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招投标导航,Hello,MrLane,itseemsthatmarketisconfidentthatECBwillcutinterestrateandrestarttheQE,what‘syourviewonthestimuluspackageLane:pinflationonapathtoouraimDoalltheECBmacromodelsofinflationrelyonthePhillipscurveIfnot,whatdoyouuseinstead(perhapsaPhilipscurve*:)Alsoandrelated,areyouconfidentthatmacromodelsincludethefinancesectorinausefulwayLane:ThePhillipsCurveisausefulframework:itcombinesthedualinfluencesofactiv,welookatmanyspecificationsofthePhillipsCurve,:Whiletheeuroareaisdoingwellalongsomedimensions,inflat,wehavethetoolsDoesn’textremyaccomodativepolicycreateproblemsinthefuture(egassetbubbles;lowerreturnsforfuturepensioneers)Doesn’titprovideroomforgovernmentstopostponestructuralreformsDoesn’titpushupsavingsrateanddepressdemandLane:Ourpoliciessupporthigherconsumptionandinvestment,tnegativeinterestratescombinedwithinflationgreaterthan1%lowerconsumerspendingbecausepeoplehavetosavemoreforretirementLane:Whilesomehouseholdsmaysavemore,otherswillavailoflowratestoincreaseconsumptionandhouseholdinvestment(homerenovationsetc.)Doesthecontinuationofnegativerates(andinflationconsistentlybelowtarget)suggestthattheEurozoneisenteringadefinitive“Japanification”eraLane:Pro-activemeasures(includingnegativerates)arethesurestwaytoensureinflationclimbstoouraim:atempo:Wedonotseearecession,althoughtheprolongationofuncertaintiesisweighingonourgrowthoutlookNowthatFacebookislaunchingitsowncryptocurrency,whatareyourfurtherplansfortheregulationofcryptocurrenciesLane:BenotCuré,mycolleagueontheECB’sExecutiveBoard,advances/robotics/automation,costofmanufacturing/,istheolderaideaofinflation/inflationtargettingstillrelevantOris(lackof)inflationnowaconvenientexcuseformoreQELane:IthasalwaysbeenthecasethattechnologicalprogressisassociatedwithatinflationwhichEUbanksareusingTIPSLane:You’llfindthelistofbanksparticipatinginourinstantpaymentssystemhereDoyouthinkStructuredCryptoCurrencyInvestments-Debtguaranteedsecurities,offeredbyInvestmentbanks,linkedtoCryptoCurrencyindices,hedgedwithcryptocurrencyfutures,areacrediblewaytoinvestinthecrypto-paymentspaceLane:Wearenotheretogiveinvestmentadvice–remember,,i“thealternativescenarioinwhichthesingleEuropeancurrencyimplodesisnolongerunthinkable”Sevenyearslater,wouldyouconfirmthisconclusionAndwhatcanthedotoavoiditLane:Thefirsthalfof2012sawmuchdebateaboutthefutureoftheeurobutmuchhappenedinSummer2012,includingthefamous"whateverittakes":HereisthelinktothepapersDuringaperiodofprolongedzero/negativeinterestrates,doesitmakesensetostickwithITasthemainmonetarypolicytoolAlternatively,theECBcoulddirectlyuseinjectionsofbasemoney,themoneysupply,asanintermediatetargettohitits2%:Whilewecertainlyfinditusefultoexaminemonetaryaggregates,shiftsinmoneydemandmeanthatitisnotagoodideatooverlyfocusonmonetaryvolumesasanintermediatepolic,ifhighlyindebtedmemberstatesoftheEuropeanMonetaryUnionaredependentonthecentralbankkeepingtheinterestratesartificiallylowLane:TheECBis,andwillremain,fullyindependentandsetsitspoliciesinpursuitofitsmandateofmaintainingpricestabilityCouldmonetarypolicyincludethebuyingofbondsfromtheEIBAsfarasIcanseethiswouldkeepthemoneyfromleakingoutoftheEurozone(ashappenedwithQE):WearealreadybuyingEIBbonds,!Inyouropinion,isthelowinterestratecontextahindrancetorestoringcounter-cyclicalbuffersincaseoffuturesevereeconomicdownturnLane:Thecounter-cyclical(CCyB)i,:Thelink–monetaryfinancingisprohibitedbytheEUTreatyIstheECBsprimaryeasingtoolratecutsatthispointThemessagehasgottenratherblurredasthediscus:,wewillchoosetheonemostsuitableforthesituationDoesECBhaveplanstoaddtoitsreservesLane:,itratherisanassetanditisveryvolatiledoestheECBplanondoingsomethingtoeffectivelyhelpEurozoneBanksconsolidationandwilltheECBhelptopavethewayforsomeprofitabilityreliefinthemediumtermLane:Bankingunionandthecreationofalevelplayingfield-includingakeyroleforthesinglesupervisorymechanism(SSM)-prsdisparities/ConcernsSector/relatedissues,besidesrelatedmatters-wondering,ifsadequatelypreparedw/ContingencyPlans-tobetternavigatethe(future)ChallengesLane:Yes,wearepfwrongforecastsandmonetarymadnesshaveyouanyclueofwhatareyoudoingLane:Since2014,ourpolicieshavebeensuccessfulineliminafmoreQEwhen3trillionfailedtoboosttheeconomylasttimeandonlywidenedthewealthgapLane:Ourassetpurchaseshavebeenverysuccessfulbyloweringfinancingconditionsforfirmsandhous...whatdoyoureallythinkofLagardereplacingDraghiLane:tprudenttomakeriskassessmentspublicwhenconsideringeasingmeasuresWouldpublicationexposetheweaknessesofEUfiscalandintegrationpoliciesandpressureEUleadersLane::pleasetakealookattheaccountsofGoverningCouncrticipantsnowbelieveCBswillkeeponprovidingthemwithcheapliquidityIstheECBnowforeverbeholdentostockmktsLane:Ourgoalisnottomakemarketshappy,butrathertoprovidefavourablefinancingconditionsthatcanstimulatetherealecocessLane:Theoptimalcurrencyarea(OCA),:Eurobanknotesalreadydo:theycomeindifferentsizes-thehigherthevalue,thebiggerthebanknote,:What’syourfavouritebirdofpreyand/orpeaceLane:Definitelytheliverbird

]recommendingabroadlyneutraleuroareafiscalstancefor2020,basedontheexpect,,,,’sbenefits,however,willnotformscurrentlyunderdis,meanwhile,hasconsiderablystrengthenedtheresilienceoftheeuroareafinancialsectorand,togetherwiththeBankRecoveryandResolutionDirective,hsinrecentyears,withaCommonEquityTier1(CET1)%%,%%,theabilityofthefinanci,financialintegrationintheeu,cro,whichhinderstheefficientallocationofEuropeansavings,privatecross-borderrisk-sharingtosmoothenconsumptiondurin’ingorexpandingtheireuroareapresence,possiblyr,inafinancialsystemwithanumberofincreasinglyimportanthubs,asopposedtoonedominanthubinLondon,itwillbemoreimportantthaneverforthesehubstobeabletoefficientlyinteractwithoneanotherandtoavoiddifference,,afullyfledgedEuropeandepositinsurancescheme(EDIS),theECBhasproposedthatEDIScouldbeaccompanie,,opaqueanersialandpronetomanipulation[].Simplerandmorecredibleandeffectiverulesareneededtoensurethateuroareacountriessafeguardfiscalsustainabilityandbuildthenecessarybufferedbyanexpenditureruledeservefurtherconsideration.[]EMUalsoneedsacentralfiscalstabilisationmecha,forexample,itwasstronglycontractionary,therelcomesteptosupportconvergence,,whichcelebratesits20thanniversarythisyear,enjoysbroadsupportamongEuropeancitizens,ecurrencyandintheECB’sstrongcommitmenttopricestability,,weneedtostepupoureffortsatbothnationa,completingtheeuroarea’sarchitec’tbeabletofostercooperationonsecurityanddefence,ortospeakwithonevoiceoninternationalaffairs,ortocompletetheSingleMarketiftheyrepe[1]SeetheEuropeanFiscalBoard’slatest,publishedon25June2019.[2]é(2018),“ScarsthatneverwerePotentialoutputandslackafterthecrisis”,speechattheCEPII40thAnniversaryConference,Paris,12April.[3]See,forinstance,Christofzik,,Feld,,Reuter,,M.(2018),“UnitingEuropeanFiscalRules:HowtoStrengthentheFiscalFramework”,GermanCouncilofEconomicExpertsWorkingPaper,No04,andDarvas,Z.,Martin,,X.(2018),“Europeanfiscalrulesrequireamajoroverhaul”,Lesnotesduconseild’analyseéconomique,No47,September;Eyraud,L.,Debrun,X.,Hodge,A.,Lledó,,C.(2018),“Second-GenerationFiscalRules:BalancingSimplicity,Flexibility,andEnforceability”,IMFStaffDiscussionNotes,18/04.,山上情事还在为合并Word文档而烦恼?教你一个最简单的方法,Understandingthecrypto-assetphenomenon,itsrisksandmeasurementissuesPreparedbyMariaTeresaChimienti,,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselectedshaviewtoidentifyingandmonitoringpotentialimplicationsformonetarypolicyandtheriskscrypto-assetsmayposetothesmoothfunctioningofmarketinfrastructuresandpayments,aswellasforthestabilityofthefinancialsystem.[]Thistaskbeginswiththedevelopmentofamonitoringframeworktoprovidethedataandinsightsthatarenecessarytocontinuallygaugetheextentandmaterialityofevolvingcrypto-,theECBr,whichcanprovide,forinstance,metricsforcrypto-assetnetworks,estimatesofmarketcapitalisation,pricesandtradingvolumesoncrypto-exchangesandtheamountoffundsraisedwhenacrypto-assetisofferedtothepublicin“initialcoinofferings”(ICOs).Thesesourcesdifferwithregardtothemethodologiestheyuse,thecompletenessofdatacoverageandaccesstotheunderlyingrawinformation,(whenavailable)bringswithitconsiderableuncertaintyaboutdataavailabilityandqualityowing,inpart,toalackofregulationofsomeplayersalongthecrypto-assetvaluechain,whoseunsupervisedactivityrypto-assets().Buildingacrypto-assetmonitoringframeworkonthisbasisrequirescautiononaccountofthedataissues,,itisimportanttoidentifymonitoringneedsbasedonanaccuratechar,oncetherelevantdatasourceshavebeenidentified,datacanbecollectedandqualitychecksappliedto,theECBcomplementsaggregateddatawit,importantgapsremainunaddressedinthecurrentframework,suchasdataonfinancialinstitutions’,in,Section3aimstoidentifytherelevantcrypto-assetrisksandtheeconomicconnections,“gateway”functionsandotherchannelsthroughw,basedonpubliclyavailabledata,theavailabilityandreliabilityofdata(includingexamplesbasedonselectedindicatorsformonitoringmarketdevelopments),datagapsandongoings,thearticleoffersanumberetscanbedefinedandanalysedfromdifferentperspectives,namelytheirunderlyingtechnology,theirfeaturesandtheeconomicimplicationsthatsuchassets[]“crypto”-asset,traditionalassetssuchasmoneyandfinancialinstrumentscanalsoberecordedbymeansofthesametechnology–typicallydistributedledgertechnology(DLT).Therefore,DLTisnotafactorindifferentiatingthenewphenomenonfromot,theissuerofanydigitallyrecordedassetis,inprinciple,dhampes,theECBhaschosentodefinecrypto-assets[]as“anewtypeofassetrecordedindigitalformandenabledbytheuseofcryptographythatisnotanddoesnotrepresentafinancialclaimon,oraliabilityof,anyidentifiableentity.”Thefocusisthereforeontheregulatory,economicandbusinessdimensionofcrypto-assetsasanewassetclass,ratherthanontheuseoftechnoleentitymeansthatitsvalueissupportedonlybytheexpectationthatotheruserswillbewillingtopayforitinthefuture,,itsusersattachvaluetoitbecausetheybelievethat:i)itssupplywillremainlimited,andii)marketpartiachofitsunitsallowtheexistenceofacrypto-assetmarket,whereusersonthesupplysideralrecordofhow,whosecounterfeitingrequiresspecificskillsandphysicalresourcesandcantypicallybevettedbyexperts,,,inthecaseofassetsindigitalform,atrustedcentralpartyisusuallytaskedwithcontrollingthenumberofunits(notaryfunction)andisresponsibleforkeepingtrackofwhoownswhat(bookkeepingfunction).Cryptographictechniquesareusedtoreplacethetrustedbookkeeperintherecordingofcrypto-assets,withaviewto:i)rulingoutanyunexpectedincreaseincrypto-assetsissuedonadistributedledger,andii)gettingthenetworkofuserstoagreeonwhoownswhat(furthereliminatingtheneedforatrustedbookkeeper).Adistributedledgerisessentiallyarecordofinformation–ordatabase–thatissharedacrossanetworkofusers,eonoftherecordingofnewassets,andoftheirsubsequenttransfer,amongasetofuserswhnvalidation,withnoproofofidentityrequired,,whoseindividualvotingpowerdependsonthespecificprotocolusedandsho,whicharegenerallyusedforrecordingcrypto-assets,,distributedvalidationistypically(orarelativelysmallcoalitionofusers)frombeingabletomodifythecontentandfunctioningofadistributedledger,,otherusersar,a“fork”willemerge,wherebytwosetsofusersrelyondifferentsets,withoutnecessarilydifferingfromitsnon-DLTequivalentsintermsofeconomicimpactandlegalnature–rachedefinitionandanalysisofcrypto-assetsinthispaper,cialinstrumentsandfundsintheformofelectronicmoney,’reserves,cash,orthewidelyystemmaybesubjecttorisksfromcrypto-assetstotheextentthatbothareinterconnected;,crypto-assetsmayhaveimplicationsforfinancialstabilityandinterferewiththefunctioningofpaymentsandmarketinfrastructures,[]showsthat,whiletheserisksarecurrentlycontainedand/ormanageablewithintheexistingregulatoryandoversightframeworks,linkswiththeregulatedfinanc’sresponsibilities,namelytodefineandimplementmonetarypolicyandtopromotethesmoothoperationofpaymentsystems,aswellastheEurosystem’stasksintheareasofbankingsupervisionandfinancialstability,,theanalysisconcludesthattheECBshouldcontinuemonitoringcrypto-assets,raiseawarene:i)provideanoverviewofrisksstemmingfromcrypto-assets,andii)identifythemainconnectionsthatmayfacilitatethetransmissionoftheseriskstothefinancialsystemandtheeconomy,:i)thelackofanunderlyingclaim,ii)their(partially)unregulatednature,andiii))Sincecrypto-assetshavenounderlyingclaim,suchastherighttoafuturecashflowortodischargeanypaymentobligation,,crypto-assetsmayexperienceextremepricemovements(volatilityrisk),,theeffectsmaybepassedontothecreditorsoftheholders(ifthepositionsinvolveleverage))Crypto-assets,asdefinedinthisarticle,canhardlyfulfilthecharacteristicsofpaymentandfinancialinstruments[]and,assuch,falloutsidethescopeofcurrentregulation.[]Giventhattheyareunregulated,theirholdersdonot,intheeventofbankruptcyorhackingofacrypto-assetserviceproviderthatcontrolsaccesstocustomers’holdingsofcrypto-assets(),theholdingswouldneitherbesubjecttopreventivemeasures()n,thereislimitedscopeforpublicauthoritiestoregulatecrypto-assets.[]Anysuchinterventionmaybefurthercomplicatedbythelackofgovernanceanddistributedarchitectureofcrypto-assets(seebelow),)AstheuseofDLTallowscrypto-assetstodispensewithanaccountableparty,therolesandresponsibilitiesforidentifying,mitigatingandmanagingtherisksborneinthecrypto-assetnetworkcannotbe(clearly),amongothers,heightenedmoneylaunderingandterroristfinancingrisks,totheextentthatthereisnocentraloversightbodyresponsibleformonitoringandidentifyingsuspicioustransactionpatterns,norcanlawenforcementagenciestargetonecentrallocationorentity(administrator)forinvestigativepurposesorassetseizure.[]Inviewofthelackofformalisedgovernance,itmayalsobedifficulttoaddressoperationalrisks,includingcybersecurityrisks,,inthebroadercrypto-assetecosystem,theprovisionofcertainservices(),,thisisnotalwayspossibleindecentralisedmodels,,i)holdingsofcrypto-assets,ii)investmentvehicles,andiii)retailpaymentsrepresentthemainlinkagesbetweenthecrypto-assetmarketonthe)Individualsandfinancialinstitutions,includingcreditinstitutions/investmentfirms,paymentinstitutionsande-moneyinstitutions,arenotprohibitedbyEUlawfromholdingorinvestingincrypto-assets.[]Crypto-assetscanbeaccessedbyanyonewithaninternetconnection,/assetsorloanscollateralisedwithcrypto-assets,,financialinstitutionscanprovideothercrypto-asset-relatedservices()thatmayresultinenhancingtheaccessibilityandfosteringtheuseofcrypto-assets,,amongotherthings,byfinancialinstitutions’)Derivativesandinvestmentvehiclesconnectinvestorswithth(ETPs)andcontractsfordifference(CFDs),ICOs–alargelyunregulatedwayforfirmstoraisecapitalbygeneratingnewcrypto-assetsinawaysimilartoinitialpublicofferings–havestartedtoraiseinterestamonginvestorssince2017,,though,thatthese“coins”mayvarysignificantlyintermsoftheircharacteristicsandfunctions:forinstance,theymayofferformsofinvestmentinacompanythatmaybelinkedtosecurities,ormerelygrantaccessto(future)products/,forourpurposes,thatthese“coins”maynotqualifyascrypto-assetsasdefinedinSection2,)Undercertaincircumstances,,internationalremittancesandbusiness-to-business(B2B)cross-borderpayments,tomicro-paymentsandmachine-to-machine(M2M)payments,[]andmaybedrivenbyDLT-drivenefficiencygainsast,whileholdersofcrypto-assetscantransfercrypto-assetunitswithoutanintermediarybyaccessingdirectlythedecentralisedcrypto-assetnetwork,userconveniencehasledtotheemergenceofserviceprovidersthatfacilitatetheuseofcrypto-assetsforpayments,,though,end-usersstillmakeand/orreceivepaymentsinnationalcurrency(ies)andarenotrequiredtoholdcrypto-assetbalances,whereastheroleofcrypto-assetsislimitedtoenablingaback-endchannelforthetransaction,particularlyincross-borderpayments.