situation will be withdrawn after a peaceful settlement of the geopolitical situation. in addition to this public – or geopolitical – fragmentation, there is a risk of “ private ” fragmentation through the disorderly development of crypto - assets, among which the somewhat misnamed “ stablecoins ”. as demonstrated by the turmoil on financial markets in recent weeks, they are possibly very unstable. we have long stressed the risks of such speculative investments. but it ’ s not enough : this must be taken as a powerful wake - up - call for a global regulation, which is urgently needed. mica on the european side paves the right way. crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions. this is why i have spoken of the danger of fragmentation in payments akin to the middle age, with so - called “ cryptocurrencies ” having limited constituencies and acceptance. 3. but do we agree about the solutions? in principle yes : in order to avoid repeating past mistakes, we would need a collective momentum towards a stable and market oriented multipolar page 4 sur 7 international financial system. a more multipolar ifs would help deal with the modern version of the triffin dilemma : the supply of usd global safe assets is limited by the fiscal capacity of the us, while demand for them is bound to increase. it could also offer more monetary policy independence to emerging markets, by reducing the influence of us financial and real cycles spillovers. that said, the political conditions for such a major shift are not very favourable, to say the least : imagining the us, china and other major emerging economies converging today on a new ifs, while they didn ’ t for decades, could appear as utopian. let me be more positive : we need to keep this concept of a more balanced multipolar system on the horizon, at least as a “ creative frontier ”. and we europeans need to be active and committed on what depends on us. to move towards a more resilient global system, the euro should play a more important international role. it is a currency in a jurisdiction with solid democratic and stable institutions, including independent central banks and the rule of law. the euro is relying now on a more than 20 - year old solid track record of stability : it is backed by a soft power based on the respect of international rules, multilateralism and openness

in the position to adopt resulting guidelines or requirements ( in the eba case ). nevertheless, at a moment where networks or work streams are burgeoning, especially within european institutions, we should be very careful about the good coordination of these different initiatives to avoid redundancy and duplication. it is also important that the nfgs, which remains a club of the willing, ensure some minimal degree of cooperation and harmonization by issuing high - level recommendations. from this point of view, i welcome the six very important recommendation issued in april directed to supervisors, central banks and the financial sector : i ) integrating climate - related risks into financial stability monitoring and supervision ; ii ) integrating sustainability factors into own - portfolio management ; iii ) bridging the data gaps ; iv ) building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing ; achieving robust and intentionally consistent climate and environment related disclosure ; vi ) supporting the development of a taxonomy of economic activities. in the longer - run, when there will be a global convergence about the necessity to issue global standards and regulatory requirements, global standard setter such as the bcbs and fsb would need to take the lead on addressing climate change - related risks. 12 1 main findings : climate change : which risks for banks and insurers? acpr. banquefrance. fr / sites / default / files / medias / documents / as _ cover _ note _ en. pdf analysis and synthesis no. 102 : “ french insurers facing climate change risks ” april 2019 acpr. banquefrance. fr / sites / default / files / medias / documents / as _ 102 _ climate _ change _ insurers _ en. pdf 2 analysis and synthesis no. 101, “ french banking groups facing climate change - related risks ”, april 2019acpr. banque - france. fr / sites / default / files / medias / documents / as _ 101 _ climate _ risk _ banks _ en. pdf 2 / 2 bis central bankers'speeches