in place, the global financial safety net ( gfsn ) strongly supports global financial stability. the ecb sees a need for the gfsn to be further strengthened with a strong, quotabased and adequately resourced imf at its centre, particularly in the face of escalating risks and high uncertainty. recognising that an increase in imf quotas is not possible at this time, the ecb would strongly welcome a substantial increase in the new arrangements to borrow as a secondbest outcome towards ensuring that the fund has adequate resources. the imf ’ s surveillance is a very valuable external check on national as well as regional policies. as regards financial surveillance and the forthcoming financial sector assessment program review, the ecb would welcome an agreement for holding a regular euro area review at the same frequency as for jurisdictions with systemically important financial systems in the future. an important institutional factor for monetary and financial stability worldwide is central bank independence, combined with full accountability vis - a - vis the people and their elected representatives. currently, central bank independence is being challenged in a number of large advanced and emerging market economies. it is therefore important to recall that a central bank ’ s credibility and, ultimately, the successful fulfilment of its mandate hinge on its ability to choose the appropriate policies independently. 3 / 4 bis central bankers'speeches innovations in payment systems finally, as regards innovations in payment systems, depending on their design, stablecoins may help overcome current shortcomings, especially in cross - border payments. at the same time, stablecoins can affect the conduct and transmission of monetary policy and may have implications for the functioning of the international monetary system. global stablecoin arrangements now under discussion could impact the safety and efficiency of market infrastructures and payments or pose risks to financial stability. stablecoin arrangements also raise challenges related to anti - money laundering and terrorist financing, consumer protection, data privacy and other issues. they must therefore be appropriately designed and operated in accordance with public policy objectives and they must comply with the relevant regulatory, oversight and prudential standards under the “ same business, same risk, same rules ” principle before they go live. central banks should scale up ongoing efforts to foster the efficiency and inclusiveness of payment and financial services, in particular by improving cross - border payments and reviewing and updating the international call for action on financial inclusion, as well as by strengthening cooperation. furthermore, they should continue to assess the pros and con

focus on fostering private investment and job creation. to restore sound public finances, euro area countries should proceed in line with the stability and growth pact and should not unravel the progress made with fiscal consolidation. fiscal consolidation should be designed in a growth - friendly way. a full and consistent implementation of the euro area ’ s existing fiscal and macroeconomic surveillance framework bis central bankers ’ speeches is key to bringing down high public debt ratios, to raising potential growth and to increasing the euro area ’ s resilience to shocks. we are now at your disposal for questions. bis central bankers ’ speeches