[]Newandexistingintermediariesprovidethe“gateway”functionsthatfacilitatetheinterconnectionsbetweencrypto-a,gatewayfunctionsdescribetheactivitiesthatenabletheinflowsandoutflowsofcrypto-assetsfromthecrypto-assetmarkettothefinancialsystemsandtheeconomy,/()orservices()areoutofscope,,inturn,relyonthe-assets[]’tradingactivityand,bydoingso,ldcrypto-assetsonbehalfoftheirclients,andexecutetradesontheirbooksasopposedtotheDLTnetwork(s).Somecentralisedplatformsmayprovidecustodyservicesbeyondwhatisneededtoexecute/settleatrade,inwhichcasetheyalsoactascustodianwalletproviders(seebelow)rypto-assetinvestorsbecauseofitsconvenienceandonthepremisetha(alsocalled“hotwallets”,entailingthestorageofkeysonadevicethatisconnectedtotheinternetthatallowstheinitialisationoftransactionsatanytime)oroffline(alsocalled“coldwallets”,entailingthestorageofkeyswithnoconnectiontotheinternetuntiltheuserneedstoauthoriseatransaction).,ontheotherhand,arelessconvenienttousefrequentlybutareprotectedfromha,thecustodiandirectlyholdsayhaveimplicationsforthestabilityofthefinancialsystem,monetarypolicyandthesafetyandefficiencyofpaymentsandmarketinfrastructures:[]4Currentissuesinmeasuringthecrypto-assetphenomenonToproperlyassesscrypto-assetrisksandtheirpotentialimpactonthefinancialsystemandtheeconomy,itisnecessarytocomplementthequalitativeanalysisonthelinkagesdescribed(seeSection3),thepublicnatureofcrypto-assetDLTnetworksgenerallyensurestransparency,,thedecentralisedand(partially)unregulatednatureofcrypto-assetactivitiesmakesitdifficulttoobtainspecificdata(),publicwebsitesthatt,availabledataoncrypto-assetsareneithercompletenorfullyreliableforthepurposesofmoni,theyonlyalanalysis,providingconcreteexamples,yavailableaggregateddataalreadyprovidesometoolsformeasuringc,subjecttopassingqualitychecksandbeingcomplementedwithotherdatafromcommercialsources,providedthebasisofacrypto-asset(APIs)[]andbigdatatechnologies,ithasbeenpossibletocreateanautomatedsetofproceduresforcollecting,handlingandintegratiersconsideringavailabledocumentation,,coupledwithapplieddataqualitycontrolmeasures,enabledthdtheharmonisationofinformation.[]Crypto-assetindicatorstailoredtothismonitoringexercisehavebeengroupedinfourcategoriescoveringi)markets,ii)gatekeepers,iii)linkages,andiv))Marketindicatorscoverpricingandtradinginformation,-assetsfromapoolofover2,000assetscurrentlytradedandconstructingindicatorsonprices,tradedvol,itincludesindicatorsfocusingontradingvis-à-,theindicatorsofferadetailedoverviewofbitcoinfuturescontractstradedontheinstitutionalisedexchangesoftheChicagoMercantileExchange(CME)andtheChicagoBoardOptionsExchange(CBOE).ii)Theindicatorsongatekeeperscovertradingplatformsandwallets,lectedplatformorasetofplatformsgroupedaccordingtotheircountryofincorporation,feesoption,,,informationontheclassificationofwalletsbytype,ssupportingcrypto-assets,whicharethosethatenable,,)Animportantcategoryofindicatorsaimstocovertotheextentpossiblethelinkagesofthecrypto-estocrypto-assetsandindicatorsbasedonstatisticsonholdingsofsecurities[].iv)ThefinalpartconcernstheindicatorsforICOs,,,,therearestillimportantgapsinthedata,particularlyrelatingtocertaininterlinkagesandtopaymenttransactions,includingtheuseoflayeredprotocols().First,amajordatagapexistswithrespecttotheinterlinkageswiththerealandfinancialsectors,includingtheamountofbanks’orfinancialcorporations’directholdingsofcrypto-ass,salesofmerchantsacceptingcrypt,ananalysisoftheinformationontransactionsusinglayeredprotocolsisrequiredtocaptur,bydefinition,aconstantlyevolvingproduct,asithastokeepupwithchangingmonitoringneeds,reflectingrapidchangesinthemarket,whileremainsets,,thefirststepinthedataprocessingcyclehasbeencompleted,pavingthewayforthenextstepscoveringfurtherworkonindicatorsanddata,datafromtradingplatforms,blockchainsandofficialdatacollectionsandstatisticsonthecrypto-assetmarket,consistentwiththemoni,off-chainandlayeredprotocoltransactionsToassesstheavailabilityandreliabilityofdataoncrypto-assets,itisimportanttodifferentiatebetween“on-chain”and“off-chain”,forinstanceinthecaseoftradingplatforms,orinaprivatenetworkofusersthatusethedistributedledgerofacrypto-asliclyavailable,cialaccountssystems,whereanamountofanassetistransferredbyreducingthesender’saccountbythatpreciseamountandbycreditingittothereceiver’sactions:whenauserreceivesaquantityofcrypto-assets,thoseunitsarenotdivisibleandhavetobesentalltogetherinafuturetransaction.[]Therefore,asenderneedstospecifywhatpartofthecrypto-assetunitsjointlyobtainedinaprevioustransactionshouldbetransferredtothereceiver(s)andwhatpartshouldcomebackas“change”.Identifyingthevalueofacrypto-assettransactionandwhetherdifferentcrypto-assetwalletsbelongtothesameindividual(orinstitution),noriginatedorberoutedtoanotherwalletcontrolledbythesender.[]Anumberofinitiativesarebeingdevelopedbythecommunityofcrypto-theircrypto-assettransactions.[]On-chaindatarecordedonthedistributedledgerofacrypto-assetcanrefertotransactionsinotherassets,whi“native”crypto-asset,,thistextcancontaintheconfirmationthatotherassetshavebeentransferredusingadistinctprotocol.[]Sinceasuperficialanalysisoftheon-chaintransactionwouldonlydiscloseanegligibletransactioninthenativecrypto-asset,oneneedstointerpretthetransactionknowingthedetailsofthelayeredprotocolinordertoconcnstructingandsupplyingtheveryrudimen,theaggregatedpriceinformationofacrypto-assetisdetermined,amongotherthings,bytheselectionoftradingplatforms,theunderlyingtradingvolumes,conventionsconcerningthe24-hourclose-of-businesstime,factorstoaddresslowliquiditylevels,failuresoftradingplatforms,,pricingofcrypto-assetsisverydisperse.[]Pricinginformationfeedsfurtherintothecalculationofthemarketcapitalisationindicator,together,thevalidationofnewtransactionshastobecostlytopreservetheintegrityofthesystemandrelativelyslowtoallowsufficienttimeforalluserstoagreeonthelatestvalidsetoftransactionsbeforeanewoneisvalidated.“Channels”havebeenintroducedasasolutionforclustersofuserstosettletransactionsfasteramongthemselvesand,asinnetdeferredsettlementtypicalofsomemarketinfrastructures,onlyusetheunrestricteddistributedledgerforthe“ultimate”setsiscoveredbyregulation,asshouldbethecasewithcrypto-assettradingplatforms,“decentralised”,,tradesagreedondecentralisedtradingplatformstypicallyinvolvethemutualtransferoftwoassets,whicharesettledastwoindividualsandther,thosewithzero-feeortransaction-feeminingfeaturesmightbe,tradersareabletotradefreelywithoutfees,regardlessofhowmanytradestheymake,,tradingplatformswithatransaction-feemiokeningandbuyingthesameassettocreatemisleadingandartificialmarketactivity,,unusualpricespikesanderratictradingbehaviourintheround-the-,thecrypto-assetmarketoperates24hoursperday,withnostandardised“closeofbusiness”,,inlinewiththeirpreferredtimeframeconvention,,dataprovidersadjustthecontributionsofthepricesachievedonthendariesorotherexclusioncriteriabasedonbenchmarkssupportedby,forexample,lsotheladbytechnicalissuesrelatedtothesubstantialrisksofcyberattack,fraudandhacking.[]Incyberattacks,suchasdenial-of-serviceattacks,theperpetratorsseektomakeamachineornetworkresourceunavailabletoitsingplatforms,especiallythosewithunsuitabletechnologicalinfr,cybercrimeandothercriminalactivitieshaveaffectedanestimated6%ofthetotalsupplyofbitcoinanddonotinc,typicalissuesthatdataaggregatorsorexchangesexperiencetaketheformofserviceoutages,sationthepriceofacrypto-assethastobecomplementedwithinformationontheaggregatesupply,,fourmainmeasuresofsupplycanbedistinguished:i)circulatingsupply,ii)totalsupply,iii)maximumsupply,andiv)variationsofinflation-adjustedsupply,whichtakeintoaccountfuturesupplywithinaspecifictimehorizon(usuallyfiveyears).Circulatingsupplyisthebestapproximationoftheunitsofacrypto-asse,totalsupplyincludesthoseunitsthatarelocked,reservedorcannotbesolleverexistinth,anadditionalsupplyscheduled,forexample,,forsomecrypto-assets,maximumsupplydoesnotexist,ormationprovidedbyreliablesources,suchasinstitutionalisedexchangestradingbitcoinfuturesorETPs,maynotbefullycomparableduetodifferen,suchasBitMEXandBitflyerFX,aswellasontheinstitutionalisedexchanges,ocontractunits,pricelimits,marginratesandticksizes,therebyrenderingthepricesquotedbythetwoexchangesnotstrictlycomparable.[]Furtherdifferencesstemfromdifferentsettlementbasesandunderlyingcut-offtimes.[]ETPstradedontheinstitutionalisedexchanges,forinstancetheSIXSwissExchange[]orNasdaqNordic[]inEurope,offerexposurestobitcoinandEthereumandarepricedbasedonvarioussources.[]Aggregatedindicatorsoncrypto-assetsAwide[]ornon-commercialwebsites,whichsupplycrypto-asset-relatedinformation,fundsinvestingincrypto-assets,[]orresearchgroups[]andacademics.[]Forsuchindicators,themostimportantmethodologicalchoicesincludethecoverageofcrypto-assetsandpricingsources,,,reliabilityandfulfilmentofvariousselectioncriteria,,,typicallyonamonthlyfrequency,,twoaspectsforfutureworkemergefrom,giventhemanymethodologicaloptions,furtheranalysisshouldfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingmetadata,etmarketdevelopmentsWhileoneofthebasicindicatorsofthesizeofthecrypto-assetmarketthatisoftenusedisthegrowingnumberofcrypto-assetscreatedovertime,,around35%havebeenrecentlytradedontradingplatforms(seeChart1)and5%()recoveredfromlowsofaround1,300attheturnof2018and2019toreachjustover2,,456crypto-assetstradedonadailybasis,,around700crypto-assetshavebeentradedeverydaysincethebeginningof2019,,recentnumberspointtomorethan5,100pairstradedonadailybasis,upfromthe3,,1,603pairshavebeentraded,(April2019;thousands)Sources:,marketcapitalisation,isusedforgaugingthesizeofthecrypto-assetmarket,thesizevariesby20%,dependingonwhethertheci(estimatedatUSD165billion)hasreturnedto2017levels,havingpeakedattheendof2018,stronglymirroringdevelopmentsinthepricingofcrypto-assetsasmeasured,forexample,bytheCRIXindex[](seeChart2).Three-quartersofthetotalmarketcapitalisationisaccountedforbyfivecrypto-assets,whichalsomakeuphalfofthetotalcirculatingsupplyofcrypto-assets(seeChart3).Marketcapitalisationofbitcoinaloneconstitutes50%ofthetotal,whileitstotalcirculatingsupisationwouldmeana20%increaseintheindicatorvalue,,(April2019)Sources:Cryptocompare,CRIX,:,marketcapitalisationandcirculatingsupplyofselectedcrypto-assets(April2019;USD)Sources:Cryptocompare,hapedbytheaggregatepricesofeachofthefiveaforementionedcrypto-assets,whichonalatforms,aswellastransactionprocessingtimesandpotentialpricemovementsbetweentransactions,thepriceheterogeneityforcrypto-assetsissignificant(seeChart4).Thenormalisedinterquartilerangesofthepricesoffivemajorcrypto-assetstradedversustheUSdollarpickedupinApril2019,althoughtheydidnotreachend-2018levelsofaround5%and9%(thelatterforbitcoincash).Thedispersionofthepricesofeachofthesecrypto-assetsacrosstradingplatformshavedecreasedin2019,(April2019)Sources::Theinterquartilerangesofpricesofcrypto-assetsacrosstradingplatformsarenorà-visfiatcurrenciesonthecrypto-assetplatformshasremainedbuoyant,albeitatlowerlevelshistorically,,itisimportanttomonitorthevol%ofalltradesvis-à-visfiatcurrencies,comparedwithanincreasingshareofupto81%à-,byandlarge,,activityondecentralisedtradingplatformsseemstobepickingupbutstillaccountsforlessthan1%,tradesonplatformslocatedinEuropeamountedto24%ofalltrading,withthehighesttradingvolumesrecordedonplatformsinMaltaandtheUnitedKingdom,whiletradesonplatformsnotattributedtoacountryaccountedfor30%,someanalyses[]pà-visUSD,euroandotherfiatcurrencies(April2019)Sources:,tradingactivityofbitcoinfuturesandETPswithunderlyingcrypto-assetspeakedinApril2019;however,CBOEsuspendedtradingofbitcoinfutures,,though,ontheCMEexchangeinApril2019,followingtheCBOEannouncementofthesuspensionoftheupcomingfuturecontracts,citingimprovementsintheapproachtowardscrypto-currencyderivativesasareason(seeChart6).TurningtotradingactivityforETPsonEuropeanexchanges,asmeasuredbythenumberoftrades,whileactivityisbuoyantontheNasdaqNordic,reachingmorethan17,000tradesinApril,tradingontheSIXSwissExchangeisweak(seeChart7).Chart6Tradingvolumesandopeninterestofbitcoinfutures(April2019)Sources::Tradingvolumes(April2019;numberoftrades)Sources:iceswithsettlementincrypto-assets,someindi,anincreaseintheoptionsofcardswithcrypto-assetfeatures,newwalletswithexpandedcoverageofcryp,withthelargestnumbersintheUnitedStatesandCanada(2,643and625respectively).ThenumberofsimilarATMsinEuropeisapproaching1,000,whichconstitutesa20%shareoftheseATMsworldwide,,thereareafewnewoptionsofcardsinEuropethatcanbeloadedwithmajorcrypto-assets,,,themajorityaretargetingthemajorcrypto-assetsandarebecomingmoremulti-asset-oriented,,userscontroltheirprivatekeysasop-assetsasaformofpayment,[],purchasetransactionsofgoodsorserviceswit,butitonlygivesapartialviewoftotalcrypto-,nd,from4,000to38,,transactionsonthelitecoinblockchainremainedratherstableataround25,ththetradingvaluesontradingplatforms,theon-chaintransactionsaccountforasmallfractionofthevalueofoff-chaintransactions(seeChart8).Chart8On-chaintransactionsforselectedcrypto-assets(April2019;leftpanel:millions/day;rightpanel:percentages)Sources:Bitinfocharts,,selectedindicatorsshowthatthecrypto-assetmarketisresilient,butanalysisshouldbeinterpretedwithcautiononaccountofuncertaintiesrelatedespeciallytosignificantpricedispersion,,followingapeakattheendof2018,inthecrypto-assetmarketahighnumberofcrypto-assetscontinuetobetradedeverydayonthetrad,pricedispersionofcrypto-assetsacrosstradingplatformsissubstantial,,thelacsticalissuesrelatedtocrypto-assets,alsowithinthebroadertopicoffintech,havebeenfollowedbythecentralbankcommunity,forexampletheIrvingFisherCommittee(IFC)onCentralBankingStatistics.[]Specifically,theIFChassetupaworkinggrouponfintechdataissues[]whoseobjectiveis’,itistotakestockofexistingdatasourcesandassesscentralbanks’additionalinformationneeds,w,itistoinvestigatekeydatagaps,togetherwiththecostsandbenefitsofinitiativestoaddressthem,,thestatisticscommunity[]hasstartedtoinvestigatethestatisticalclassificationofcrypto-assetsintheSystemofNationalAccounts(SNA),whichmayhavesignificantimplicationsonthemeasurementofGDPandotherkeyindi,suchasGDPanditscomponentsandderivedindicators,whichprovideinsight,forexample,theSNAmaysignificantlyimpactkeyindicators,includingtheGDPforsomecountries,dependingonthemethodchosen.[]Complexityinthestatisticalclassificationofcrypto-assetsderivesfromtheverycharacteristicofcrypto-assetsnotrepresentingafinancialclaimon,oraliabilityof,ththegeneralnationalaccountsguidanceforincome,valuegeneration,assetcreationandaccumulationwouldprovidefu(ESCB),theECBhasestablishedaninformalnetworkoncryp,aninformalnetworkofrepresentativesfromtheESCBwascreatendicators,investigationintonewsourcesforanalysis,thenetworkplanstoreflectalsoontheissuesrn,centralbankscanprovideinputwithrespecttot,centralbankscouldcontributetoclosingdatagapsviainitiativestowardsincreasedavailabilityandtransparencyofdata,indicatorsandmethodologies,bestpractices,iencyofthefinancialsystemandtheeconomy,andalsoforthefulfilmentoftheEurosystem’sfunctions,,theECBhassetupadatasetbasedonhigh-qualitypubliclyavailableaggregateddatacomplementedwitho,importantgapsandchallengesremain:exposuresoffinancialinstitutionstocrypto-assets,interlinkageswiththeregulatedfinancialsectorsandpaymenttransactionsthatincludetheus,itishardtoretrievepublicdataonsegmentsofthecrypto-assetmarketthatremainofftheradarofpublicauthorities;somerelativelyilliquidtradingplatformsmaybeaffectedbywashtrading;andthereisnoconsistencyinthemethodologyandconven,newandunexpecteddataneedsmaywellxpectedtoprovideavaluableinp,theECBwillcontinuetoworkonindicatorsanddatabydealingwiththecomplexityandgrowingchallen,investigationwillcontinueregardi,amidamultitudeofmethodologicaloptions,furtherworkwillfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingthemetadataanddevelopingbestpracticesforindicatorsoncrypto-assets.