better than anyone how long it would take to give birth to a single currency. nonetheless, these political premises call for vigilance, because they would lead to fragmentation rather than monetary diversification, but also because they resonate with other, more economic arguments. other, shorter - term forces are at work. the supply of safe global dollardenominated assets depends on the united states ’ fiscal capacity, while demand for these assets is set to grow. yet, the recurring us debt ceiling crisis - this year was particularly acute - may erode international investors'confidence in dollar - denominated assets, making triffin's dilemma more topical than ever. in addition, the fight against inflation in the united states has led the fed to rapidly raise its rates since 2022, which has potentially difficult consequences for the financial stability of the many countries that are de facto dependent on the us dollar. all these forces could lead to changes to some of the balances of the current international monetary system. admittedly, despite its gradual erosion from around 65 % in 2016 to 58 % in 2022, the weight of the dollar is likely to remain strong in the medium and long term. vii however, many currencies, including not only the euro but also the canadian and australian dollars, are already being increasingly used as reserve assets. a collective move towards a more multipolar international financial system therefore seems to be underway. however, a confrontational ( non - ) system, or disorderly fragmentation, would only lead to instability and inefficiency. viii in order to increase monetary confidence, we also need to preserve certain virtues of the current ims : stable, based on collective rules, market - oriented, and that offers widely accepted safe assets. page 4 sur 6 iii. the euro as a complementary asset for a more multilateral ims we europeans must be proactive and involved in what depends on us : the euro should play a greater international role. it is already the second most widely used currency in the world, but its current weight, around 20 % by most measures, ix does not reflect its potential. as an emblem of the qualities of the type of ims one would wish for, it is the currency of a jurisdiction with strong and stable democratic institutions, independent central banks, the rule of law and deep financial markets. it is supported by a soft power based on compliance with international rules, multilateralism and openness. the euro is also at the heart of vast international

and multi - faceted. it is at the heart of the concept of indirect regulation. finally, we have an ongoing debate about " transparency ", on which i am sure that members of the panel will tell you more in a few minutes. by nature, hedge funds are secretive investors. they do not publish information about their positions and strategies. on the one hand, for markets to be fully efficient, some investors must be able to hold proprietary information and make profits on this basis. on the other hand, financial market participants and public authorities responsible for financial stability require information to monitor the risks related to the hedge fund sector. on those remarks, i leave the floor to the panelists, and first to jaime caruana, who has kindly accepted to kick start the panel.