instruments, schemes and arrangements ( pisa framework ) for consultation. the framework sets out oversight principles in a single, future - proof and harmonised manner for electronic payment instruments, schemes and arrangements. 21 indeed, it will complement the forthcoming reviews of both the revised payments services directive ( psd2 ) and the settlement finality directive ( sfd ), which should build public trust in, and access to, payments systems. other innovations in payments are in the form of crypto - assets. the central bank supports innovations that increase the ef ciency of nancial services to consumers, but some innovations are a cause for concern with potential for money laundering or other criminal activity. we do not support innovations that fail to reach the high standards and controls that protect consumers and underpin the integrity of the nancial system or those which put nancial stability at risk. and in this context, the central bank is supportive of the european commission ’ s work on advancing an eu framework for markets in crypto - assets and welcomes the development of a more harmonised approach to crypto - assets. 22 digital euro let me now turn to the topical subject of central bank digital currencies, or in the case of the eurosystem, the digital euro. today i have spoken about the role of central banks, how we provide a public good – money, and how public trust in our payment systems is a cornerstone underpinning our mission to safeguard monetary and nancial stability and to protect consumers. the role of the central bank and public money ; the importance of trust, access and safety, our mandate of monetary and nancial stability and the developments in innovation, digitalisation and technology all come together when we think of central bank digital currencies. with electronic payments becoming increasingly popular, a digital euro would ensure that sovereign money – a public good issued by the central bank – remains available in the digital era. in addition, a digital euro could encourage further innovation and digitalisation in retail payments. however, there are also risks. in this context, the ecb has conducted a public consultation on a digital euro, to get the views of the public, business, industry. some of the key features of a digital euro raised in the consultation were privacy, security and broad usability. the eurosystem will carefully consider these elements as it prepares to decide on initiating a digital euro project this summer. if a digital euro project is started, building public trust, communicating on progress and engaging with our citizens

outlined in the last review to increase the countercyclical capital buffer to 1. 5 per cent. this leaves us at the rate set out in our macroprudential strategy last june, above or below which we will move when we deem that cyclical risks are either particularly elevated, or particularly subdued. we are publishing an accompanying document today that sets out the factors that will guide our judgment in ongoing quarterly assessments for this capital buffer. capital buffers form part of our three - pillar approach to macroprudential policy, along with the mortgage measures and our tools to address systemic risks among non - bank financial intermediaries. on the mortgage measures, we are only beginning to see how the changes made to our framework late last year are operating in the context of broader mortgage and housing market developments. our aim in making those changes was to more finely balance the financial stability benefits of these tools with the costs that they can impose. we will continue to carry out detailed research and analysis on the measures and their effects in the market, as well as deepening the way in which we assess the costs and benefits of our current calibration. as for non - bank finance, the phased introduction of macroprudential measures for irish property funds last year, including a leverage limit and liquidity guidance, was a key milestone in our attempts to broaden the macroprudential toolkit to address sources of systemic risk in this segment of the financial system. given the international nature of the non - bank financial sector in ireland, we continue to work with international partners 2 / 3 bis - central bankers'speeches to develop and operationalise the macroprudential framework for the sector, including the investment fund sector. to further advance global discussion and progress in this area, we will be publishing a discussion paper on an approach to macroprudential policy for funds in the coming weeks and will be seeking feedback in the months ahead. our work programme on non - bank finance and macroprudential policy will be covered in more detail next month when we publish the discussion paper. thank you all for joining us this morning. we are now available to take your questions. 3 / 3 bis - central bankers'speeches