[1]In2018theECBestablishedtheInternalCrypto-AssetsTaskForce(ICA-TF),’sanalysis,see,OccasionalPaperSeries,No223,ECB,FrankfurtamMain,May2019.[2]Inthisarticletheterm“asset”[3]See,ibid.[4]See,ibid.[5]Inits“”(January2019),theEuropeanBankingAuthority(EBA)statesthat,toqualifyase-money,assetsmustsatisfythedefinitionofelectronicmoneyassetoutinthesecondElectronicMoneyDirective().Inparticular,theassetsmustrepresentaclaimontheissuer(therebyexcludingcrypto-assetsasdefinedinthisarticle).Inparallel,theEuropeanSecuritiesandMarketsAuthority(ESMA)considersthatassetslikebitcoinareunlikelytoqualifyasfinancialinstruments(seeESMA’s“”,paragraph80,January2019).[6]Withtheexceptionofanti-moneylaunderingandcounteringthefinancingofterrorism(AML/CFT)requirementsunderthefifthEUanti-moneylaunderingdirective,Directive(EU)2018/843oftheEuropeanParliamentandoftheCouncilof30May2018amendingDirective(EU)2015/849onthepreventionoftheuseofthefinancialsystemforthepurposesofmoneylaunderingorterroristfinancing,andamendingDirectives2009/138/ECand2013/36/EU(OJL156,,).[7]FollowingtheEBA’sandESMA’sadvice(seefootnote5),theEuropeanCommission’sVice-PresidentDombrovskisannouncedinhisinBucharest,Romania,thattheCommissionhadinitiatedafeasibilitystudyonapossiblecommonregulatoryapproachattheEUlevel.[8]See“”,FinancialActionTaskForce,,theFinancialActionTaskForceupdatedtheInternationalStandardstoclarifytheirapplicationtovirtualassetsandvirtualassetserviceprovidersbyamendingRecommendation15,“NewTechnologies”,andbyaddingtwonewdefinitionstotheFATFGlossary.[9]See“”,ibid.[10]See“”,CambridgeCentreforAlternativeFinance,2019.[11]The“”bytheCambridgeCentreforAlternativeFinance(2017)reportedthat86%ofparticipatingpaymentcompanieswereusingbitcoinastheirprimary“paymentrail”forcross-bordertransactions.[12]See“2ndGlobalCryptoassetBenchmarkingStudy”,ibid.[13]Foranassessmentoftheseimplications,see“”,,crypto-assetsmayhavebroaderriskimplications–forexample,theymayweakenfinancialsystemintegrityandlendthemselvestomoneylaunderingandthefinancingofterrorism–andraiseconsumer/’sanalysis.[14]See“”,BaselCommitteeonBankingSupervision,13March2019.[15]See“”,ibid.[16]In,ibid,“Potentialimplicationsformonetarypolicy”.[17]Inparticular,crypto-assetsarenotonthelistofcentralcounterparties’eligiblecollateraloftheCommissionDelegatedRegulation(EU)2016/2251of4October2016supplementingRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilonOTCderivatives,centralcounterpartiesandtraderepositorieswithregardtoregulatorytechnicalstandardsforrisk-mitigationtechniquesforOTCderivativecontractsnotclearedbyacentralcounterparty(C/2016/6329)(OJL340,,–46).Similarly,permittedcentralcounterparties’investmentsdonotcontemplatecrypto-assetsunderRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilof4July2012onOTCderivatives,centralcounterpartiesandtraderepositories(OJL201,,–59).In“”,“Riskstofinancialmarketinfrastructures”.[18]APIsenableuserstoaccessdataproviders’databasesbymeansofanautomatedsetofqueriesprovidedviaHypertextTransferProtocol(HTTP–theprotocolunderlyinginternetwebsites)andreturndata.[19]Forexample,thecalculationofthemarketcapitalisationrequiredtocross-mapandharmoniseidentifiersandnamingconventionsforcrypto-assetsasdatafromdifferentprovidersneededtobeintegratedino,asitrequiredsyntheticexchangeratestobecalculatedforallcrypto-assetscoveredinthedataset.[20]SeeontheECB’swebsiteformoreinformation.[21]Theseindivisibleunitsaresometimescalled“unspenttransactionoutputs”(UTXOs).[22]Understandingwhichpartoftheoutputsofatransactionisthei,S.,Parashkevov,I.,Sarukkai,,J.,“”,WorkingPaper,No3469,StanfordGraduateSchoolofBusiness,August2016.[23]Seeandinitiatives.[24]Thesameapproachcouldbeusedtorecordandtransfereithertraditionalassetsorcrypto-assets.[25]SeeMakarov,,A.,“”,May2018.[26],N.,“”,in:Sadeghi,(ed.)FinancialCryptographyandDataSecurity,LectureNotesinComputerScience,,Springer,Berlin,Heidelberg,,averagetransactionvolumeisnegativelycorrelatedwiththeprobabilitythatatradingplatformwillcloseprematurely.[27]Forexample,forbitcoinfuturestradedatthecontractunitsandsettlementdatearefivebitcoinandmid-month,comparedwithonebitcoinandend-monthinthecaseof.[28]ContractstradedontheCMEaresettledbasedontheBitcoinReferenceRate(BRR)index,whichaggregatesbitcointradingactivityacrossarepresentativesampleofbitcoinexchangesbetween15:00and16:miniexchangeat16:00GMTonthefinalsettlementdate.[29]FormoreinformationontheETPstraded,see.[30]See.[31]Forexample,,issuerofcrypto-assettrackers,followspricingonspecifiedplatforms,,Kraken,Bitstamp,Bitfinex,ItBit,GeminiandGDAXforbitcoin,andPoloniex,Kraken,Bitfinex,GDAXandGeminiforEthereum,whichalsofulfilseveralselectioncriteria((i)topublish,onacontinuousandregularbasis,bid-askspreadsandthelastpriceinUSD;(ii)nottobedeclaredunlawful;(iii)torepresentatleast5%ofthetotal30-daycumulativevolumeforalltheplatforms;and(iv)tosettlefiatcurrencyandtransferswithinsevenandtwolocalbusinessdaysrespectively).[32]See,forexample,or(CCCAGG).[33]See,forexample,.[34]See,forexample,.[35]Forexample,,IndexforCryptocurrencies,SimonTrimborn,WolfgangKarlHrdle,JournalofEmpiricalFinance,Volume49,December2018,[36]CRIX,IndexforCryptocurrencies,ibid.[37]See,forexample,.[38]“”,WorkingPaper,No585,DeNederlandscheBank,2018.[39]Formoreinformationseethe.[40]See“”,IrvingFisherCommitteeonCentralBankStatistics,BankforInternationalSettlements,March2019.[41]Forexample,withintheExpertGrouponNationalAccountsoftheUnitedNationsStatisticalCommission.[42]See,forexample,“”,OECD,2018and“”,IMF,2018.

山上情事讯操盘:下周密切关注消息面,以及创业板情况

山上情事微盛投资(WSTOCK.NET):金融高频数据(分笔数据)的再处理服务(——【“高频数据”的再优化与再利用】——),Understandingthecrypto-assetphenomenon,itsrisksandmeasurementissuesPreparedbyMariaTeresaChimienti,,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselectedshaviewtoidentifyingandmonitoringpotentialimplicationsformonetarypolicyandtheriskscrypto-assetsmayposetothesmoothfunctioningofmarketinfrastructuresandpayments,aswellasforthestabilityofthefinancialsystem.[]Thistaskbeginswiththedevelopmentofamonitoringframeworktoprovidethedataandinsightsthatarenecessarytocontinuallygaugetheextentandmaterialityofevolvingcrypto-,theECBr,whichcanprovide,forinstance,metricsforcrypto-assetnetworks,estimatesofmarketcapitalisation,pricesandtradingvolumesoncrypto-exchangesandtheamountoffundsraisedwhenacrypto-assetisofferedtothepublicin“initialcoinofferings”(ICOs).Thesesourcesdifferwithregardtothemethodologiestheyuse,thecompletenessofdatacoverageandaccesstotheunderlyingrawinformation,(whenavailable)bringswithitconsiderableuncertaintyaboutdataavailabilityandqualityowing,inpart,toalackofregulationofsomeplayersalongthecrypto-assetvaluechain,whoseunsupervisedactivityrypto-assets().Buildingacrypto-assetmonitoringframeworkonthisbasisrequirescautiononaccountofthedataissues,,itisimportanttoidentifymonitoringneedsbasedonanaccuratechar,oncetherelevantdatasourceshavebeenidentified,datacanbecollectedandqualitychecksappliedto,theECBcomplementsaggregateddatawit,importantgapsremainunaddressedinthecurrentframework,suchasdataonfinancialinstitutions’,in,Section3aimstoidentifytherelevantcrypto-assetrisksandtheeconomicconnections,“gateway”functionsandotherchannelsthroughw,basedonpubliclyavailabledata,theavailabilityandreliabilityofdata(includingexamplesbasedonselectedindicatorsformonitoringmarketdevelopments),datagapsandongoings,thearticleoffersanumberetscanbedefinedandanalysedfromdifferentperspectives,namelytheirunderlyingtechnology,theirfeaturesandtheeconomicimplicationsthatsuchassets[]“crypto”-asset,traditionalassetssuchasmoneyandfinancialinstrumentscanalsoberecordedbymeansofthesametechnology–typicallydistributedledgertechnology(DLT).Therefore,DLTisnotafactorindifferentiatingthenewphenomenonfromot,theissuerofanydigitallyrecordedassetis,inprinciple,dhampes,theECBhaschosentodefinecrypto-assets[]as“anewtypeofassetrecordedindigitalformandenabledbytheuseofcryptographythatisnotanddoesnotrepresentafinancialclaimon,oraliabilityof,anyidentifiableentity.”Thefocusisthereforeontheregulatory,economicandbusinessdimensionofcrypto-assetsasanewassetclass,ratherthanontheuseoftechnoleentitymeansthatitsvalueissupportedonlybytheexpectationthatotheruserswillbewillingtopayforitinthefuture,,itsusersattachvaluetoitbecausetheybelievethat:i)itssupplywillremainlimited,andii)marketpartiachofitsunitsallowtheexistenceofacrypto-assetmarket,whereusersonthesupplysideralrecordofhow,whosecounterfeitingrequiresspecificskillsandphysicalresourcesandcantypicallybevettedbyexperts,,,inthecaseofassetsindigitalform,atrustedcentralpartyisusuallytaskedwithcontrollingthenumberofunits(notaryfunction)andisresponsibleforkeepingtrackofwhoownswhat(bookkeepingfunction).Cryptographictechniquesareusedtoreplacethetrustedbookkeeperintherecordingofcrypto-assets,withaviewto:i)rulingoutanyunexpectedincreaseincrypto-assetsissuedonadistributedledger,andii)gettingthenetworkofuserstoagreeonwhoownswhat(furthereliminatingtheneedforatrustedbookkeeper).Adistributedledgerisessentiallyarecordofinformation–ordatabase–thatissharedacrossanetworkofusers,eonoftherecordingofnewassets,andoftheirsubsequenttransfer,amongasetofuserswhnvalidation,withnoproofofidentityrequired,,whoseindividualvotingpowerdependsonthespecificprotocolusedandsho,whicharegenerallyusedforrecordingcrypto-assets,,distributedvalidationistypically(orarelativelysmallcoalitionofusers)frombeingabletomodifythecontentandfunctioningofadistributedledger,,otherusersar,a“fork”willemerge,wherebytwosetsofusersrelyondifferentsets,withoutnecessarilydifferingfromitsnon-DLTequivalentsintermsofeconomicimpactandlegalnature–rachedefinitionandanalysisofcrypto-assetsinthispaper,cialinstrumentsandfundsintheformofelectronicmoney,’reserves,cash,orthewidelyystemmaybesubjecttorisksfromcrypto-assetstotheextentthatbothareinterconnected;,crypto-assetsmayhaveimplicationsforfinancialstabilityandinterferewiththefunctioningofpaymentsandmarketinfrastructures,[]showsthat,whiletheserisksarecurrentlycontainedand/ormanageablewithintheexistingregulatoryandoversightframeworks,linkswiththeregulatedfinanc’sresponsibilities,namelytodefineandimplementmonetarypolicyandtopromotethesmoothoperationofpaymentsystems,aswellastheEurosystem’stasksintheareasofbankingsupervisionandfinancialstability,,theanalysisconcludesthattheECBshouldcontinuemonitoringcrypto-assets,raiseawarene:i)provideanoverviewofrisksstemmingfromcrypto-assets,andii)identifythemainconnectionsthatmayfacilitatethetransmissionoftheseriskstothefinancialsystemandtheeconomy,:i)thelackofanunderlyingclaim,ii)their(partially)unregulatednature,andiii))Sincecrypto-assetshavenounderlyingclaim,suchastherighttoafuturecashflowortodischargeanypaymentobligation,,crypto-assetsmayexperienceextremepricemovements(volatilityrisk),,theeffectsmaybepassedontothecreditorsoftheholders(ifthepositionsinvolveleverage))Crypto-assets,asdefinedinthisarticle,canhardlyfulfilthecharacteristicsofpaymentandfinancialinstruments[]and,assuch,falloutsidethescopeofcurrentregulation.[]Giventhattheyareunregulated,theirholdersdonot,intheeventofbankruptcyorhackingofacrypto-assetserviceproviderthatcontrolsaccesstocustomers’holdingsofcrypto-assets(),theholdingswouldneitherbesubjecttopreventivemeasures()n,thereislimitedscopeforpublicauthoritiestoregulatecrypto-assets.[]Anysuchinterventionmaybefurthercomplicatedbythelackofgovernanceanddistributedarchitectureofcrypto-assets(seebelow),)AstheuseofDLTallowscrypto-assetstodispensewithanaccountableparty,therolesandresponsibilitiesforidentifying,mitigatingandmanagingtherisksborneinthecrypto-assetnetworkcannotbe(clearly),amongothers,heightenedmoneylaunderingandterroristfinancingrisks,totheextentthatthereisnocentraloversightbodyresponsibleformonitoringandidentifyingsuspicioustransactionpatterns,norcanlawenforcementagenciestargetonecentrallocationorentity(administrator)forinvestigativepurposesorassetseizure.[]Inviewofthelackofformalisedgovernance,itmayalsobedifficulttoaddressoperationalrisks,includingcybersecurityrisks,,inthebroadercrypto-assetecosystem,theprovisionofcertainservices(),,thisisnotalwayspossibleindecentralisedmodels,,i)holdingsofcrypto-assets,ii)investmentvehicles,andiii)retailpaymentsrepresentthemainlinkagesbetweenthecrypto-assetmarketonthe)Individualsandfinancialinstitutions,includingcreditinstitutions/investmentfirms,paymentinstitutionsande-moneyinstitutions,arenotprohibitedbyEUlawfromholdingorinvestingincrypto-assets.[]Crypto-assetscanbeaccessedbyanyonewithaninternetconnection,/assetsorloanscollateralisedwithcrypto-assets,,financialinstitutionscanprovideothercrypto-asset-relatedservices()thatmayresultinenhancingtheaccessibilityandfosteringtheuseofcrypto-assets,,amongotherthings,byfinancialinstitutions’)Derivativesandinvestmentvehiclesconnectinvestorswithth(ETPs)andcontractsfordifference(CFDs),ICOs–alargelyunregulatedwayforfirmstoraisecapitalbygeneratingnewcrypto-assetsinawaysimilartoinitialpublicofferings–havestartedtoraiseinterestamonginvestorssince2017,,though,thatthese“coins”mayvarysignificantlyintermsoftheircharacteristicsandfunctions:forinstance,theymayofferformsofinvestmentinacompanythatmaybelinkedtosecurities,ormerelygrantaccessto(future)products/,forourpurposes,thatthese“coins”maynotqualifyascrypto-assetsasdefinedinSection2,)Undercertaincircumstances,,internationalremittancesandbusiness-to-business(B2B)cross-borderpayments,tomicro-paymentsandmachine-to-machine(M2M)payments,[]andmaybedrivenbyDLT-drivenefficiencygainsast,whileholdersofcrypto-assetscantransfercrypto-assetunitswithoutanintermediarybyaccessingdirectlythedecentralisedcrypto-assetnetwork,userconveniencehasledtotheemergenceofserviceprovidersthatfacilitatetheuseofcrypto-assetsforpayments,,though,end-usersstillmakeand/orreceivepaymentsinnationalcurrency(ies)andarenotrequiredtoholdcrypto-assetbalances,whereastheroleofcrypto-assetsislimitedtoenablingaback-endchannelforthetransaction,particularlyincross-borderpayments.