in the medium - term due to the regulatory evolutions it implies. as a first pragmatic step, for host supervisors, it is necessary to establish an intermediate holding that consolidates all financial activities, in order to submit systemically important players to requirements. agustin carstens elaborated yesterday on the " segregation " and " inclusion " approaches. in addition, regulation of big techs in finance should go beyond traditional regulation of finance. let me explain : big techs pose at least three new challenges. that of competition - as they are already much more concentrated than existing financial institutions, and the network economy tends to establish " the winner takes most " rule. that of data protection and privacy, of course. and finally, that of operational risk and cybersecurity. however, in each of these three fields - competition, data protection and cybersecurity - there is no international body, unlike in finance. and the national - or european - authorities that do exist are still hardly used to cooperating with each other. to develop cross - border and cross - domain cooperation, the scope is wide but essential : the oecd, the bis and the fsb can and must be sandboxes. as a beacon of hope, europe is showing the way on all these common challenges. europe now stands out as a spearhead on key issues, thanks to : its regulation on digital operational resilience ( dora ), which will submit critical service providers to direct oversight, and will enhance our financial system's cyber resilience and financial data protection ; its regulation on markets in crypto assets ( mica ), which is tailored to new players and assets and needs to be implemented as quickly as possible, that means quicker than the presently planned november 2024 ; last but not least, the digital markets act ( dma ) will cover competition issues, and the digital services act ( dsa ) will regulate online contents. in their own way, each one of these two new regulations enshrines a principle full of common sense, i. e. what is forbidden in " real life " is also forbidden for companies that operate online. with this new legislation, europe is creating a climate that is more conducive to the emergence of european players in the technological field. we can only hope, in the interest of global competition, that they will be able to grow and reach critical size. 3 / 5 bis - central bankers'speeches the eurosystem is also taking part

bond issuance at the pre - pandemic pace. second, close coordination with the u. s. treasury acted as a force multiplier. the equity committed by the u. s. treasury facilitated broad support for large employers. 8 the facilities ’ combined capacity leveraged treasury ’ s committed equity contribution of $ 75 billion by up to 10 times. third, the support provided by the facilities is broad. excluding banks, all u. s. domiciled firms with an investment - grade rating prior to the facilities ’ announcement were eligible, thus concentrating support for firms that primarily faced liquidity strains due to the pandemic. the facilities also provide support for firms with ratings just below investment grade to mitigate the “ cliff effects ” at the boundary of our support. 9 together, these programs backstop about 80 percent of corporate bonds outstanding, excluding those issued by banks. 10 finally, policymakers signaled their willingness to adapt. even before purchases began, the size of the equity injection and purchasing power of the facility was increased, and the scope was broadened to allow support for “ fallen angels, ” or bonds downgraded below investment grade ( but no lower than bb - ) after the ccf announcement. implementation matters in addition to program design, the principles that guided the implementation of these facilities — access, transparency, and accountability — reinforced their credibility and impact. providing broad access to the facilities for corporate borrowers was essential, both to expand the reach of backstop support for the economy, and to ensure that the facilities avoid the allocation of credit. our initial purchases were in a diversified set of etfs that provide broad exposure to the market for u. s. corporate bonds. purchasing via etfs offered efficient and rapid transmission of broad - based support to the secondary market. at the outset of these purchases, we communicated that etfs would only be used if their purchase is reasonably expected to achieve the objectives of the smccf more effectively than the purchase of underlying bonds. 11 one month after starting etf purchases, the federal reserve announced a framework to use corporate bonds as the smccf ’ s primary vehicle for providing support. in preparation, we had created a “ broad market index ” of eligible corporate bonds, weighted proportionately by amount of debt outstanding from individual companies. 12 we then began purchasing bonds across the index in a rules - based manner, taking care that our purchases are neutral toward eligible sectors and companies. i should note https : / / www. newyo