launch a retail cbdc, if necessary. but there does not seem to be a compelling case for it yet, given that todaya€™s digital payment system is already effective and efficient in transferring money. the regulatory approach that mas has taken towards crypto assets or tokens distinguishes the different types of such tokens. if a crypto token is being offered as a security with an expectation of a return, it is regulated under the securities and futures act. if a digital token is being offered as a payment instrument, it is regulated under the payment services act where the focus is on anti - money laundering and technology risk management, and increasingly, customer protection. mas looks at the underlying activity, and the nature and quality of the crypto asset, to determine the specific risk it poses. we right - size our regulations to focus on those risks. we hold digital payment token licensees to the same high anti - money laundering standards that we hold banks to. but we do not regulate them like banks because they do not conduct other activities that 1 / 2 bis central bankers'speeches banks do. payment service providers have a lighter regulatory regime overall compared to banks. this gives them more latitude and space to innovate, and yet for the risks that they pose, we hold them to the same high standard. 2 / 2 bis central bankers'speeches

may see some further slight increases in inflation in the second half of this year. looking further ahead, we continue to expect price developments to remain moderate over the policy relevant medium - term horizon. our monetary analysis confirms that inflationary pressures over the medium term should be well contained. this is reflected in particular in the overall weak growth of money and credit. the annual growth rate of loans to households is continuing to strengthen, but the growth rate of loans to enterprises has remained negative, as expected in the current phase of the cycle. suggestions that inflation might be unanchored are entirely unfounded. on the contrary, euro area inflation expectations appear to be remarkably well anchored, in line with our definition of price stability. given the outlook for price stability and the solid anchoring of longer - term inflation expectations, the governing council regards our monetary policy stance and the current level of key ecb interest rates as appropriate. in order to cope with tensions on the money markets, the governing council has decided to reintroduce some of our previous non - standard measures. in particular, we have gone back to full allotment in 3 - month and 6 - month operations, so as to facilitate the liquidity planning of banks. and we have reactivated operations that provide liquidity in us dollars, in coordination with the federal reserve and a number of other central banks, to prevent possible liquidity tensions. ii. the ecb ’ s securities markets programme let me now turn to the governing council ’ s decision to intervene in euro area debt securities markets, announced on 10 may following abrupt and very severe increases in financial market tensions throughout the world, but especially in europe. those tensions were spreading to a wide range of financial market segments, including the stock market, the interbank market and the foreign exchange market. it was observed that the epicentre of these tensions lay in european debt markets, in particular those for government debt. although the composition of the shocks that triggered the intensification of those tensions was different from that observed in october 2008 after the collapse of lehman brothers in the united states, this situation was comparable in terms of the suddenness of the change in sentiment and the abruptness of the flight to safety by international investors. overall volatility in markets increased sharply and liquidity conditions deteriorated significantly, not only in sovereign bond markets, but also to a critical degree in the money markets. transactions within the interbank market declined rapidly and uncertainty among banks about counterparties ’ creditworthiness increased. there