use buffers. research into this reluctance will be important so that we can improve our macro - and micro - prudential tools for the next time we need them. renewed focus on 2022 and beyond as “ normal ” slowly returns, the fsb is setting upon the daunting task of refreshing its workplan. the fsb ’ s comparative advantage lies in convening policymakers and experts to tackle crossborder and cross - sectoral threats to financial stability. non - bank financial intermediation remains at the top of the fsb ’ s priority list because of the urgency to address vulnerabilities. our policy proposals for enhancing money market fund resilience give jurisdictions a good start on assessing and addressing vulnerabilities in their jurisdictions. other areas, such as short - term funding markets, open - ended funds, and margin requirements, also require further assessment. the fsb is actively engaged in work in each of those areas. even as we address the most acute vulnerabilities, the highly interconnected and innovative nature of our global financial system requires constant vigilance to ensure stability. the fsb must learn more about those risks to financial stability that are less well understood. one of these areas is climate - related financial risk. although there is a vast amount of international work ongoing in this area, there remains much to learn about the climate - related complexities outside the financial system as well as within it. in light of the increasing amount of international work related to climate, the fsb has developed for the g20 a roadmap to help guide global efforts to understand and address the financial risks from climate change. progress on the fsb ’ s climate roadmap will depend on the collective efforts of the fsb, its membership of national authorities, and international organizations. it sets out in one place the way forward on disclosures, data, vulnerabilities analysis, and regulatory and supervisory approaches. the fsb is also closely watching cryptoassets and stablecoins. in the last 18 months, cryptoassets ’ market capitalization has grown from less than $ 200 billion to as much as $ 2. 4 trillion. stablecoins have increased from less than $ 10 billion in market cap to more than $ 130 billion. almost exactly one year ago, in october 2020, the fsb released high - level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements. technology and innovation continue to

##efficiencies in our economies, largely due to restrictions, barriers to entry, monopolistic rents and other factors. this affects all sectors in all euro area countries. the objective of structural reforms is to make markets function better, in particular the labour as well as the goods and services markets. greater competition has to be achieved in many sectors. this would create job opportunities and reduce prices, thereby increasing the purchasing power of consumers. let me give you an example of the positive effects of better functioning markets, taken from the experience we have had in planning the new premises of the ecb, here in frankfurt. when we launched the tender procedure, we initially opted for a general contractor to build the new premises in the area of the frankfurter großmarkthalle. but there was little competition and few truly competitive bids as not many large firms were able to take on such a large - scale project on their own. we then split the original tender into 12 distinct subtenders, with smaller lots ; this encouraged competition as it allowed many smes to participate in the tender and it led to considerably lower bids for the construction work, which is, overall, within the agreed budget. we will now proceed with the construction, which is expected to be finalised by mid - 2014. the lesson from this episode is not new but it is a reassuring one. although the changes in the economic environment have certainly contributed to reducing the costs, competition has been beneficial, not only for the ecb but also for the contractors. a construction project which was not possible under the previous tender model can now be realised. this is obviously only one example, but we should ask ourselves : how many times do we as individuals decide to postpone projects because they are too costly? i am sure we can spend a whole evening talking about how difficult it is to get certain services, and how expensive they are just because of market rigidities and a lack of competition. this example reminds us that without major structural reforms, in all euro area countries, growth potential cannot be achieved and the recovery is likely to be subdued. as in the past, there is a risk that growth will only rely on exports, while domestic demand remains sluggish. the euro area economy cannot grow in a sustainable way only on the basis of exports. employment and productivity have to start rising again if purchasing power is to increase and thus support private consumption and investment. the reforms needed vary from country to country, because both the problems and the