higher in small, open, developing economies. on the one hand, they may enjoy more potential benefits in the form of cheaper and faster payments, in particular for cross - border payments and remittances, and more financial inclusion. on the other, they may incur higher costs owing to the possible risks relating to monetary policy transmission and monetary sovereignty, in particular in economies which are partly dollarised. “ dollarisation ” can easily morph into “ stablecoinisation ” ( with apologies for the neologism! ). we ’ re flagging this in the report and it deserves closer consideration, which in my view the imf should lead. this is just the start of what looks like a long process of tackling the challenges of stablecoins. what would be the next immediate steps? the plan is to pass the baton to the financial stability board ( fsb ). the fsb has launched a 1 / 4 bis central bankers'speeches new working group on the regulatory implications of stablecoins, which i co - chair with chia der jiun from the monetary authority of singapore. this group will focus on regulatory frameworks and approaches, starting with a stocktake of how different jurisdictions intend to deal with stablecoins. this will feed into a report that will be submitted for public consultation in april 2020. can you give us a flavour of the scope of the challenges stablecoin projects involve? the list of issues raised by all stablecoin projects is already quite long, as you know from our july report. they relate to legal certainty – to put it simply, on what or whom is the stablecoin a claim – and also to the governance and the architecture of each project. other aspects have to do with compliance with money laundering and anti - terrorism financing rules and the question of whether a stablecoin payment system is safe and efficient enough. we can use existing international standards as a reference in this regard. then there are issues related to operational resilience and cybersecurity, market integrity and investor protection, and data protection, particularly segregation between payment data and data being produced in a social network. and you have issues with tax compliance. whenever these projects are based on existing global networks, there ’ s a chance that they may reach a critical size very quickly, which raises additional potential issues relating to financial stability, monetary policy and the functioning of the international monetary system. according to kenneth rogoff, some prominent central banker told him the goal

way from exiting non - standard policies, a related issue is on the nature of the likely spillovers of the us monetary policy. at various times in the past, we have seen us and euro yields move very closely together but they have diverged somewhat recently. in contrast, uk and us rates are currently very closely linked. what determines the degree of coupling or decoupling between yields and what can we expect going forward? and finally, when do markets expect the ecb to start raising rates? given the role of term premia and the impact of the zero lower bound, how can we best estimate this date? the workshop papers and concluding remarks many of these issues are taken up in some way by the papers that are going to be discussed over the next day and a half. a couple of the papers will look at the impact of treasury supply on yields, drawing on new research based on the us experience and also research on the economic mechanisms involved, the so - called portfolio balance channel. there are also diebold, f. x., g. rudebusch and s. b. arouba, ( 2006 ), “ the macroeconomy and the yield curve : a dynamic latent factor approach ”, journal of econometrics, 131, 309 – 338. rudebusch, g. and t. wu ( 2007 ) “ accounting for a shift in term structure behaviour with no - arbitrage and macro - finance models ”, journal of money, credit and banking, 39, 395 – 422. bis central bankers ’ speeches some papers that look more specifically at recent asset purchase programmes and how they have affected yields and also the spillovers from them to other countries. other papers look at the impact of monetary policy on the yield curve, finding for example that monetary policy is one of the factors that explain movements in the term premium. there are also several papers that estimate so - called shadow rate models that recognise the zero lower bound that prevents interest rates going negative. there are also papers that look more specifically at euro area bonds markets during the crisis and the role of credit and liquidity premia and evidence of pricing anomalies, in both cases highlighting the role of the ecb ’ s interventions. we are also pleased to welcome two keynote speakers from the us, gregory duffee and glenn rudebusch, who are both leading researchers in the literature, representing academia and the federal reserve system, respectively. both will talk about the influence of unconventional monetary policy