However, the main drivers of this third-quarter fall in inflation were energy and core goods. Annual inflation continued to decline across the core goods category thanks to decreased negative effects of exchange rate developments. Regarding underlying inflation trends, there has been a significant improvement in the core goods category. Meanwhile, the services category produced a relatively negative outlook. In the third quar ter, the core inflat ion tren d reco rded a decli ne  BIS central bankers’ speeches  5  following the favorable impact of the macroprudential measures and our tight monetary stance (Chart 11). Accordingly, the marked first-half inflation increase in core indicators was reversed in the third quarter. Yet, I would like to note that underlying trend indicators are still above the target-consistent levels. In this period, international commodity prices, especially oil, fell in line with the weak global growth outlook and USD-denominated import prices dropped. In addition to this favorable outlook of import costs, aggregate demand conditions and the relatively slow pace of growth in consumer loans alleviate the pressures on inflation. In fact, excluding food products and associated services subcategories, we see that annual consumer inflation declined considerably in the third quarter (Chart 12). In sum, the negative effects of cumulative exchange rate developments continued to wane in the third quarter, yet food prices remained on a relatively unfavorable track. The prolonged high level of consumer inflation and the ongoing deterioration in inflation expectations adversely affect pricing behaviors in certain categories, particularly services.

Denis Beau: After the crypto-winter, the spring of crypto-assets regulation and supervision Keynote speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the World Bank Global Payments Week 2023 "The Future of Payments", Marrakesh, 18 May 2023. *** Dear colleagues from the World Bank, Ladies and Gentlemen, According to some commentators, in a context of cascading bankruptcies (i.e. Terra /Luna, Celsius, Three Arrows, Genesis, BlockFi, FTX), the crypto ecosystem may have entered a so-called "crypto-winter". I don't know if this winter is going to last but I believe that it should be seen as "spring time" by regulators and supervisors, whose initiatives should be burgeoning. Recently, many countries have indeed sped up their regulatory work within their jurisdiction. However, we have also seen variances in combining three regulatory approaches: banning crypto-asset activities; containing and isolating them from traditional finance and the real economy, which implies banning certain specific aspects and practices (e.g. advertising); regulating the crypto-asset market, either by assimilating crypto-assets to traditional financial assets and applying the corresponding existing regulatory regime, or by adopting a dedicated regulation (e.g. on stablecoins). With the exception of China, the world's major economies and currency zones have developed or are in the process of adopting a combination of the last two approaches, based on the principle of "same activities, same risks, same rules".