[]Newandexistingintermediariesprovidethe“gateway”functionsthatfacilitatetheinterconnectionsbetweencrypto-a,gatewayfunctionsdescribetheactivitiesthatenabletheinflowsandoutflowsofcrypto-assetsfromthecrypto-assetmarkettothefinancialsystemsandtheeconomy,/()orservices()areoutofscope,,inturn,relyonthe-assets[]’tradingactivityand,bydoingso,ldcrypto-assetsonbehalfoftheirclients,andexecutetradesontheirbooksasopposedtotheDLTnetwork(s).Somecentralisedplatformsmayprovidecustodyservicesbeyondwhatisneededtoexecute/settleatrade,inwhichcasetheyalsoactascustodianwalletproviders(seebelow)rypto-assetinvestorsbecauseofitsconvenienceandonthepremisetha(alsocalled“hotwallets”,entailingthestorageofkeysonadevicethatisconnectedtotheinternetthatallowstheinitialisationoftransactionsatanytime)oroffline(alsocalled“coldwallets”,entailingthestorageofkeyswithnoconnectiontotheinternetuntiltheuserneedstoauthoriseatransaction).,ontheotherhand,arelessconvenienttousefrequentlybutareprotectedfromha,thecustodiandirectlyholdsayhaveimplicationsforthestabilityofthefinancialsystem,monetarypolicyandthesafetyandefficiencyofpaymentsandmarketinfrastructures:[]4Currentissuesinmeasuringthecrypto-assetphenomenonToproperlyassesscrypto-assetrisksandtheirpotentialimpactonthefinancialsystemandtheeconomy,itisnecessarytocomplementthequalitativeanalysisonthelinkagesdescribed(seeSection3),thepublicnatureofcrypto-assetDLTnetworksgenerallyensurestransparency,,thedecentralisedand(partially)unregulatednatureofcrypto-assetactivitiesmakesitdifficulttoobtainspecificdata(),publicwebsitesthatt,availabledataoncrypto-assetsareneithercompletenorfullyreliableforthepurposesofmoni,theyonlyalanalysis,providingconcreteexamples,yavailableaggregateddataalreadyprovidesometoolsformeasuringc,subjecttopassingqualitychecksandbeingcomplementedwithotherdatafromcommercialsources,providedthebasisofacrypto-asset(APIs)[]andbigdatatechnologies,ithasbeenpossibletocreateanautomatedsetofproceduresforcollecting,handlingandintegratiersconsideringavailabledocumentation,,coupledwithapplieddataqualitycontrolmeasures,enabledthdtheharmonisationofinformation.[]Crypto-assetindicatorstailoredtothismonitoringexercisehavebeengroupedinfourcategoriescoveringi)markets,ii)gatekeepers,iii)linkages,andiv))Marketindicatorscoverpricingandtradinginformation,-assetsfromapoolofover2,000assetscurrentlytradedandconstructingindicatorsonprices,tradedvol,itincludesindicatorsfocusingontradingvis-à-,theindicatorsofferadetailedoverviewofbitcoinfuturescontractstradedontheinstitutionalisedexchangesoftheChicagoMercantileExchange(CME)andtheChicagoBoardOptionsExchange(CBOE).ii)Theindicatorsongatekeeperscovertradingplatformsandwallets,lectedplatformorasetofplatformsgroupedaccordingtotheircountryofincorporation,feesoption,,,informationontheclassificationofwalletsbytype,ssupportingcrypto-assets,whicharethosethatenable,,)Animportantcategoryofindicatorsaimstocovertotheextentpossiblethelinkagesofthecrypto-estocrypto-assetsandindicatorsbasedonstatisticsonholdingsofsecurities[].iv)ThefinalpartconcernstheindicatorsforICOs,,,,therearestillimportantgapsinthedata,particularlyrelatingtocertaininterlinkagesandtopaymenttransactions,includingtheuseoflayeredprotocols().First,amajordatagapexistswithrespecttotheinterlinkageswiththerealandfinancialsectors,includingtheamountofbanks’orfinancialcorporations’directholdingsofcrypto-ass,salesofmerchantsacceptingcrypt,ananalysisoftheinformationontransactionsusinglayeredprotocolsisrequiredtocaptur,bydefinition,aconstantlyevolvingproduct,asithastokeepupwithchangingmonitoringneeds,reflectingrapidchangesinthemarket,whileremainsets,,thefirststepinthedataprocessingcyclehasbeencompleted,pavingthewayforthenextstepscoveringfurtherworkonindicatorsanddata,datafromtradingplatforms,blockchainsandofficialdatacollectionsandstatisticsonthecrypto-assetmarket,consistentwiththemoni,off-chainandlayeredprotocoltransactionsToassesstheavailabilityandreliabilityofdataoncrypto-assets,itisimportanttodifferentiatebetween“on-chain”and“off-chain”,forinstanceinthecaseoftradingplatforms,orinaprivatenetworkofusersthatusethedistributedledgerofacrypto-asliclyavailable,cialaccountssystems,whereanamountofanassetistransferredbyreducingthesender’saccountbythatpreciseamountandbycreditingittothereceiver’sactions:whenauserreceivesaquantityofcrypto-assets,thoseunitsarenotdivisibleandhavetobesentalltogetherinafuturetransaction.[]Therefore,asenderneedstospecifywhatpartofthecrypto-assetunitsjointlyobtainedinaprevioustransactionshouldbetransferredtothereceiver(s)andwhatpartshouldcomebackas“change”.Identifyingthevalueofacrypto-assettransactionandwhetherdifferentcrypto-assetwalletsbelongtothesameindividual(orinstitution),noriginatedorberoutedtoanotherwalletcontrolledbythesender.[]Anumberofinitiativesarebeingdevelopedbythecommunityofcrypto-theircrypto-assettransactions.[]On-chaindatarecordedonthedistributedledgerofacrypto-assetcanrefertotransactionsinotherassets,whi“native”crypto-asset,,thistextcancontaintheconfirmationthatotherassetshavebeentransferredusingadistinctprotocol.[]Sinceasuperficialanalysisoftheon-chaintransactionwouldonlydiscloseanegligibletransactioninthenativecrypto-asset,oneneedstointerpretthetransactionknowingthedetailsofthelayeredprotocolinordertoconcnstructingandsupplyingtheveryrudimen,theaggregatedpriceinformationofacrypto-assetisdetermined,amongotherthings,bytheselectionoftradingplatforms,theunderlyingtradingvolumes,conventionsconcerningthe24-hourclose-of-businesstime,factorstoaddresslowliquiditylevels,failuresoftradingplatforms,,pricingofcrypto-assetsisverydisperse.[]Pricinginformationfeedsfurtherintothecalculationofthemarketcapitalisationindicator,together,thevalidationofnewtransactionshastobecostlytopreservetheintegrityofthesystemandrelativelyslowtoallowsufficienttimeforalluserstoagreeonthelatestvalidsetoftransactionsbeforeanewoneisvalidated.“Channels”havebeenintroducedasasolutionforclustersofuserstosettletransactionsfasteramongthemselvesand,asinnetdeferredsettlementtypicalofsomemarketinfrastructures,onlyusetheunrestricteddistributedledgerforthe“ultimate”setsiscoveredbyregulation,asshouldbethecasewithcrypto-assettradingplatforms,“decentralised”,,tradesagreedondecentralisedtradingplatformstypicallyinvolvethemutualtransferoftwoassets,whicharesettledastwoindividualsandther,thosewithzero-feeortransaction-feeminingfeaturesmightbe,tradersareabletotradefreelywithoutfees,regardlessofhowmanytradestheymake,,tradingplatformswithatransaction-feemiokeningandbuyingthesameassettocreatemisleadingandartificialmarketactivity,,unusualpricespikesanderratictradingbehaviourintheround-the-,thecrypto-assetmarketoperates24hoursperday,withnostandardised“closeofbusiness”,,inlinewiththeirpreferredtimeframeconvention,,dataprovidersadjustthecontributionsofthepricesachievedonthendariesorotherexclusioncriteriabasedonbenchmarkssupportedby,forexample,lsotheladbytechnicalissuesrelatedtothesubstantialrisksofcyberattack,fraudandhacking.[]Incyberattacks,suchasdenial-of-serviceattacks,theperpetratorsseektomakeamachineornetworkresourceunavailabletoitsingplatforms,especiallythosewithunsuitabletechnologicalinfr,cybercrimeandothercriminalactivitieshaveaffectedanestimated6%ofthetotalsupplyofbitcoinanddonotinc,typicalissuesthatdataaggregatorsorexchangesexperiencetaketheformofserviceoutages,sationthepriceofacrypto-assethastobecomplementedwithinformationontheaggregatesupply,,fourmainmeasuresofsupplycanbedistinguished:i)circulatingsupply,ii)totalsupply,iii)maximumsupply,andiv)variationsofinflation-adjustedsupply,whichtakeintoaccountfuturesupplywithinaspecifictimehorizon(usuallyfiveyears).Circulatingsupplyisthebestapproximationoftheunitsofacrypto-asse,totalsupplyincludesthoseunitsthatarelocked,reservedorcannotbesolleverexistinth,anadditionalsupplyscheduled,forexample,,forsomecrypto-assets,maximumsupplydoesnotexist,ormationprovidedbyreliablesources,suchasinstitutionalisedexchangestradingbitcoinfuturesorETPs,maynotbefullycomparableduetodifferen,suchasBitMEXandBitflyerFX,aswellasontheinstitutionalisedexchanges,ocontractunits,pricelimits,marginratesandticksizes,therebyrenderingthepricesquotedbythetwoexchangesnotstrictlycomparable.[]Furtherdifferencesstemfromdifferentsettlementbasesandunderlyingcut-offtimes.[]ETPstradedontheinstitutionalisedexchanges,forinstancetheSIXSwissExchange[]orNasdaqNordic[]inEurope,offerexposurestobitcoinandEthereumandarepricedbasedonvarioussources.[]Aggregatedindicatorsoncrypto-assetsAwide[]ornon-commercialwebsites,whichsupplycrypto-asset-relatedinformation,fundsinvestingincrypto-assets,[]orresearchgroups[]andacademics.[]Forsuchindicators,themostimportantmethodologicalchoicesincludethecoverageofcrypto-assetsandpricingsources,,,reliabilityandfulfilmentofvariousselectioncriteria,,,typicallyonamonthlyfrequency,,twoaspectsforfutureworkemergefrom,giventhemanymethodologicaloptions,furtheranalysisshouldfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingmetadata,etmarketdevelopmentsWhileoneofthebasicindicatorsofthesizeofthecrypto-assetmarketthatisoftenusedisthegrowingnumberofcrypto-assetscreatedovertime,,around35%havebeenrecentlytradedontradingplatforms(seeChart1)and5%()recoveredfromlowsofaround1,300attheturnof2018and2019toreachjustover2,,456crypto-assetstradedonadailybasis,,around700crypto-assetshavebeentradedeverydaysincethebeginningof2019,,recentnumberspointtomorethan5,100pairstradedonadailybasis,upfromthe3,,1,603pairshavebeentraded,(April2019;thousands)Sources:,marketcapitalisation,isusedforgaugingthesizeofthecrypto-assetmarket,thesizevariesby20%,dependingonwhethertheci(estimatedatUSD165billion)hasreturnedto2017levels,havingpeakedattheendof2018,stronglymirroringdevelopmentsinthepricingofcrypto-assetsasmeasured,forexample,bytheCRIXindex[](seeChart2).Three-quartersofthetotalmarketcapitalisationisaccountedforbyfivecrypto-assets,whichalsomakeuphalfofthetotalcirculatingsupplyofcrypto-assets(seeChart3).Marketcapitalisationofbitcoinaloneconstitutes50%ofthetotal,whileitstotalcirculatingsupisationwouldmeana20%increaseintheindicatorvalue,,(April2019)Sources:Cryptocompare,CRIX,:,marketcapitalisationandcirculatingsupplyofselectedcrypto-assets(April2019;USD)Sources:Cryptocompare,hapedbytheaggregatepricesofeachofthefiveaforementionedcrypto-assets,whichonalatforms,aswellastransactionprocessingtimesandpotentialpricemovementsbetweentransactions,thepriceheterogeneityforcrypto-assetsissignificant(seeChart4).Thenormalisedinterquartilerangesofthepricesoffivemajorcrypto-assetstradedversustheUSdollarpickedupinApril2019,althoughtheydidnotreachend-2018levelsofaround5%and9%(thelatterforbitcoincash).Thedispersionofthepricesofeachofthesecrypto-assetsacrosstradingplatformshavedecreasedin2019,(April2019)Sources::Theinterquartilerangesofpricesofcrypto-assetsacrosstradingplatformsarenorà-visfiatcurrenciesonthecrypto-assetplatformshasremainedbuoyant,albeitatlowerlevelshistorically,,itisimportanttomonitorthevol%ofalltradesvis-à-visfiatcurrencies,comparedwithanincreasingshareofupto81%à-,byandlarge,,activityondecentralisedtradingplatformsseemstobepickingupbutstillaccountsforlessthan1%,tradesonplatformslocatedinEuropeamountedto24%ofalltrading,withthehighesttradingvolumesrecordedonplatformsinMaltaandtheUnitedKingdom,whiletradesonplatformsnotattributedtoacountryaccountedfor30%,someanalyses[]pà-visUSD,euroandotherfiatcurrencies(April2019)Sources:,tradingactivityofbitcoinfuturesandETPswithunderlyingcrypto-assetspeakedinApril2019;however,CBOEsuspendedtradingofbitcoinfutures,,though,ontheCMEexchangeinApril2019,followingtheCBOEannouncementofthesuspensionoftheupcomingfuturecontracts,citingimprovementsintheapproachtowardscrypto-currencyderivativesasareason(seeChart6).TurningtotradingactivityforETPsonEuropeanexchanges,asmeasuredbythenumberoftrades,whileactivityisbuoyantontheNasdaqNordic,reachingmorethan17,000tradesinApril,tradingontheSIXSwissExchangeisweak(seeChart7).Chart6Tradingvolumesandopeninterestofbitcoinfutures(April2019)Sources::Tradingvolumes(April2019;numberoftrades)Sources:iceswithsettlementincrypto-assets,someindi,anincreaseintheoptionsofcardswithcrypto-assetfeatures,newwalletswithexpandedcoverageofcryp,withthelargestnumbersintheUnitedStatesandCanada(2,643and625respectively).ThenumberofsimilarATMsinEuropeisapproaching1,000,whichconstitutesa20%shareoftheseATMsworldwide,,thereareafewnewoptionsofcardsinEuropethatcanbeloadedwithmajorcrypto-assets,,,themajorityaretargetingthemajorcrypto-assetsandarebecomingmoremulti-asset-oriented,,userscontroltheirprivatekeysasop-assetsasaformofpayment,[],purchasetransactionsofgoodsorserviceswit,butitonlygivesapartialviewoftotalcrypto-,nd,from4,000to38,,transactionsonthelitecoinblockchainremainedratherstableataround25,ththetradingvaluesontradingplatforms,theon-chaintransactionsaccountforasmallfractionofthevalueofoff-chaintransactions(seeChart8).Chart8On-chaintransactionsforselectedcrypto-assets(April2019;leftpanel:millions/day;rightpanel:percentages)Sources:Bitinfocharts,,selectedindicatorsshowthatthecrypto-assetmarketisresilient,butanalysisshouldbeinterpretedwithcautiononaccountofuncertaintiesrelatedespeciallytosignificantpricedispersion,,followingapeakattheendof2018,inthecrypto-assetmarketahighnumberofcrypto-assetscontinuetobetradedeverydayonthetrad,pricedispersionofcrypto-assetsacrosstradingplatformsissubstantial,,thelacsticalissuesrelatedtocrypto-assets,alsowithinthebroadertopicoffintech,havebeenfollowedbythecentralbankcommunity,forexampletheIrvingFisherCommittee(IFC)onCentralBankingStatistics.[]Specifically,theIFChassetupaworkinggrouponfintechdataissues[]whoseobjectiveis’,itistotakestockofexistingdatasourcesandassesscentralbanks’additionalinformationneeds,w,itistoinvestigatekeydatagaps,togetherwiththecostsandbenefitsofinitiativestoaddressthem,,thestatisticscommunity[]hasstartedtoinvestigatethestatisticalclassificationofcrypto-assetsintheSystemofNationalAccounts(SNA),whichmayhavesignificantimplicationsonthemeasurementofGDPandotherkeyindi,suchasGDPanditscomponentsandderivedindicators,whichprovideinsight,forexample,theSNAmaysignificantlyimpactkeyindicators,includingtheGDPforsomecountries,dependingonthemethodchosen.[]Complexityinthestatisticalclassificationofcrypto-assetsderivesfromtheverycharacteristicofcrypto-assetsnotrepresentingafinancialclaimon,oraliabilityof,ththegeneralnationalaccountsguidanceforincome,valuegeneration,assetcreationandaccumulationwouldprovidefu(ESCB),theECBhasestablishedaninformalnetworkoncryp,aninformalnetworkofrepresentativesfromtheESCBwascreatendicators,investigationintonewsourcesforanalysis,thenetworkplanstoreflectalsoontheissuesrn,centralbankscanprovideinputwithrespecttot,centralbankscouldcontributetoclosingdatagapsviainitiativestowardsincreasedavailabilityandtransparencyofdata,indicatorsandmethodologies,bestpractices,iencyofthefinancialsystemandtheeconomy,andalsoforthefulfilmentoftheEurosystem’sfunctions,,theECBhassetupadatasetbasedonhigh-qualitypubliclyavailableaggregateddatacomplementedwitho,importantgapsandchallengesremain:exposuresoffinancialinstitutionstocrypto-assets,interlinkageswiththeregulatedfinancialsectorsandpaymenttransactionsthatincludetheus,itishardtoretrievepublicdataonsegmentsofthecrypto-assetmarketthatremainofftheradarofpublicauthorities;somerelativelyilliquidtradingplatformsmaybeaffectedbywashtrading;andthereisnoconsistencyinthemethodologyandconven,newandunexpecteddataneedsmaywellxpectedtoprovideavaluableinp,theECBwillcontinuetoworkonindicatorsanddatabydealingwiththecomplexityandgrowingchallen,investigationwillcontinueregardi,amidamultitudeofmethodologicaloptions,furtherworkwillfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingthemetadataanddevelopingbestpracticesforindicatorsoncrypto-assets.[1]In2018theECBestablishedtheInternalCrypto-AssetsTaskForce(ICA-TF),’sanalysis,see,OccasionalPaperSeries,No223,ECB,FrankfurtamMain,May2019.