those that are backed with an underlying asset and those that rely on an algorithm to continuously match the supply and demand of circulating units. unsurprisingly, the stablecoins that show the least volatility are those that back every issued unit with an equal amount of fiat currency. why use a proxy, then, if you can have the real thing – unless the issuers of that proxy seek to interfere with the control of trusted assets circulating in the economy the poor performance of crypto - assets is not an excuse for complacency, but rather a reminder of the importance of the central bank ’ s objective to maintain price stability. fulfilling this objective is conditional on the independence of the central bank, as ensured by a narrow but clearly defined mandate. central banks must not be overburdened with multiple goals without having the appropriate instruments to achieve them. this brings me to the role of the ecb in the oversight of market infrastructures. less is more the ecb has a treaty - based task to promote the smooth operation of payment systems, as part of which it takes a close interest in the regulatory framework for market infrastructures which clear and settle securities and derivatives in euro, in particular central counterparties ( ccps ). this reflects the systemic impact ccps can have in situations of extreme stress, by disrupting repo markets or channelling liquidity strains to banks – which are also monetary policy counterparties – thus affecting the circulation of liquidity in payment systems. ultimately, ccps may need to rely on central banks as lenders of last resort. central banks therefore have an important role to play in the regulation of central clearing – a notion which is largely recognised but often misunderstood. in this context, let me say a few words about recent developments in the area of ccp regulation, and in particular the outcome of the legislative process regarding the revision of the supervisory framework for ccps, the european market infrastructure regulation ( emir ii ), and the recommendation to amend article 22 of the statute of the escb and the ecb. the ecb recommended to eu legislators that its statute be amended to clarify that the ecb had legal competence over ccps, which would have allowed it to perform its statutory monetary policy role under emir ii. we made the case that the ecb needed explicit general competence to monitor and address risks relating to our mandate, including broad discretion to take necessary measures in exceptional situations where the stability of the euro is at stake. we also cautioned

nestor a espenilla, jr : bsp and baiphil moving mountains - new heights in banking excellence speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the induction ceremony and general membership meeting of the bankers institute of the philippines ( baiphil ), makati city, 14 july 2017. * * * distinguished monetary board colleagues, juan de zuniga and tony abacan, baiphil president irene arroyo, immediate past president, liza ortiz, other baiphil past presidents, baiphil directors, officers and members, bap president nestor v. tan, bank ceos, my pdic colleagues, esteemed guests, friends, fellow bspers past and present, ladies and gentlemen, good afternoon! it is an honor and pleasure to carry on the tradition of inducting the new board members and officers of baiphil. as new bsp governor … [ i assumed the post eleven ( 11 ) days ago ] … it is auspicious that i now address the new leadership of baiphil … on behalf of my colleagues in bsp and the monetary board, let me extend our congratulations. as new leaders, it is natural for us to aspire greater achievements for the teams we lead. this is why i find your theme : “ scaling new heights in banking excellence ” very engaging. the theme is both timely and relevant as we come into our fresh roles and as the financial system evolves. the theme mentions heights. to add imagery to this message, let me take mt. everest as a starting point. everest, known as the roof of the world stands twenty - nine thousand and thirty - five ( 29, 035 ) feet above sea level. this is the ultimate goal of hard - core mountain climbers, the highest of heights. on 29 may 1953, a new zealander, sir edmund hillary and a sherpa, tenzing norgay, successfully climbed mt. everest in the face of great risk. as documented, they were the very first mountain climbers to reach the summit. now, sixty - four ( 64 ) years later, the peak of everest is decidedly less lonely and more than 3, 500 climbers have already reached the top or “ summitted ”. a myriad of things have changed since then. but from the time it was first done to the present day, scaling everest or any mountain