across the products labelled as stablecoins. 10. see for example the libra white paper and related diem technical papers 11. as set out in the regulatory initiatives grid.. 12. press release : cpmi and iosco publish final guidance on stablecoin arrangements confirming application of principles for financial market infrastructures ( bis. org ) 13. specifically the stablecoin should be convertible into other liquid assets, as soon as possible, at a minimum by the end of the day and ideally intraday, in line with key consideration 5 of the pfmi. 14. financial stability in focus ( bankofengland. co. uk ) 15. see in particular section 4. 6 of new forms of digital money | bank of england. 16. see for example the development of jpm coin and onyx, or the action of a consortium of banks and fmis in founding fnality. 17. prominent examples include the regulated liabilities network and the usdf consortium. 18. this was set out in particular in the furman review - unlocking digital competition, report of the digital competition expert panel - gov. uk ( www. gov. uk ) 19. innovation in post trade services - opportunities, risks and the role for the public sector − speech by sir jon cunliffe | bank of england. 20. bank of england publishes policy for omnibus accounts in rtgs | bank of england 21. for example, fnality, which was recognised late last year as a regulated payment system. 22. the bank consulted on the future roadmap for the rtgs system in spring 2022. earlier this year we issued a response to that consultation setting out that we will prioritise features supporting innovation and global initiatives, which include synchronised settlement, extended operating hours and non - payment apis. sir jon cunliffe deputy governor, financial stability ©2023 bank of england

abrupt retrenchment by consumers, and a significant shortfall on our inflation target, further ahead - would we be taking, and should we take, by cutting interest rates further now, to sustain consumer demand at the expense of a further build up of household debt and continuing increases in house prices, in order to maintain the growth of the overall economy? these are all difficult questions of degree. but you can be sure that my colleagues on the mpc will continue to monitor both the global and the domestic situation with their usual vigilance - and with an open mind. there ’ s no doubt that these are challenging times for all of us. but that should not obscure the fact that in terms of the overall economy - including here in the north west, things are better than they ’ ve been in a long while. and i am reasonably confident that we will find a way through the macro - economic, demand management, challenges. in the meantime there is a great deal that you can do - and are doing - yourselves, here in the north west, under the leadership of the nwda, in partnership with the other public authorities, the universities, and the private business sector, to identify - on the basis of your local knowledge - the particular obstacles to, and the particular opportunities for, creating a more positive and flexible supply - side environment for the future. in thanking you, bryan, once again for joining with us in hosting this dinner this evening, i wish you all possible success.