terms of the headline cpi. [ the snb ] defines price stability in the same manner as the european central bank, [ as ] a cpi inflation rate of less than 2 per cent per year. ” 12 • an inflation forecast as the main communication tool in order to explain to the public the rationale behind monetary policy decisions. • from an operational point of view, a range for the three - month libor rate as the way to actually implement policy decisions in practice. i find from time to time statements suggesting that, with its new monetary policy strategy, the snb has essentially renounced its monetarist past. i believe such a position to be incorrect, and in what follows i will make two main points. first, i will stress the significant elements of continuity with the pre - 2000 monetary policy strategy. second, i will argue that, if one looks carefully at the details, the monetary policy strategy of the swiss national bank is, in many respects, quite close to that of the european central bank. let me elaborate on these points in turn. as stressed by snb staff members 13, the snb “ [ … ] retained important ingredients of monetary targeting in its new monetary policy concept. at various occasions, the snb stressed that it continues to monitor two sets of indicators providing leading information on future price developments [ … ]. the first set of indicators is useful for forecasting short - run price developments, i. e. over a horizon of one and a half to two years. it includes various indicators of the cyclical state of the economy, notably the output gap and supply and demand conditions in the labour market, as well as the real exchange rate of the swiss franc. the second set for an analysis of the revolutionary experience with the ‘ assignats ’, see sargent and velde ( 1995, section iv, ‘ rise and fall of the assignat ’ ). see kohn ( 2005 ). see reynard ( 2006 ). see jordan, peyrignet and rich ( 2000 ). see jordan, peyrignet and rich ( 2000 ). of indicators comprises the monetary aggregates, which provide useful leading information on long - run price developments. ” the elements of continuity with the pre - 2000 strategy emerge quite clearly, in particular in the form of the important role assigned to a deep analysis of monetary aggregates. the justification for closely monitoring monetary aggregates, their components, and their counterparts, is the same as that given by the european

to meeting the ambitious target deadlines set out in the fintech charter. this allows us to respond to the first criticism levelled against us : the lack of visibility over the application procedure and the amount of time they take. we shall continue our efforts to ensure we gradually get closer to our target deadlines, and not just in average terms ( we have already met it this year ), but for all individual cases. ii. in france and europe, we need to keep pace with the digital transformations under way our attention is focused in particular on another aspect of the digital evolution : crypto - assets. the “ crypto winter ” caused by the crashes of terra - luna followed by celsius network, by no means signifies that cryptos are over ; it ’ s more of a weeding - out process. the share of stablecoins that are, in principle, backed by mechanisms to stabilise their value has risen fivefold in 20 months. ensuring a lasting future for stablecoins – which is a legitimate goal – means remaining vigilant with regard to the associated risks. because, in reality, the name covers a wide range of different forms : - “ crypto - backed ” stablecoins, where the word “ stablecoin ” is a misnomer as the coins are backed by other crypto - assets ; or algorithmic stablecoins, a category to which luna belonged ; - stablecoins backed by a basket of assets held in reserve, for example commodities or monetary assets, such as money market funds and commercial paper ; in reality these are similar to investment tools and should be treated as such ; - last, stablecoins backed by bank deposits denominated in a single currency, which are designed to be used as global payment instruments. page 4 of 5 regardless of what form they take, stablecoins are, at this stage and in the majority of cases, denominated in dollars and have been developed outside europe. their widescale use within europe would therefore pose a dual challenge, for our strategic autonomy and for our monetary stability ; indeed this is one of the reasons why the eurosystem has launched an investigation phase on a retail digital euro. we are also looking very seriously into the possibility of a wholesale central bank digital currency : it would play a key role as the safest settlement asset, and would thus continue to anchor the monetary and financial system, even as the latter becomes partially tokenised. this is why the ban