[2]Inthisarticletheterm“asset”[3]See,ibid.[4]See,ibid.[5]Inits“”(January2019),theEuropeanBankingAuthority(EBA)statesthat,toqualifyase-money,assetsmustsatisfythedefinitionofelectronicmoneyassetoutinthesecondElectronicMoneyDirective().Inparticular,theassetsmustrepresentaclaimontheissuer(therebyexcludingcrypto-assetsasdefinedinthisarticle).Inparallel,theEuropeanSecuritiesandMarketsAuthority(ESMA)considersthatassetslikebitcoinareunlikelytoqualifyasfinancialinstruments(seeESMA’s“”,paragraph80,January2019).[6]Withtheexceptionofanti-moneylaunderingandcounteringthefinancingofterrorism(AML/CFT)requirementsunderthefifthEUanti-moneylaunderingdirective,Directive(EU)2018/843oftheEuropeanParliamentandoftheCouncilof30May2018amendingDirective(EU)2015/849onthepreventionoftheuseofthefinancialsystemforthepurposesofmoneylaunderingorterroristfinancing,andamendingDirectives2009/138/ECand2013/36/EU(OJL156,,).[7]FollowingtheEBA’sandESMA’sadvice(seefootnote5),theEuropeanCommission’sVice-PresidentDombrovskisannouncedinhisinBucharest,Romania,thattheCommissionhadinitiatedafeasibilitystudyonapossiblecommonregulatoryapproachattheEUlevel.[8]See“”,FinancialActionTaskForce,,theFinancialActionTaskForceupdatedtheInternationalStandardstoclarifytheirapplicationtovirtualassetsandvirtualassetserviceprovidersbyamendingRecommendation15,“NewTechnologies”,andbyaddingtwonewdefinitionstotheFATFGlossary.[9]See“”,ibid.[10]See“”,CambridgeCentreforAlternativeFinance,2019.[11]The“”bytheCambridgeCentreforAlternativeFinance(2017)reportedthat86%ofparticipatingpaymentcompanieswereusingbitcoinastheirprimary“paymentrail”forcross-bordertransactions.[12]See“2ndGlobalCryptoassetBenchmarkingStudy”,ibid.[13]Foranassessmentoftheseimplications,see“”,,crypto-assetsmayhavebroaderriskimplications–forexample,theymayweakenfinancialsystemintegrityandlendthemselvestomoneylaunderingandthefinancingofterrorism–andraiseconsumer/’sanalysis.[14]See“”,BaselCommitteeonBankingSupervision,13March2019.[15]See“”,ibid.[16]In,ibid,“Potentialimplicationsformonetarypolicy”.[17]Inparticular,crypto-assetsarenotonthelistofcentralcounterparties’eligiblecollateraloftheCommissionDelegatedRegulation(EU)2016/2251of4October2016supplementingRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilonOTCderivatives,centralcounterpartiesandtraderepositorieswithregardtoregulatorytechnicalstandardsforrisk-mitigationtechniquesforOTCderivativecontractsnotclearedbyacentralcounterparty(C/2016/6329)(OJL340,,–46).Similarly,permittedcentralcounterparties’investmentsdonotcontemplatecrypto-assetsunderRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilof4July2012onOTCderivatives,centralcounterpartiesandtraderepositories(OJL201,,–59).In“”,“Riskstofinancialmarketinfrastructures”.[18]APIsenableuserstoaccessdataproviders’databasesbymeansofanautomatedsetofqueriesprovidedviaHypertextTransferProtocol(HTTP–theprotocolunderlyinginternetwebsites)andreturndata.[19]Forexample,thecalculationofthemarketcapitalisationrequiredtocross-mapandharmoniseidentifiersandnamingconventionsforcrypto-assetsasdatafromdifferentprovidersneededtobeintegratedino,asitrequiredsyntheticexchangeratestobecalculatedforallcrypto-assetscoveredinthedataset.[20]SeeontheECB’swebsiteformoreinformation.[21]Theseindivisibleunitsaresometimescalled“unspenttransactionoutputs”(UTXOs).[22]Understandingwhichpartoftheoutputsofatransactionisthei,S.,Parashkevov,I.,Sarukkai,,J.,“”,WorkingPaper,No3469,StanfordGraduateSchoolofBusiness,August2016.[23]Seeandinitiatives.[24]Thesameapproachcouldbeusedtorecordandtransfereithertraditionalassetsorcrypto-assets.[25]SeeMakarov,,A.,“”,May2018.[26],N.,“”,in:Sadeghi,(ed.)FinancialCryptographyandDataSecurity,LectureNotesinComputerScience,,Springer,Berlin,Heidelberg,,averagetransactionvolumeisnegativelycorrelatedwiththeprobabilitythatatradingplatformwillcloseprematurely.[27]Forexample,forbitcoinfuturestradedatthecontractunitsandsettlementdatearefivebitcoinandmid-month,comparedwithonebitcoinandend-monthinthecaseof.[28]ContractstradedontheCMEaresettledbasedontheBitcoinReferenceRate(BRR)index,whichaggregatesbitcointradingactivityacrossarepresentativesampleofbitcoinexchangesbetween15:00and16:miniexchangeat16:00GMTonthefinalsettlementdate.[29]FormoreinformationontheETPstraded,see.[30]See.[31]Forexample,,issuerofcrypto-assettrackers,followspricingonspecifiedplatforms,,Kraken,Bitstamp,Bitfinex,ItBit,GeminiandGDAXforbitcoin,andPoloniex,Kraken,Bitfinex,GDAXandGeminiforEthereum,whichalsofulfilseveralselectioncriteria((i)topublish,onacontinuousandregularbasis,bid-askspreadsandthelastpriceinUSD;(ii)nottobedeclaredunlawful;(iii)torepresentatleast5%ofthetotal30-daycumulativevolumeforalltheplatforms;and(iv)tosettlefiatcurrencyandtransferswithinsevenandtwolocalbusinessdaysrespectively).[32]See,forexample,or(CCCAGG).[33]See,forexample,.[34]See,forexample,.[35]Forexample,,IndexforCryptocurrencies,SimonTrimborn,WolfgangKarlHrdle,JournalofEmpiricalFinance,Volume49,December2018,[36]CRIX,IndexforCryptocurrencies,ibid.[37]See,forexample,.[38]“”,WorkingPaper,No585,DeNederlandscheBank,2018.[39]Formoreinformationseethe.[40]See“”,IrvingFisherCommitteeonCentralBankStatistics,BankforInternationalSettlements,March2019.[41]Forexample,withintheExpertGrouponNationalAccountsoftheUnitedNationsStatisticalCommission.[42]See,forexample,“”,OECD,2018and“”,IMF,2018.,]recommendingabroadlyneutraleuroareafiscalstancefor2020,basedontheexpect,,,,’sbenefits,however,willnotformscurrentlyunderdis,meanwhile,hasconsiderablystrengthenedtheresilienceoftheeuroareafinancialsectorand,togetherwiththeBankRecoveryandResolutionDirective,hsinrecentyears,withaCommonEquityTier1(CET1)%%,%%,theabilityofthefinanci,financialintegrationintheeu,cro,whichhinderstheefficientallocationofEuropeansavings,privatecross-borderrisk-sharingtosmoothenconsumptiondurin’ingorexpandingtheireuroareapresence,possiblyr,inafinancialsystemwithanumberofincreasinglyimportanthubs,asopposedtoonedominanthubinLondon,itwillbemoreimportantthaneverforthesehubstobeabletoefficientlyinteractwithoneanotherandtoavoiddifference,,afullyfledgedEuropeandepositinsurancescheme(EDIS),theECBhasproposedthatEDIScouldbeaccompanie,,opaqueanersialandpronetomanipulation[].Simplerandmorecredibleandeffectiverulesareneededtoensurethateuroareacountriessafeguardfiscalsustainabilityandbuildthenecessarybufferedbyanexpenditureruledeservefurtherconsideration.[]EMUalsoneedsacentralfiscalstabilisationmecha,forexample,itwasstronglycontractionary,therelcomesteptosupportconvergence,,whichcelebratesits20thanniversarythisyear,enjoysbroadsupportamongEuropeancitizens,ecurrencyandintheECB’sstrongcommitmenttopricestability,,weneedtostepupoureffortsatbothnationa,completingtheeuroarea’sarchitec’tbeabletofostercooperationonsecurityanddefence,ortospeakwithonevoiceoninternationalaffairs,ortocompletetheSingleMarketiftheyrepe[1]SeetheEuropeanFiscalBoard’slatest,publishedon25June2019.[2]é(2018),“ScarsthatneverwerePotentialoutputandslackafterthecrisis”,speechattheCEPII40thAnniversaryConference,Paris,12April.[3]See,forinstance,Christofzik,,Feld,,Reuter,,M.(2018),“UnitingEuropeanFiscalRules:HowtoStrengthentheFiscalFramework”,GermanCouncilofEconomicExpertsWorkingPaper,No04,andDarvas,Z.,Martin,,X.(2018),“Europeanfiscalrulesrequireamajoroverhaul”,Lesnotesduconseild’analyseéconomique,No47,September;Eyraud,L.,Debrun,X.,Hodge,A.,Lledó,,C.(2018),“Second-GenerationFiscalRules:BalancingSimplicity,Flexibility,andEnforceability”,IMFStaffDiscussionNotes,18/04.

山上情事已经到了进场的时候 三大类型基金投资策略

HowyoucanjoinusIfyoujointheECB,youllbeworkinginamulticulturalenvironment,estlevelsofintegrity,teamspirit,,backgroundsanddisciplineswithexpertisenotonlyineconomicsandstatistics,butalsoHRspecialists,financeexperts,legalcounsels,linguists,ITprofessionals,,explorevariedopportunitiesandexperienceapeople-centeredworkingculturethatgivesyouavoice,influenceandtheremittomakeanimpact–jobsthatmatchyourexperience,,’thavethequalificationstatedinthevacancynotice,youcanstillapplyifyouhaveanotherqualificationplusacertainamountofrelevantworkexperience,oranequivalentdegreeaccordingtothedegreeequivalences,asdescribedbelow.,Другизадължения1347807396Задължениякъмрезидентиизвъневрозоната,деноминиранивевро24703212157Задължениякъмрезидентивeврозоната,деноминиранивчуждестраннавалута104051038Задължениякъмрезидентиизвъневрозоната,деноминиранивчуждестраннавалута10465904,Другизадължения13404116656Задължениякъмрезидентиизвъневрозоната,деноминиранивевро24581624367Задължениякъмрезидентивeврозоната,деноминиранивчуждестраннавалута1030222288Задължениякъмрезидентиизвъневрозоната,деноминиранивчуждестраннавалута11369344

山上情事学园偶像祭lovelive日服版ios下载lovelive校园偶像祭iphoneipad版下载 5.4.2

.Servicespri,whichimpliesachangingspeedintheevolutionofrelativeprices,indicatethataggregateinflationdevelopmentstypica,thisboxreviewssomeofthefeaturesandsourcesofthegapbetweenservicespriceinflationandnon-energyindustrialgoodspriceinflationintheeuroarea.[]Thegapbetweenservicespriceinflationandgoods,HICPservicespriceinflationintheeuroareahasbeen,onaverage,%,%.Thegapbetweenthetworateshasbeenpositiveatalltimesduringthepast20years(seeChartA).However,tion(%%)thaninaveragenon-energyindustrialgoodspriceinflation(%%),ahigherlevelofdemandtypicallybenefithaninnon-energyindustrialgoodspriceinflationhastosomeexte,however,isontheroleofunitlabourcostsandimportpricesinexplainingrela(annualpercentagechangesandpercentagepoints)Sources::Theservices/goodspriceinflationgapisthedifferencebetweentheannualrates’smetgyindustrialgoodspriceinflationrespectively,withthechangesfromthefirstperiodtothesecondlargelyreflectingchangesininflationratesratherthanchangesintheweightsofcomponents.[]Withtheexceptionofcommunicationservices,allsub-componentshaverecordedloweraveragecontributionstoservicesandnon-energyindustrialgoodspriceinflationinthepost-crisisperiodthanpreviously(seeChartB).Thelessnegativeaverageinflationrateforcommunicationservicesis,toalargeextent,accountedforbyalessrmimpactoflarge-scaleliberalisationoservicespriceinflationislargelyduetodevelopmentsinmedicalandeducationservices,includingtheabolitionofmedicndpersonalserviceshasbeentheslowdowninrestaurantservicespricesgrowth;thislikelyreflectedadropindemandinsomecountriowerpriceincreasesforcarmaintenanceandrepair,whichwerelikelylinkedtothecarscrappingschemesintroducedfollowingthecrisisandtheassociatedrtionfromhousingservicesinflation.[]Thedeclinesinthecontributionsfromthenon-energyindcedevelopmentsindifferentgoods,,thelatterparticularlyrelevantincountriesthatexperiencedthepre-crisishousingboom,ofnon-energyindustrialgoodsisanincreaseincompetition,,thisgranularperspectivesuggeststhatthechangesintheinflationgapbetweenservicesandnon-energyindustrialgoodsmayreflectbothgeneralfactorsandtheaccumulationofidioesandgoodspriceinflationrates(percentagepoints)Sources::Redbarsshowservicessub-crstionbetweenmanufacturingandtheproductionofnon-energyindustrialgoodsontheonehand,andbetwee,productivitygrowthintheeuroareahasbeenmuchstrongerinthemanufacturingsectorthaninthemarketservicessector,sinlinewiththeBalassa-Samuelsoneffect,wherebytherelativelyhighwagegrowthinthemanufacturingandtradablegoodssec%ofthecoststructureinservicesandabout20%inindustryexcludingenergyandconstructioninboth2008and2016.[]Lookingatthesynthesisofwagesandproductivityintermsofunitlabourcostgrowth,thedeclineinthegapbetweenservicespriceinflationandgoodspriceinflationinthepost-crisisperiodhascoincidedwiththecorrespond(ofaboutone-halfofapercentagepoint)inaverageunitlabourcostgrowthintheservicessectorinthepost-crisisperiod,whileaverageunitlabo(compensationperemployee)andproductivitydeclinedinbothsectors,thedeclineinwagegrowthhasbeenmuchlargerthanthatofproductivityintheservicessector(seeChartC).ChartCUnitlabourcostgrowth–sectoraldevelopments(averageannualpercentagechanges)Sources::,education,onandgoo%,comparedwithabout1%[]AcomparisonoftheGDPdeflator(abroadmeasureofdomesticpricedevelopments)withtheimportdeflator(abroadmeasureofforeignpricedevelopments)showsthatthelatterhasgenerallybeenmoresubduedandsawastrongerdeclinebetweenthepre-andpost-crisisperiods(%%,%%).[]Thesubduedforeigncostgrowthhasthuslikelyhadaconsiderablylargerdampeningimpactonnon-,onaverage,%,thesedevelopmentshavecontributedtoawideningratherthananarrowingofthegapbetweensnentsoftheHICP,ergyinthepost-crisisperiodhasthuscontributedtothedeclineinthegapbetweenservicespriceinflationandgoodspriceinflation(%since2009,%duringtheperiod2001-08).[]Overall,thenarrowinggapbetweenservicespriceinflationandgoodspriceinfclineinunitlabo%%,HICPinflationexcludingfoodandenergywouldhvicesthanfornon-energygoods,ndfood,fromanaverageof57%intheperiod1999-2008toanaverageof61%intheperiod2009-19,thusgavemoreprominencetothehigherinflationrateofservicesinunderlyinginflationdevelopments.[1]Forananalysisoftheinflationgapintheeuroareaupto2008,seetheboxentitled“”,MonthlyBulletin,ECB,é,B.,“”,speechgivenatthe21stGenevaConferenceontheWorldEconomy,16May2019.[2],,,[3]Foradiscussion,seetheboxentitled“”,EconomicBulletin,ECB,Issue4,2019.[4]Theseestimatesareobtainedfromtheeuroareainput-outputtablesprovidedbyEurostatbydividingcompensationofemployeesbythetotalcostsofthesectors(wheretotalcostscomprise:foreignanddomesticinputsofgoodsandservices;taxeslesssubsidies;andcompensationofemployees).[5]TheseestimatesarebasedonEurostat’sinput-outputtables,whichprovidethebreakdownacrosssectorsforprivateconsumpleriftheindirectimportcontent–whichrepresentsintermediateimportedinputsusedfortheproductionofdomesticgoodsandservices–werealsoincluded,asittendstobelargerforservicesthanforgoods.[6]Developmentsintheeffectiveexchangerateoftheeurodonotsupportthenarrowingoftheinflationgapsince,onthewhole,thesecondperiodhasseenadepreciationoftheexchangerate,althoughthesecondperiodhasbeenmarked–likethefirstone–,%,onaverage,since2009,%,onaverage,intheperiod2006-08(nodataareavailablebefore2006).[7]Theimpactofchangesinindirecttaxeshasbeensimilaronservicespriceinflationandnon-energyindustrialgoodspriceinflation.,]recommendingabroadlyneutraleuroareafiscalstancefor2020,basedontheexpect,,,,’sbenefits,however,willnotformscurrentlyunderdis,meanwhile,hasconsiderablystrengthenedtheresilienceoftheeuroareafinancialsectorand,togetherwiththeBankRecoveryandResolutionDirective,hsinrecentyears,withaCommonEquityTier1(CET1)%%,%%,theabilityofthefinanci,financialintegrationintheeu,cro,whichhinderstheefficientallocationofEuropeansavings,privatecross-borderrisk-sharingtosmoothenconsumptiondurin’ingorexpandingtheireuroareapresence,possiblyr,inafinancialsystemwithanumberofincreasinglyimportanthubs,asopposedtoonedominanthubinLondon,itwillbemoreimportantthaneverforthesehubstobeabletoefficientlyinteractwithoneanotherandtoavoiddifference,,afullyfledgedEuropeandepositinsurancescheme(EDIS),theECBhasproposedthatEDIScouldbeaccompanie,,opaqueanersialandpronetomanipulation[].Simplerandmorecredibleandeffectiverulesareneededtoensurethateuroareacountriessafeguardfiscalsustainabilityandbuildthenecessarybufferedbyanexpenditureruledeservefurtherconsideration.