reached. by offering settlement in central bank money, tips increases the speed and safety of customers ’ daily transactions. 5 since 2016, the ecb has also been exploring the application of new technologies, particularly distributed ledger technologies, to market infrastructures. together with the bank of japan, the ecb is conducting a research project called “ stella ” which is investigating innovations that can facilitate safer, faster and cheaper financial transactions. 6 but driving change also means identifying and managing the risks that come with breaking new ground. innovations – including stablecoins – will only be beneficial if the associated risks are mitigated through effective regulation and oversight. so i believe we should follow the golden rule of supervision : “ same business, same risk, same rules ”. we must ensure that stablecoins do not compromise the safety and efficiency of the payment system or the soundness and stability of the financial and monetary system. and this is all the more important for stablecoins with a global reach. the g7 working group chaired by my fellow executive board member benoit cœure has made clear recommendations with a view to developing a globally consistent approach to their regulation and oversight. 7 as it did for the general data protection regulation, the european union can show the way here. in line with international standards and recommendations, we – and here i count on you as colegislator – should develop and enforce regulation that strikes the right balance between supporting innovation and addressing risks. the ecb is ready to play its part and is already collaborating with other central banks and international authorities to that end. we are also reviewing our oversight framework to capture innovative payment solutions, including stablecoin arrangements. in doing so, we are following a risk - based and proportionate approach. looking ahead, the ecb will continue to act as a catalyst for change. we will go on engaging with european stakeholders to actively contribute to a pan - european payment solution. we also play our part, in full independence, in assessing the value of central bank digital currencies for european citizens and the broader economy. a central bank digital currency would allow citizens to use central bank money directly in their daily transactions. however, depending on its design, a central bank digital currency could pose risks. for instance, they could alter the way in which monetary policy is conducted and transmitted to the real economy. they could also carry implications for the functioning of the global financial system and its stability. the question of central bank digital currencies and their optimal design therefore

warrants further analysis. our ultimate goal is to foster safer, innovative and integrated payments in euro. this will in turn benefit everyone in the euro area and strengthen the euro internationally. conclusion madam chair, honourable members, the last european parliament elections highlighted that people expect ambitious responses from europe. matching these expectations by working together is the best way to strengthen people ’ s 4 / 5 bis central bankers'speeches confidence in the european project, the euro and the ecb. jean monnet once said that “ everyone is ambitious, the question is if one is ambitious to be or ambitious to do ”. i can assure you that the ecb is ambitious to do, and to play its part in accordance with its mandate. thank you for your attention. i am now available for your questions. 1 see spring 2013 standard eurobarometer survey ( eb 79 ) and spring 2019 standard eurobarometer survey ( eb 91 ). 2 see “ the evolution of the ecb ’ s accountability practices during the crisis ”, economic bulletin, issue 5, ecb, 2018. 3 see, for example, the single code of conduct for high - level officials adopted by the ecb in 2019, which includes the obligation to publish monthly appointment calendars. 4 all the reports are published on the european parliament ’ s website. 5 see the ecb ’ s website. 6 see the ecb ’ s website. 7 see g7 working group on stablecoins, investigating the impact of global stablecoins. 5 / 5 bis central bankers'speeches