(3), pp.421 – 436; Akerlof, G. A. (1970), “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism”, The Quarterly Journal of Economics, Vol. 84(3), pp.488 – 500. [4] Akerlof, G. A. and Shiller, R. J. (2009), Animal Spirits, Princeton University Press. [5] Gennaioli, N. and Shleifer, A. (2018), A Crisis of Beliefs, Princeton University Press. [6] Representativeness entails a judgement error of overestimating the likelihood of representative  attributes which appear with higher relative frequency in a class. See reference in note 4. [7] Agarwal, S. and Yeung, B, (2021), “Inflation Expectations and Household Consumption”,  Macroeconomic Review, Vol.

As a blunt banning of crypto-asset activities is not seen as an option for most, for a number of reasons, starting for instance with the belief in France that it would most likely lead to regulatory arbitrages between jurisdictions, most of the attention at national and international level has been put on "what?" (what activities and what risks) and "how?" (by which means) to regulate. In my short introductory remarks today, I would like to share with you my perspective, as the organisers of this Global Payments Week Conference have kindly suggested, speaking from the standpoint of a central bank in charge of ensuring financial stability, on the types of risks associated with crypto-activities that particularly need to be considered for regulation and supervision, and the importance of a convergent and coordinated regulatory approach on crypto-assets at the international level. I. What risks to consider for regulation and supervision in the crypto ecosystem 1) Traditional and new risks associated with the development of the crypto ecosystem The bankruptcy of FTX in November 2022, one of the largest crypto exchanges, and the resulting knock-on effects on its users and other market participants, have  1/4  BIS - Central bankers' speeches  spectacularly shown the instability of the crypto-assets ecosystem. Within the regulatory and supervisory community, a root cause of this instability is well recognised. At present, crypto-asset infrastructures and activities generate risks which are similar to those of mainstream finance services, and inherent to the provision of financial services, including credit, liquidity and market risks.