the need for more forceful global response? since i have heard from different locations of similar concerns, we are all working at home, looking at what could be done. but it ’ s at a very premature stage because we don ’ t want to overdo it. we are in an open society, where people are free to lose money as they like. it ’ s a phenomenon that affects central banking, payment systems, banks and financial market infrastructure. by definition those activities become cross - border so a cross - border response is always preferable to a fragmented national one. in many jurisdictions there is a very high concern about money - laundering and terrorism financing. what needs to be decided here as a superpriority has to do with the level of political responsibility rather than the level of individual agencies. therefore the g20 where you also have the government side coming is a welcome forum. the second in the list of priorities is to have more information because it ’ s very difficult to have access to what is happening and where it ’ s happening. we need more information and that ’ s why for me one obligation would already be to force the unregulated platforms to report transactions in a harmonized way to repositories so that we would have access to information also in order to create a better response. i hear often that there are concerns of criminal activity and the amount of hoaxes in this virtual world is rather high. so the main concern is the absence of proper information and the absence of traces so you could track the transactions. so this is certainly something that specialized staff in different member states will also look into. your colleague benoit coeure said recently that the ecb expects g - 20 meeting in march to focus on coordinated response to the growth of digital currencies and urged leaders to come up with a regulatory answer. what are you expectations about this meeting in buenos aires? you should not think of a meeting as being a switch. it will launch a certain amount of studies, it will probably task a certain number of existing institutions to dig deeper and then we will start the work. but in the meantime we already prepare in - house. whatever happens, we want to be prepared. what can you do until this coordinated response is ready? 2 / 3 bis central bankers'speeches we have on the one hand our existing toolbox. it always is useful if you look at the toolbox again in terms of what is possible from the point of view of a new application. then

london and put them in the eurozone. i think they ’ re making a pretty clear judgment about financial passporting. so here i have to be -, to err on the side of caution. the ecb is supervising european banks. i ’ m not on that side, personally, but we have a responsibility, so certainly the way my colleagues in the supervisory arm of the ecb, daniele nouy, sabine lautenschlager, will look at it, is to make sure that any bank that moves to the eurozone will be supervised, will have risk management which will be appropriate, sound enough, solid enough, and they will have that discussion with the banks. would you agree it ’ s going to be very, very difficult for the uk to keep hold of all this, in a hard brexit scenario? again, it ’ s too early to tell, there are a lot of business decisions, they depend a lot on the individual environment circumstances of individual banks, so it ’ s just too early to tell. at the beginning of this interview, you talked about the outside risks. i think the one that ’ s been discussed most here in davos is donald trump, and which way that takes the global economy, the us economy in particular. he ’ s been very critical of europe, he ’ s said that once the uk leaves, brexit happens, other countries will leave. do you think there ’ s an opportunity or a risk here for europe, in the form of donald trump? well, we ’ ll have to know more about the new policies. it ’ s inauguration day today, we don ’ t know much about what the new administration is going to do. given the amount of risk in the global economy, the amount of uncertainty, not only uncertainty about the us, but uncertainty about the emerging market economies, brexit is another -, adds another layer of uncertainty, europe will have to be strong and united. so in a sense, we don ’ t need the us president to be strong and 3 / 4 bis central bankers'speeches united. we need to be united anyway. we have our home work to do, in terms of strengthening the eurozone, and in terms of moving together in the same direction, and this, whatever happens, in a sense, we ’ ll have to do, ministers will have to do, and we ’ ll have to do on our side. the sad fact is though, he