remember, central bankers were a triumphant lot in the years before the crisis. they thought they had discovered the holy grail of stable growth, low inflation and low unemployment and declared victory. the crisis then came as a serious blow to the credibility of central banks and the reputation of central bankers. the challenge for central banks, as indeed for all policy makers, is to learn the lessons of the crisis and reflect them in their policies. there cannot be a more learned person than stan fischer to draw the lessons of the crisis for central banks and set them off on meeting their most urgent challenge of regaining lost credibility. i have great pleasure in inviting governor stanley fischer to deliver the third brahamananda memorial lecture. bis central bankers ’ speeches

since 2018. our most recent risk assessment shows that markets for cryptoassets are fast evolving and could reach a point where they represent a threat to global financial stability. i must say i have my concerns about this development. let ’ s take for example all the misnomers that are doing the rounds. unbacked crypto assets suggest all others are backed, which they are not. most stablecoins are neither stable nor coins. decentralized finance is often quite centralized. this leads to misconceptions about crypto - assets, which contribute to their fast growth. the fsb is stepping up to the plate to deliver an effective regulatory approach to crypto - assets. 2 / 4 bis central bankers'speeches we have issued a set of high - level recommendations for the regulation, supervision and oversight of so - called “ global stablecoins ”. also we are continuing to work with the standardsetting bodies to review their implementation and whether any changes are needed. parallel to this, the fsb has started to examine, together with the relevant standard - setting bodies, regulatory and supervisory issues and approaches to address risks stemming from the so - called “ unbacked ” crypto - assets. and we will analyse the financial stability implications of decentralized finance, in order to understand the need for policy action in that area. another feature of digital innovation is the ever - greater use by financial institutions of outsourcing to third - party service providers. while outsourcing may have provided additional resilience during the pandemic, it has also reinforced the importance of effective policies for the oversight of financial institutions ’ reliance on critical service providers. to this can be added the greater exposure to cyber risk. greater interconnections in the financial system increase the surface for cyberattacks, which have escalated during the covid pandemic. enhancing operational and cyber resilience will therefore remain important items on the fsb agenda. next to digitalization, we face the ever - growing threat of climate change. while emanating outside the financial sector, climate change may severely affect financial stability. the financial risks of climate change reflect its particular nature : it is global in its causes and its implications, and it is pervasive, affecting all kinds of financial assets and contracts. for safeguarding financial stability and ensuring the financing needed for the transition to net zero, it is key that climate related financial risk is adequately priced in financial contracts. this is crucial