approach. the acpr, the banque de france and the amf are committed partners in this respect. i would like to illustrate this by talking about two areas that are “ at the frontier ” : crypto - assets and climate risk. 1. tokenised finance, crypto - assets and the defi ecosystem the first “ frontier ”, and probably the most obvious one for our fintechs, is tokenised finance. blockchain technology, v which has emerged from the cryptoassets ecosystem, could bring undeniable benefits to financial markets in terms of transparency and transaction rapidity. we are therefore supporting private sector players in implementing the pilot regime, vi not just as competent authorities, but also by working at the banque de france on a wholesale central bank digital currency ( cbdc ). vii we are also doing everything we can to push and prepare for a future mica 2 regulation, following on from the adoption of mica, the pioneering european regulation. we have to address at least two issues. first, the “ crypto conglomerates ” – groups with large numbers of subsidiaries, operating in a diverse range of activities and geographical locations – which should be subject to transparency rules, especially the obligation to publish consolidated financial statements. experience has shown that information - sharing between jurisdictions is essential to understanding these groups ’ global structures, the interlinkages between entities and the associated risks. second, defi, or “ disintermediated finance ”, which seems to me to be a much more appropriate term than “ decentralised finance ” ( due to the absence of intermediaries and to the high level of centralisation actually observed ). under mica, a report is due to be published by the end of 2024 on these new services, page 4 sur 6 which have already attracted 2 million users. viii in terms of value, defi is estimated to account for less than 5 % of the crypto market : ix the value of defi assets has dropped from some usd 180 billion at the end of 2021 to around usd 40 billion today following the collapse of a number of crypto players. it is therefore limited in size. it also has limited use cases at present. why should it interest us? for at least two reasons : defi poses numerous risks, especially for individuals ( for instance, according to some estimates, it accounts for 80 % of crypto - asset thefts x ) ; above all, it could foreshadow some

janet l yellen : japan in the global economy speech by ms janet l yellen, vice chair of the board of governors of the federal reserve system, at the institute of international finance annual membership meeting, tokyo, 11 october 2012. * * * i greatly appreciate the invitation from the institute of international finance to participate in this session on japan ’ s role in the global economy. today, i will offer some reflections on factors holding back the recovery in advanced economies, the contribution that emerging asia can make in boosting global growth, and the challenges facing japan. we have seen marked differences in the strength of countries ’ recoveries from the global financial crisis. most advanced economies are growing very slowly and operating well short of potential. by historical standards, their performance is even more anemic that we would have expected, given the nature of the previous recession. this shortfall likely reflects the unusually limited scope for fiscal stimulus at present, which very accommodative monetary policies have not been able to fully offset. the recovery from the global recession of emerging market economies, especially in asia, has been more robust, but even these economies are slowing in the face of weak global demand, and they would benefit from further progress toward a more balanced model of growth led by domestic demand. finally, until its tragic earthquake and tsunami, japan was also recovering more rapidly than the other advanced economies. but it, too, faces issues with the longer - run sustainability of its debt as well as other structural challenges that need to be addressed. the weakness of the recovery in the advanced economies the global financial crisis resulted in the most severe worldwide recession since the great depression. historically, such crises tend to leave persistent scars on the real economy, and the current weak recovery in the advanced economies appears to be no exception. economists at the federal reserve board have added to the growing body of research analyzing recessions and their aftermath, focusing specifically on the factors that determine the pace of recovery once the economy has hit bottom. 1 they find that recoveries tend to be faster following deeper recessions, but slower following long recessions. recoveries from recessions associated with housing busts also tend to be unusually weak. this research finds that for the advanced economies – especially europe and the united states – the growth in output has been somewhat weaker than past history would have suggested, even accounting for the depth and duration of the last downturn. although monetary policy has been highly accommodative, the pace of fiscal consolidation in europe