[]EMUalsoneedsacentralfiscalstabilisationmecha,forexample,itwasstronglycontractionary,therelcomesteptosupportconvergence,,whichcelebratesits20thanniversarythisyear,enjoysbroadsupportamongEuropeancitizens,ecurrencyandintheECB’sstrongcommitmenttopricestability,,weneedtostepupoureffortsatbothnationa,completingtheeuroarea’sarchitec’tbeabletofostercooperationonsecurityanddefence,ortospeakwithonevoiceoninternationalaffairs,ortocompletetheSingleMarketiftheyrepe[1]SeetheEuropeanFiscalBoard’slatest,publishedon25June2019.[2]é(2018),“ScarsthatneverwerePotentialoutputandslackafterthecrisis”,speechattheCEPII40thAnniversaryConference,Paris,12April.[3]See,forinstance,Christofzik,,Feld,,Reuter,,M.(2018),“UnitingEuropeanFiscalRules:HowtoStrengthentheFiscalFramework”,GermanCouncilofEconomicExpertsWorkingPaper,No04,andDarvas,Z.,Martin,,X.(2018),“Europeanfiscalrulesrequireamajoroverhaul”,Lesnotesduconseild’analyseéconomique,No47,September;Eyraud,L.,Debrun,X.,Hodge,A.,Lledó,,C.(2018),“Second-GenerationFiscalRules:BalancingSimplicity,Flexibility,andEnforceability”,IMFStaffDiscussionNotes,18/04.,Understandingthecrypto-assetphenomenon,itsrisksandmeasurementissuesPreparedbyMariaTeresaChimienti,,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselectedshaviewtoidentifyingandmonitoringpotentialimplicationsformonetarypolicyandtheriskscrypto-assetsmayposetothesmoothfunctioningofmarketinfrastructuresandpayments,aswellasforthestabilityofthefinancialsystem.[]Thistaskbeginswiththedevelopmentofamonitoringframeworktoprovidethedataandinsightsthatarenecessarytocontinuallygaugetheextentandmaterialityofevolvingcrypto-,theECBr,whichcanprovide,forinstance,metricsforcrypto-assetnetworks,estimatesofmarketcapitalisation,pricesandtradingvolumesoncrypto-exchangesandtheamountoffundsraisedwhenacrypto-assetisofferedtothepublicin“initialcoinofferings”(ICOs).Thesesourcesdifferwithregardtothemethodologiestheyuse,thecompletenessofdatacoverageandaccesstotheunderlyingrawinformation,(whenavailable)bringswithitconsiderableuncertaintyaboutdataavailabilityandqualityowing,inpart,toalackofregulationofsomeplayersalongthecrypto-assetvaluechain,whoseunsupervisedactivityrypto-assets().Buildingacrypto-assetmonitoringframeworkonthisbasisrequirescautiononaccountofthedataissues,,itisimportanttoidentifymonitoringneedsbasedonanaccuratechar,oncetherelevantdatasourceshavebeenidentified,datacanbecollectedandqualitychecksappliedto,theECBcomplementsaggregateddatawit,importantgapsremainunaddressedinthecurrentframework,suchasdataonfinancialinstitutions’,in,Section3aimstoidentifytherelevantcrypto-assetrisksandtheeconomicconnections,“gateway”functionsandotherchannelsthroughw,basedonpubliclyavailabledata,theavailabilityandreliabilityofdata(includingexamplesbasedonselectedindicatorsformonitoringmarketdevelopments),datagapsandongoings,thearticleoffersanumberetscanbedefinedandanalysedfromdifferentperspectives,namelytheirunderlyingtechnology,theirfeaturesandtheeconomicimplicationsthatsuchassets[]“crypto”-asset,traditionalassetssuchasmoneyandfinancialinstrumentscanalsoberecordedbymeansofthesametechnology–typicallydistributedledgertechnology(DLT).Therefore,DLTisnotafactorindifferentiatingthenewphenomenonfromot,theissuerofanydigitallyrecordedassetis,inprinciple,dhampes,theECBhaschosentodefinecrypto-assets[]as“anewtypeofassetrecordedindigitalformandenabledbytheuseofcryptographythatisnotanddoesnotrepresentafinancialclaimon,oraliabilityof,anyidentifiableentity.”Thefocusisthereforeontheregulatory,economicandbusinessdimensionofcrypto-assetsasanewassetclass,ratherthanontheuseoftechnoleentitymeansthatitsvalueissupportedonlybytheexpectationthatotheruserswillbewillingtopayforitinthefuture,,itsusersattachvaluetoitbecausetheybelievethat:i)itssupplywillremainlimited,andii)marketpartiachofitsunitsallowtheexistenceofacrypto-assetmarket,whereusersonthesupplysideralrecordofhow,whosecounterfeitingrequiresspecificskillsandphysicalresourcesandcantypicallybevettedbyexperts,,,inthecaseofassetsindigitalform,atrustedcentralpartyisusuallytaskedwithcontrollingthenumberofunits(notaryfunction)andisresponsibleforkeepingtrackofwhoownswhat(bookkeepingfunction).Cryptographictechniquesareusedtoreplacethetrustedbookkeeperintherecordingofcrypto-assets,withaviewto:i)rulingoutanyunexpectedincreaseincrypto-assetsissuedonadistributedledger,andii)gettingthenetworkofuserstoagreeonwhoownswhat(furthereliminatingtheneedforatrustedbookkeeper).Adistributedledgerisessentiallyarecordofinformation–ordatabase–thatissharedacrossanetworkofusers,eonoftherecordingofnewassets,andoftheirsubsequenttransfer,amongasetofuserswhnvalidation,withnoproofofidentityrequired,,whoseindividualvotingpowerdependsonthespecificprotocolusedandsho,whicharegenerallyusedforrecordingcrypto-assets,,distributedvalidationistypically(orarelativelysmallcoalitionofusers)frombeingabletomodifythecontentandfunctioningofadistributedledger,,otherusersar,a“fork”willemerge,wherebytwosetsofusersrelyondifferentsets,withoutnecessarilydifferingfromitsnon-DLTequivalentsintermsofeconomicimpactandlegalnature–rachedefinitionandanalysisofcrypto-assetsinthispaper,cialinstrumentsandfundsintheformofelectronicmoney,’reserves,cash,orthewidelyystemmaybesubjecttorisksfromcrypto-assetstotheextentthatbothareinterconnected;,crypto-assetsmayhaveimplicationsforfinancialstabilityandinterferewiththefunctioningofpaymentsandmarketinfrastructures,[]showsthat,whiletheserisksarecurrentlycontainedand/ormanageablewithintheexistingregulatoryandoversightframeworks,linkswiththeregulatedfinanc’sresponsibilities,namelytodefineandimplementmonetarypolicyandtopromotethesmoothoperationofpaymentsystems,aswellastheEurosystem’stasksintheareasofbankingsupervisionandfinancialstability,,theanalysisconcludesthattheECBshouldcontinuemonitoringcrypto-assets,raiseawarene:i)provideanoverviewofrisksstemmingfromcrypto-assets,andii)identifythemainconnectionsthatmayfacilitatethetransmissionoftheseriskstothefinancialsystemandtheeconomy,:i)thelackofanunderlyingclaim,ii)their(partially)unregulatednature,andiii))Sincecrypto-assetshavenounderlyingclaim,suchastherighttoafuturecashflowortodischargeanypaymentobligation,,crypto-assetsmayexperienceextremepricemovements(volatilityrisk),,theeffectsmaybepassedontothecreditorsoftheholders(ifthepositionsinvolveleverage))Crypto-assets,asdefinedinthisarticle,canhardlyfulfilthecharacteristicsofpaymentandfinancialinstruments[]and,assuch,falloutsidethescopeofcurrentregulation.[]Giventhattheyareunregulated,theirholdersdonot,intheeventofbankruptcyorhackingofacrypto-assetserviceproviderthatcontrolsaccesstocustomers’holdingsofcrypto-assets(),theholdingswouldneitherbesubjecttopreventivemeasures()n,thereislimitedscopeforpublicauthoritiestoregulatecrypto-assets.[]Anysuchinterventionmaybefurthercomplicatedbythelackofgovernanceanddistributedarchitectureofcrypto-assets(seebelow),)AstheuseofDLTallowscrypto-assetstodispensewithanaccountableparty,therolesandresponsibilitiesforidentifying,mitigatingandmanagingtherisksborneinthecrypto-assetnetworkcannotbe(clearly),amongothers,heightenedmoneylaunderingandterroristfinancingrisks,totheextentthatthereisnocentraloversightbodyresponsibleformonitoringandidentifyingsuspicioustransactionpatterns,norcanlawenforcementagenciestargetonecentrallocationorentity(administrator)forinvestigativepurposesorassetseizure.[]Inviewofthelackofformalisedgovernance,itmayalsobedifficulttoaddressoperationalrisks,includingcybersecurityrisks,,inthebroadercrypto-assetecosystem,theprovisionofcertainservices(),,thisisnotalwayspossibleindecentralisedmodels,,i)holdingsofcrypto-assets,ii)investmentvehicles,andiii)retailpaymentsrepresentthemainlinkagesbetweenthecrypto-assetmarketonthe)Individualsandfinancialinstitutions,includingcreditinstitutions/investmentfirms,paymentinstitutionsande-moneyinstitutions,arenotprohibitedbyEUlawfromholdingorinvestingincrypto-assets.[]Crypto-assetscanbeaccessedbyanyonewithaninternetconnection,/assetsorloanscollateralisedwithcrypto-assets,,financialinstitutionscanprovideothercrypto-asset-relatedservices()thatmayresultinenhancingtheaccessibilityandfosteringtheuseofcrypto-assets,,amongotherthings,byfinancialinstitutions’)Derivativesandinvestmentvehiclesconnectinvestorswithth(ETPs)andcontractsfordifference(CFDs),ICOs–alargelyunregulatedwayforfirmstoraisecapitalbygeneratingnewcrypto-assetsinawaysimilartoinitialpublicofferings–havestartedtoraiseinterestamonginvestorssince2017,,though,thatthese“coins”mayvarysignificantlyintermsoftheircharacteristicsandfunctions:forinstance,theymayofferformsofinvestmentinacompanythatmaybelinkedtosecurities,ormerelygrantaccessto(future)products/,forourpurposes,thatthese“coins”maynotqualifyascrypto-assetsasdefinedinSection2,)Undercertaincircumstances,,internationalremittancesandbusiness-to-business(B2B)cross-borderpayments,tomicro-paymentsandmachine-to-machine(M2M)payments,[]andmaybedrivenbyDLT-drivenefficiencygainsast,whileholdersofcrypto-assetscantransfercrypto-assetunitswithoutanintermediarybyaccessingdirectlythedecentralisedcrypto-assetnetwork,userconveniencehasledtotheemergenceofserviceprovidersthatfacilitatetheuseofcrypto-assetsforpayments,,though,end-usersstillmakeand/orreceivepaymentsinnationalcurrency(ies)andarenotrequiredtoholdcrypto-assetbalances,whereastheroleofcrypto-assetsislimitedtoenablingaback-endchannelforthetransaction,particularlyincross-borderpayments.[]Newandexistingintermediariesprovidethe“gateway”functionsthatfacilitatetheinterconnectionsbetweencrypto-a,gatewayfunctionsdescribetheactivitiesthatenabletheinflowsandoutflowsofcrypto-assetsfromthecrypto-assetmarkettothefinancialsystemsandtheeconomy,/()orservices()areoutofscope,,inturn,relyonthe-assets[]’tradingactivityand,bydoingso,ldcrypto-assetsonbehalfoftheirclients,andexecutetradesontheirbooksasopposedtotheDLTnetwork(s).Somecentralisedplatformsmayprovidecustodyservicesbeyondwhatisneededtoexecute/settleatrade,inwhichcasetheyalsoactascustodianwalletproviders(seebelow)rypto-assetinvestorsbecauseofitsconvenienceandonthepremisetha(alsocalled“hotwallets”,entailingthestorageofkeysonadevicethatisconnectedtotheinternetthatallowstheinitialisationoftransactionsatanytime)oroffline(alsocalled“coldwallets”,entailingthestorageofkeyswithnoconnectiontotheinternetuntiltheuserneedstoauthoriseatransaction).,ontheotherhand,arelessconvenienttousefrequentlybutareprotectedfromha,thecustodiandirectlyholdsayhaveimplicationsforthestabilityofthefinancialsystem,monetarypolicyandthesafetyandefficiencyofpaymentsandmarketinfrastructures:[]4Currentissuesinmeasuringthecrypto-assetphenomenonToproperlyassesscrypto-assetrisksandtheirpotentialimpactonthefinancialsystemandtheeconomy,itisnecessarytocomplementthequalitativeanalysisonthelinkagesdescribed(seeSection3),thepublicnatureofcrypto-assetDLTnetworksgenerallyensurestransparency,,thedecentralisedand(partially)unregulatednatureofcrypto-assetactivitiesmakesitdifficulttoobtainspecificdata(),publicwebsitesthatt,availabledataoncrypto-assetsareneithercompletenorfullyreliableforthepurposesofmoni,theyonlyalanalysis,providingconcreteexamples,yavailableaggregateddataalreadyprovidesometoolsformeasuringc,subjecttopassingqualitychecksandbeingcomplementedwithotherdatafromcommercialsources,providedthebasisofacrypto-asset(APIs)[]andbigdatatechnologies,ithasbeenpossibletocreateanautomatedsetofproceduresforcollecting,handlingandintegratiersconsideringavailabledocumentation,,coupledwithapplieddataqualitycontrolmeasures,enabledthdtheharmonisationofinformation.[]Crypto-assetindicatorstailoredtothismonitoringexercisehavebeengroupedinfourcategoriescoveringi)markets,ii)gatekeepers,iii)linkages,andiv))Marketindicatorscoverpricingandtradinginformation,-assetsfromapoolofover2,000assetscurrentlytradedandconstructingindicatorsonprices,tradedvol,itincludesindicatorsfocusingontradingvis-à-,theindicatorsofferadetailedoverviewofbitcoinfuturescontractstradedontheinstitutionalisedexchangesoftheChicagoMercantileExchange(CME)andtheChicagoBoardOptionsExchange(CBOE).ii)Theindicatorsongatekeeperscovertradingplatformsandwallets,lectedplatformorasetofplatformsgroupedaccordingtotheircountryofincorporation,feesoption,,,informationontheclassificationofwalletsbytype,ssupportingcrypto-assets,whicharethosethatenable,,)Animportantcategoryofindicatorsaimstocovertotheextentpossiblethelinkagesofthecrypto-estocrypto-assetsandindicatorsbasedonstatisticsonholdingsofsecurities[].iv)ThefinalpartconcernstheindicatorsforICOs,,,,therearestillimportantgapsinthedata,particularlyrelatingtocertaininterlinkagesandtopaymenttransactions,includingtheuseoflayeredprotocols().First,amajordatagapexistswithrespecttotheinterlinkageswiththerealandfinancialsectors,includingtheamountofbanks’orfinancialcorporations’directholdingsofcrypto-ass,salesofmerchantsacceptingcrypt,ananalysisoftheinformationontransactionsusinglayeredprotocolsisrequiredtocaptur,bydefinition,aconstantlyevolvingproduct,asithastokeepupwithchangingmonitoringneeds,reflectingrapidchangesinthemarket,whileremainsets,,thefirststepinthedataprocessingcyclehasbeencompleted,pavingthewayforthenextstepscoveringfurtherworkonindicatorsanddata,datafromtradingplatforms,blockchainsandofficialdatacollectionsandstatisticsonthecrypto-assetmarket,consistentwiththemoni,off-chainandlayeredprotocoltransactionsToassesstheavailabilityandreliabilityofdataoncrypto-assets,itisimportanttodifferentiatebetween“on-chain”and“off-chain”,forinstanceinthecaseoftradingplatforms,orinaprivatenetworkofusersthatusethedistributedledgerofacrypto-asliclyavailable,cialaccountssystems,whereanamountofanassetistransferredbyreducingthesender’saccountbythatpreciseamountandbycreditingittothereceiver’sactions:whenauserreceivesaquantityofcrypto-assets,thoseunitsarenotdivisibleandhavetobesentalltogetherinafuturetransaction.[]Therefore,asenderneedstospecifywhatpartofthecrypto-assetunitsjointlyobtainedinaprevioustransactionshouldbetransferredtothereceiver(s)andwhatpartshouldcomebackas“change”.Identifyingthevalueofacrypto-assettransactionandwhetherdifferentcrypto-assetwalletsbelongtothesameindividual(orinstitution),noriginatedorberoutedtoanotherwalletcontrolledbythesender.[]Anumberofinitiativesarebeingdevelopedbythecommunityofcrypto-theircrypto-assettransactions.[]On-chaindatarecordedonthedistributedledgerofacrypto-assetcanrefertotransactionsinotherassets,whi“native”crypto-asset,,thistextcancontaintheconfirmationthatotherassetshavebeentransferredusingadistinctprotocol.[]Sinceasuperficialanalysisoftheon-chaintransactionwouldonlydiscloseanegligibletransactioninthenativecrypto-asset,oneneedstointerpretthetransactionknowingthedetailsofthelayeredprotocolinordertoconcnstructingandsupplyingtheveryrudimen,theaggregatedpriceinformationofacrypto-assetisdetermined,amongotherthings,bytheselectionoftradingplatforms,theunderlyingtradingvolumes,conventionsconcerningthe24-hourclose-of-businesstime,factorstoaddresslowliquiditylevels,failuresoftradingplatforms,,pricingofcrypto-assetsisverydisperse.[]Pricinginformationfeedsfurtherintothecalculationofthemarketcapitalisationindicator,together,thevalidationofnewtransactionshastobecostlytopreservetheintegrityofthesystemandrelativelyslowtoallowsufficienttimeforalluserstoagreeonthelatestvalidsetoftransactionsbeforeanewoneisvalidated.“Channels”havebeenintroducedasasolutionforclustersofuserstosettletransactionsfasteramongthemselvesand,asinnetdeferredsettlementtypicalofsomemarketinfrastructures,onlyusetheunrestricteddistributedledgerforthe“ultimate”setsiscoveredbyregulation,asshouldbethecasewithcrypto-assettradingplatforms,“decentralised”,,tradesagreedondecentralisedtradingplatformstypicallyinvolvethemutualtransferoftwoassets,whicharesettledastwoindividualsandther,thosewithzero-feeortransaction-feeminingfeaturesmightbe,tradersareabletotradefreelywithoutfees,regardlessofhowmanytradestheymake,,tradingplatformswithatransaction-feemiokeningandbuyingthesameassettocreatemisleadingandartificialmarketactivity,,unusualpricespikesanderratictradingbehaviourintheround-the-,thecrypto-assetmarketoperates24hoursperday,withnostandardised“closeofbusiness”,,inlinewiththeirpreferredtimeframeconvention,,dataprovidersadjustthecontributionsofthepricesachievedonthendariesorotherexclusioncriteriabasedonbenchmarkssupportedby,forexample,lsotheladbytechnicalissuesrelatedtothesubstantialrisksofcyberattack,fraudandhacking.[]Incyberattacks,suchasdenial-of-serviceattacks,theperpetratorsseektomakeamachineornetworkresourceunavailabletoitsingplatforms,especiallythosewithunsuitabletechnologicalinfr,cybercrimeandothercriminalactivitieshaveaffectedanestimated6%ofthetotalsupplyofbitcoinanddonotinc,typicalissuesthatdataaggregatorsorexchangesexperiencetaketheformofserviceoutages,sationthepriceofacrypto-assethastobecomplementedwithinformationontheaggregatesupply,,fourmainmeasuresofsupplycanbedistinguished:i)circulatingsupply,ii)totalsupply,iii)maximumsupply,andiv)variationsofinflation-adjustedsupply,whichtakeintoaccountfuturesupplywithinaspecifictimehorizon(usuallyfiveyears).Circulatingsupplyisthebestapproximationoftheunitsofacrypto-asse,totalsupplyincludesthoseunitsthatarelocked,reservedorcannotbesolleverexistinth,anadditionalsupplyscheduled,forexample,,forsomecrypto-assets,maximumsupplydoesnotexist,ormationprovidedbyreliablesources,suchasinstitutionalisedexchangestradingbitcoinfuturesorETPs,maynotbefullycomparableduetodifferen,suchasBitMEXandBitflyerFX,aswellasontheinstitutionalisedexchanges,ocontractunits,pricelimits,marginratesandticksizes,therebyrenderingthepricesquotedbythetwoexchangesnotstrictlycomparable.[]Furtherdifferencesstemfromdifferentsettlementbasesandunderlyingcut-offtimes.[]ETPstradedontheinstitutionalisedexchanges,forinstancetheSIXSwissExchange[]orNasdaqNordic[]inEurope,offerexposurestobitcoinandEthereumandarepricedbasedonvarioussources.[]Aggregatedindicatorsoncrypto-assetsAwide[]ornon-commercialwebsites,whichsupplycrypto-asset-relatedinformation,fundsinvestingincrypto-assets,[]orresearchgroups[]andacademics.[]Forsuchindicators,themostimportantmethodologicalchoicesincludethecoverageofcrypto-assetsandpricingsources,,,reliabilityandfulfilmentofvariousselectioncriteria,,,typicallyonamonthlyfrequency,,twoaspectsforfutureworkemergefrom,giventhemanymethodologicaloptions,furtheranalysisshouldfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingmetadata,etmarketdevelopmentsWhileoneofthebasicindicatorsofthesizeofthecrypto-assetmarketthatisoftenusedisthegrowingnumberofcrypto-assetscreatedovertime,,around35%havebeenrecentlytradedontradingplatforms(seeChart1)and5%()recoveredfromlowsofaround1,300attheturnof2018and2019toreachjustover2,,456crypto-assetstradedonadailybasis,,around700crypto-assetshavebeentradedeverydaysincethebeginningof2019,,recentnumberspointtomorethan5,100pairstradedonadailybasis,upfromthe3,,1,603pairshavebeentraded,(April2019;thousands)Sources:,marketcapitalisation,isusedforgaugingthesizeofthecrypto-assetmarket,thesizevariesby20%,dependingonwhethertheci(estimatedatUSD165billion)hasreturnedto2017levels,havingpeakedattheendof2018,stronglymirroringdevelopmentsinthepricingofcrypto-assetsasmeasured,forexample,bytheCRIXindex[](seeChart2).Three-quartersofthetotalmarketcapitalisationisaccountedforbyfivecrypto-assets,whichalsomakeuphalfofthetotalcirculatingsupplyofcrypto-assets(seeChart3).Marketcapitalisationofbitcoinaloneconstitutes50%ofthetotal,whileitstotalcirculatingsupisationwouldmeana20%increaseintheindicatorvalue,,(April2019)Sources:Cryptocompare,CRIX,:,marketcapitalisationandcirculatingsupplyofselectedcrypto-assets(April2019;USD)Sources:Cryptocompare,hapedbytheaggregatepricesofeachofthefiveaforementionedcrypto-assets,whichonalatforms,aswellastransactionprocessingtimesandpotentialpricemovementsbetweentransactions,thepriceheterogeneityforcrypto-assetsissignificant(seeChart4).Thenormalisedinterquartilerangesofthepricesoffivemajorcrypto-assetstradedversustheUSdollarpickedupinApril2019,althoughtheydidnotreachend-2018levelsofaround5%and9%(thelatterforbitcoincash).Thedispersionofthepricesofeachofthesecrypto-assetsacrosstradingplatformshavedecreasedin2019,(April2019)Sources::Theinterquartilerangesofpricesofcrypto-assetsacrosstradingplatformsarenorà-visfiatcurrenciesonthecrypto-assetplatformshasremainedbuoyant,albeitatlowerlevelshistorically,,itisimportanttomonitorthevol%ofalltradesvis-à-visfiatcurrencies,comparedwithanincreasingshareofupto81%à-,byandlarge,,activityondecentralisedtradingplatformsseemstobepickingupbutstillaccountsforlessthan1%,tradesonplatformslocatedinEuropeamountedto24%ofalltrading,withthehighesttradingvolumesrecordedonplatformsinMaltaandtheUnitedKingdom,whiletradesonplatformsnotattributedtoacountryaccountedfor30%,someanalyses[]pà-visUSD,euroandotherfiatcurrencies(April2019)Sources:,tradingactivityofbitcoinfuturesandETPswithunderlyingcrypto-assetspeakedinApril2019;however,CBOEsuspendedtradingofbitcoinfutures,,though,ontheCMEexchangeinApril2019,followingtheCBOEannouncementofthesuspensionoftheupcomingfuturecontracts,citingimprovementsintheapproachtowardscrypto-currencyderivativesasareason(seeChart6).TurningtotradingactivityforETPsonEuropeanexchanges,asmeasuredbythenumberoftrades,whileactivityisbuoyantontheNasdaqNordic,reachingmorethan17,000tradesinApril,tradingontheSIXSwissExchangeisweak(seeChart7).Chart6Tradingvolumesandopeninterestofbitcoinfutures(April2019)Sources::Tradingvolumes(April2019;numberoftrades)Sources:iceswithsettlementincrypto-assets,someindi,anincreaseintheoptionsofcardswithcrypto-assetfeatures,newwalletswithexpandedcoverageofcryp,withthelargestnumbersintheUnitedStatesandCanada(2,643and625respectively).ThenumberofsimilarATMsinEuropeisapproaching1,000,whichconstitutesa20%shareoftheseATMsworldwide,,thereareafewnewoptionsofcardsinEuropethatcanbeloadedwithmajorcrypto-assets,,,themajorityaretargetingthemajorcrypto-assetsandarebecomingmoremulti-asset-oriented,,userscontroltheirprivatekeysasop-assetsasaformofpayment,[],purchasetransactionsofgoodsorserviceswit,butitonlygivesapartialviewoftotalcrypto-,nd,from4,000to38,,transactionsonthelitecoinblockchainremainedratherstableataround25,ththetradingvaluesontradingplatforms,theon-chaintransactionsaccountforasmallfractionofthevalueofoff-chaintransactions(seeChart8).Chart8On-chaintransactionsforselectedcrypto-assets(April2019;leftpanel:millions/day;rightpanel:percentages)Sources:Bitinfocharts,,selectedindicatorsshowthatthecrypto-assetmarketisresilient,butanalysisshouldbeinterpretedwithcautiononaccountofuncertaintiesrelatedespeciallytosignificantpricedispersion,,followingapeakattheendof2018,inthecrypto-assetmarketahighnumberofcrypto-assetscontinuetobetradedeverydayonthetrad,pricedispersionofcrypto-assetsacrosstradingplatformsissubstantial,,thelacsticalissuesrelatedtocrypto-assets,alsowithinthebroadertopicoffintech,havebeenfollowedbythecentralbankcommunity,forexampletheIrvingFisherCommittee(IFC)onCentralBankingStatistics.[]Specifically,theIFChassetupaworkinggrouponfintechdataissues[]whoseobjectiveis’,itistotakestockofexistingdatasourcesandassesscentralbanks’additionalinformationneeds,w,itistoinvestigatekeydatagaps,togetherwiththecostsandbenefitsofinitiativestoaddressthem,,thestatisticscommunity[]hasstartedtoinvestigatethestatisticalclassificationofcrypto-assetsintheSystemofNationalAccounts(SNA),whichmayhavesignificantimplicationsonthemeasurementofGDPandotherkeyindi,suchasGDPanditscomponentsandderivedindicators,whichprovideinsight,forexample,theSNAmaysignificantlyimpactkeyindicators,includingtheGDPforsomecountries,dependingonthemethodchosen.[]Complexityinthestatisticalclassificationofcrypto-assetsderivesfromtheverycharacteristicofcrypto-assetsnotrepresentingafinancialclaimon,oraliabilityof,ththegeneralnationalaccountsguidanceforincome,valuegeneration,assetcreationandaccumulationwouldprovidefu(ESCB),theECBhasestablishedaninformalnetworkoncryp,aninformalnetworkofrepresentativesfromtheESCBwascreatendicators,investigationintonewsourcesforanalysis,thenetworkplanstoreflectalsoontheissuesrn,centralbankscanprovideinputwithrespecttot,centralbankscouldcontributetoclosingdatagapsviainitiativestowardsincreasedavailabilityandtransparencyofdata,indicatorsandmethodologies,bestpractices,iencyofthefinancialsystemandtheeconomy,andalsoforthefulfilmentoftheEurosystem’sfunctions,,theECBhassetupadatasetbasedonhigh-qualitypubliclyavailableaggregateddatacomplementedwitho,importantgapsandchallengesremain:exposuresoffinancialinstitutionstocrypto-assets,interlinkageswiththeregulatedfinancialsectorsandpaymenttransactionsthatincludetheus,itishardtoretrievepublicdataonsegmentsofthecrypto-assetmarketthatremainofftheradarofpublicauthorities;somerelativelyilliquidtradingplatformsmaybeaffectedbywashtrading;andthereisnoconsistencyinthemethodologyandconven,newandunexpecteddataneedsmaywellxpectedtoprovideavaluableinp,theECBwillcontinuetoworkonindicatorsanddatabydealingwiththecomplexityandgrowingchallen,investigationwillcontinueregardi,amidamultitudeofmethodologicaloptions,furtherworkwillfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingthemetadataanddevelopingbestpracticesforindicatorsoncrypto-assets.[1]In2018theECBestablishedtheInternalCrypto-AssetsTaskForce(ICA-TF),’sanalysis,see,OccasionalPaperSeries,No223,ECB,FrankfurtamMain,May2019.[2]Inthisarticletheterm“asset”[3]See,ibid.[4]See,ibid.[5]Inits“”(January2019),theEuropeanBankingAuthority(EBA)statesthat,toqualifyase-money,assetsmustsatisfythedefinitionofelectronicmoneyassetoutinthesecondElectronicMoneyDirective().Inparticular,theassetsmustrepresentaclaimontheissuer(therebyexcludingcrypto-assetsasdefinedinthisarticle).Inparallel,theEuropeanSecuritiesandMarketsAuthority(ESMA)considersthatassetslikebitcoinareunlikelytoqualifyasfinancialinstruments(seeESMA’s“”,paragraph80,January2019).[6]Withtheexceptionofanti-moneylaunderingandcounteringthefinancingofterrorism(AML/CFT)requirementsunderthefifthEUanti-moneylaunderingdirective,Directive(EU)2018/843oftheEuropeanParliamentandoftheCouncilof30May2018amendingDirective(EU)2015/849onthepreventionoftheuseofthefinancialsystemforthepurposesofmoneylaunderingorterroristfinancing,andamendingDirectives2009/138/ECand2013/36/EU(OJL156,,).[7]FollowingtheEBA’sandESMA’sadvice(seefootnote5),theEuropeanCommission’sVice-PresidentDombrovskisannouncedinhisinBucharest,Romania,thattheCommissionhadinitiatedafeasibilitystudyonapossiblecommonregulatoryapproachattheEUlevel.[8]See“”,FinancialActionTaskForce,,theFinancialActionTaskForceupdatedtheInternationalStandardstoclarifytheirapplicationtovirtualassetsandvirtualassetserviceprovidersbyamendingRecommendation15,“NewTechnologies”,andbyaddingtwonewdefinitionstotheFATFGlossary.[9]See“”,ibid.[10]See“”,CambridgeCentreforAlternativeFinance,2019.[11]The“”bytheCambridgeCentreforAlternativeFinance(2017)reportedthat86%ofparticipatingpaymentcompanieswereusingbitcoinastheirprimary“paymentrail”forcross-bordertransactions.[12]See“2ndGlobalCryptoassetBenchmarkingStudy”,ibid.[13]Foranassessmentoftheseimplications,see“”,,crypto-assetsmayhavebroaderriskimplications–forexample,theymayweakenfinancialsystemintegrityandlendthemselvestomoneylaunderingandthefinancingofterrorism–andraiseconsumer/’sanalysis.[14]See“”,BaselCommitteeonBankingSupervision,13March2019.[15]See“”,ibid.[16]In,ibid,“Potentialimplicationsformonetarypolicy”.[17]Inparticular,crypto-assetsarenotonthelistofcentralcounterparties’eligiblecollateraloftheCommissionDelegatedRegulation(EU)2016/2251of4October2016supplementingRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilonOTCderivatives,centralcounterpartiesandtraderepositorieswithregardtoregulatorytechnicalstandardsforrisk-mitigationtechniquesforOTCderivativecontractsnotclearedbyacentralcounterparty(C/2016/6329)(OJL340,,–46).Similarly,permittedcentralcounterparties’investmentsdonotcontemplatecrypto-assetsunderRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilof4July2012onOTCderivatives,centralcounterpartiesandtraderepositories(OJL201,,–59).In“”,“Riskstofinancialmarketinfrastructures”.[18]APIsenableuserstoaccessdataproviders’databasesbymeansofanautomatedsetofqueriesprovidedviaHypertextTransferProtocol(HTTP–theprotocolunderlyinginternetwebsites)andreturndata.[19]Forexample,thecalculationofthemarketcapitalisationrequiredtocross-mapandharmoniseidentifiersandnamingconventionsforcrypto-assetsasdatafromdifferentprovidersneededtobeintegratedino,asitrequiredsyntheticexchangeratestobecalculatedforallcrypto-assetscoveredinthedataset.[20]SeeontheECB’swebsiteformoreinformation.[21]Theseindivisibleunitsaresometimescalled“unspenttransactionoutputs”(UTXOs).[22]Understandingwhichpartoftheoutputsofatransactionisthei,S.,Parashkevov,I.,Sarukkai,,J.,“”,WorkingPaper,No3469,StanfordGraduateSchoolofBusiness,August2016.[23]Seeandinitiatives.[24]Thesameapproachcouldbeusedtorecordandtransfereithertraditionalassetsorcrypto-assets.[25]SeeMakarov,,A.,“”,May2018.[26],N.,“”,in:Sadeghi,(ed.)FinancialCryptographyandDataSecurity,LectureNotesinComputerScience,,Springer,Berlin,Heidelberg,,averagetransactionvolumeisnegativelycorrelatedwiththeprobabilitythatatradingplatformwillcloseprematurely.[27]Forexample,forbitcoinfuturestradedatthecontractunitsandsettlementdatearefivebitcoinandmid-month,comparedwithonebitcoinandend-monthinthecaseof.[28]ContractstradedontheCMEaresettledbasedontheBitcoinReferenceRate(BRR)index,whichaggregatesbitcointradingactivityacrossarepresentativesampleofbitcoinexchangesbetween15:00and16:miniexchangeat16:00GMTonthefinalsettlementdate.[29]FormoreinformationontheETPstraded,see.[30]See.[31]Forexample,,issuerofcrypto-assettrackers,followspricingonspecifiedplatforms,,Kraken,Bitstamp,Bitfinex,ItBit,GeminiandGDAXforbitcoin,andPoloniex,Kraken,Bitfinex,GDAXandGeminiforEthereum,whichalsofulfilseveralselectioncriteria((i)topublish,onacontinuousandregularbasis,bid-askspreadsandthelastpriceinUSD;(ii)nottobedeclaredunlawful;(iii)torepresentatleast5%ofthetotal30-daycumulativevolumeforalltheplatforms;and(iv)tosettlefiatcurrencyandtransferswithinsevenandtwolocalbusinessdaysrespectively).[32]See,forexample,or(CCCAGG).[33]See,forexample,.[34]See,forexample,.[35]Forexample,,IndexforCryptocurrencies,SimonTrimborn,WolfgangKarlHrdle,JournalofEmpiricalFinance,Volume49,December2018,[36]CRIX,IndexforCryptocurrencies,ibid.[37]See,forexample,.[38]“”,WorkingPaper,No585,DeNederlandscheBank,2018.[39]Formoreinformationseethe.[40]See“”,IrvingFisherCommitteeonCentralBankStatistics,BankforInternationalSettlements,March2019.[41]Forexample,withintheExpertGrouponNationalAccountsoftheUnitedNationsStatisticalCommission.[42]See,forexample,“”,OECD,2018and“”,IMF,2018.

山上情事冒险岛单机版v117下载 中文版

山上情事谁在撤离陆家嘴? 有联合办公品牌一次性退租5500平,]Atthesametime,theEuropeanSystemofFinancialSupervisionwasintroduced,aime(EBA),whichprovidesharmonisedprudentialrulesforfinancialinstitutionsintheEU,theEuropeanInsuranceandOccupatio,theEuropeanSystemicRiskBoard(ESRB)bringstheseinstitutionstogetherwiththenationalsupervisoryauthoritiesandcentralbankstosharetheirassessmentsonthefinan,theECBistheEuropeanbankingsupervisorandcloselycooperateswiththethreeEuropeanSupervisoryAuthorities,,theSingleResolutionBoardensurestheirorderlyresolutionwithaslittleimpactaspossibleontherealeconomyandpublicf,theEurogroupagreedtoequiptheSingleResolutionFundwithabackstopfinancedbytheESMtofurtherstrengthentheEuropeanfinancialarchitecture.[]Lookingbeyondmicroprudentialsupervision,wehavebuiltupthemacroprudentialpolicytoolkitoverthepasttenyears,toolstomitigaterisk-takingandenhancetheresilienceofthefinancialsystem,,Iwilldiscussthefinancialstabilitychallengesfacingtheeuroareaandwillfocusontherelevanceofcountercyclicalmacroprudentialpolicytosafeguardingfinancialstabilityandsupportingprudentlending,bybanksandnon-banks,,,insurancecompaniesanaryUnionTheeuroarea’songoingeconomicrecover,vulnerabilitiesinemergingmarketsandgeopoliticalfactors,includingthoserelatedtoBrexit,maketheeconomicenvironmentmorechallenging.[]Inthisenvironment,theECB’saccommodativemonetarypolicyisnecessaryforinflationtoremainonasustainedpathtowardslevelsthatarebelow,butcloseto,2%overthemediumterm.[]Atthesametime,theenvi,%%bytheendoflastyear(intermsofcommonequitytier1).Thisincreasehasbeenfacilitatedbythegeneralrecovery,supportedbytheECB’saccommodativemonetarypolicy,andisareactiontoi,mac’icrecovery,i,itcanrestrainlendingtoexcessivelyriskyborrowersorcreatsupervisionThismoretargetedapplicationofmacroprudentialpol,inturn,c,theSSMRegulationprovidesthatnationalauthoritie’sGoverningCouncilmayobjecttothesemeasuresand,ifdeemednecessary,sethighermacroprudentialrequirementsthanthosesetbynationalauthorities,commonlyknownas“top-up”.[]The“top-up”,nationalauthoritiesbeingresponsibleforaddressingfinancidentialtoolkittofulfiltheirmandates,thescopefortheECBtosethigherrequirementsismorefocussedtoaddressrisksfromcross-,macroprudentialpolicyauthorities,representedbynationalcentralbanksandsupervisors,cometogetherattheECB’sFinancialStabilityCommittee(FSC).TheFSCservesasthecentralplatformofexchangeatthetechnicallevelforauthoritiestosageandquality,assessingsystemicrisk,borrower-basedmeasuressuchasloan-to-value,loan-to-incomeordebtservice-to-in,becauseoftheireffectiveness,13countrieshavealreadyimple,someeuroareacountriesdonothavethefulllegislationinplacetodeployallborrower-basedmeasures.[]Andeveniftheydo,theinstitutionthatdecidesonborrower-bas,somemacroprudentialauthoritiesustaterisks,BelgiumandFinlandhaveincreasedtheriskweightsonbanks’mortgageexposures.[]Thesemeasuresfocusonbanks’re,nationalauthoritieshaveincreasedthecombinedbufferrequirements,whichincludefivedifferentbuffertypes.[]First,%isappliedtoallbankstomaintaincapitalinthebankingsystem.[]Second,tomitigatethe“too-big-to-fail”problem,thebufferforglobalsystemicallyimportantinstitutionsiscurrentlyapplied,intherangeof1-2%,toeightgloballyimportantbanksinFrance,Germany,Italy,,buffersofupto2%havebeenappliedtomorethan100other(ordomestic),fourcountriesareaddressingstructuralrisksbyapplyingthesystemicriskbuffereithertoindividualinstitutions,inthecaseofAustria,theNetherlandsandSlovakia,(CCyB).Itiscentraltoacountercyclicalmacroprud,,theCCyBcanbereleasedtogivebanksthenecessarycapitalspacetosupportlendingtotherealeconomy.[]Sofar,seveneuroareacount%.[]TheECB’sviewisthatbanks’,thecurrentbuffercalibrat,wearethereforeconti,weverymuchwelcomelastmonth’spublicationofthenewCapitalRequirementsDirective(CRDV)andCapitalRequirementsRegulation(CRRII)tostrengthenthemacroprudentialtoolkit.[]Roleofthenon-bankfinancialsectorandmacroprudentialpolicyDespitethemanyachievementsintheregulatoryreformprocesssincethecrisis,,there,,,wo,totalassetsheldbynon-bankshavealmostdoubledoverthelasttenyears,growingfrom23trillionin2008to,non-bankscurrentlyaccountforaround55%oftheeuroareafinancialsector.[]Thefastgrowthofnon-ba,non-banksaccountedfor14%oftheeuroareafinancialsector’sloanstonon-financialcorporations,,non-banksprovideasteadynetflowoffinanci,euroareanon-financialcorporationsobtainedonly10%oftheircreditbyissuingdebtsecurities,whilethisshareincreasedtomorethan50%,thenon-b,however,,non-banksh,moretha,ataround40%,blternative,infrastructureandprivateequityfunds,%oftotalinvestmentandisexpectedtorisefurther.[]Assomeoftheseassetsarehighlyilliquid,theportfolioshifttowardstheseassetsmayalsoincreaseinsurers’,wherethecreditriskonnon-banks’,liquidityriskisparticularlyanissueforsomebondandequityfundsthatinvestinlessliquidassets,,so-called“runrisks”.Somerecentcaseswereareminderthatinvestorsinlessliquidfundsmightindeedruniftheyfeardeteriorationinassetqualityorliquidity.[]Whilerecentinstanceshappenedinagenerallystablemarketenvironmentanddidnothavesystemicrepercussions,liquidityproblemsmighthavebeenlargerina,theliquiditymismatchesobservedinbondandequityfundscallforgreaterscrutinyofmarketpracticesandapossiblereviewoftheregulatoryframeworktoensurethesector’,throughincreasedrisk-takingandleverage,non-banksmaycurrentlybecontributingto,thiscouldleadtofundingflowsd,distressinthenon-banksectorcouldspreadtothebankingsectoraswell,,euroarean,fromaregulatoryperspective,,nkfinancialsector,inordeedandprovidesauthoritieswithtoolstoaddresscyclicalandstructuralsystemicrisks,theframe,wearelookinglessattherisk-bearingcapacityoftheindividualinstitution’sbalancesheetandmoreatthepotentialforcontagionandshockamplific,leverage,essthekeyfragilitiesandexternalitiesstemmingfromthenon-banksector,andprovidetheappropriatefinancialinte,itwouldtherebyh,theECBcontinuestosupportthefurtherdevelopmentanddeepeningofEUcapitalmarketsthroughthecapitalmarketsunion(CMU),’sdeparturefromtheEU’sSingleMarketwill,byitsverynature,affecttheshapeofEurope’,particularlygiventhesubstastantialrelocationofactivitytoanumberofdifferenteuroareacountries,hanonedominantcentreinLondon,itwillbemoreimptsbyaddr,wehaveseenmorerobustsupervisionoffilinstrumentsbyprovidingadequatemacroprudentia,weurgentlyneedtodevelopand,whereappropriate,,wemustalsopursuetheambitiousplanslaayoffinancialinstitutionsandmarketsthatmakeupthefinancialsystem.[1]SeethehistoryoftheconstructionoftheESMin:EuropeanStabilityMechanism(2019),.[2]KlausReglingatpressconferenceafterEurogroupmeeting,Luxembourg,14June2019:[3]Foradditionaldetailsontherisks,seeECB(2019),,May.[4]SeeDraghi,M.(2019),“”,speechattheECBForumonCentralBanking,Sintra,18June.[5]SeeamendingDecisionECB/2004/2adoptingtheRulesofProcedureoftheEuropeanCentralBank(ECB/2014/1).[6]InDecember2016,theECB’sGoverningCouncilissuedacallingfortheimplementationoflegislativeframeworksforborrower-basedmeasuresinalleuroareacountries.[7]OnthebasisofArticle458oftheCRR,sets,Finlandhasimplementedariskweightfloorof15%ondomesticrealestateexposures,andLuxembourghasrecommendeda15%flooronthesameexposure.[8]Foradetailedoverviewofmacroprudentialmeasures,seetheECB’s(updatedquarterly).[9]TheCCoBisbasedonArticle129and160CRDIV,,O-SII,Systemicriskbufferandcountercyclicalcapitalbufferpertain.[10]SeeDarracq-Pariès,M.,Fahr,,C.(2019),“”,FinancialStabilityReview,ECB,May.[11]Asof30June2019,sevencountrieshaveannouncedthefollowingrates:Belgium(%),France(%),Germany(%),Ireland(%),Lithuania(%),Luxembourg(%)andSlovakia(%).Bufferrequirementsareimplementedwitha12-monthlag.[12]Seeasregardstheleverageratio,thenetstablefundingratio,requirementsforownfundsandeligibleliabilities,counterpartycreditrisk,marketrisk,exposurestocentralcounterparties,exposurestocollectiveinvestmentundertakings,largeexposures,reportanddisclosurerequirements,andRegulation(EU/648/2012)(CRRII).[13]Excludingcentralbanks.[14]SeeFacheRousová,LandGiuzio,M.(2019),“Insurers’investmentinalternativeassets”,box9ofFinancialStabilityReview,ECB,May.[15]Forinstance,NeilWoodford’sEquityIncomeFund,anequityUCITSfundwhichinvestsinsupposedlyliquidassets,,followingconcernsoverassetilliquidity,outflowsacceleratedfrombondfundsmanagedbyNatixis-ownedassetmanagerH2OaffectingNatixis’stockprice.,]Atthesametime,theEuropeanSystemofFinancialSupervisionwasintroduced,aime(EBA),whichprovidesharmonisedprudentialrulesforfinancialinstitutionsintheEU,theEuropeanInsuranceandOccupatio,theEuropeanSystemicRiskBoard(ESRB)bringstheseinstitutionstogetherwiththenationalsupervisoryauthoritiesandcentralbankstosharetheirassessmentsonthefinan,theECBistheEuropeanbankingsupervisorandcloselycooperateswiththethreeEuropeanSupervisoryAuthorities,,theSingleResolutionBoardensurestheirorderlyresolutionwithaslittleimpactaspossibleontherealeconomyandpublicf,theEurogroupagreedtoequiptheSingleResolutionFundwithabackstopfinancedbytheESMtofurtherstrengthentheEuropeanfinancialarchitecture.[]Lookingbeyondmicroprudentialsupervision,wehavebuiltupthemacroprudentialpolicytoolkitoverthepasttenyears,toolstomitigaterisk-takingandenhancetheresilienceofthefinancialsystem,,Iwilldiscussthefinancialstabilitychallengesfacingtheeuroareaandwillfocusontherelevanceofcountercyclicalmacroprudentialpolicytosafeguardingfinancialstabilityandsupportingprudentlending,bybanksandnon-banks,,,insurancecompaniesanaryUnionTheeuroarea’songoingeconomicrecover,vulnerabilitiesinemergingmarketsandgeopoliticalfactors,includingthoserelatedtoBrexit,maketheeconomicenvironmentmorechallenging.[]Inthisenvironment,theECB’saccommodativemonetarypolicyisnecessaryforinflationtoremainonasustainedpathtowardslevelsthatarebelow,butcloseto,2%overthemediumterm.[]Atthesametime,theenvi,%%bytheendoflastyear(intermsofcommonequitytier1).Thisincreasehasbeenfacilitatedbythegeneralrecovery,supportedbytheECB’saccommodativemonetarypolicy,andisareactiontoi,mac’icrecovery,i,itcanrestrainlendingtoexcessivelyriskyborrowersorcreatsupervisionThismoretargetedapplicationofmacroprudentialpol,inturn,c,theSSMRegulationprovidesthatnationalauthoritie’sGoverningCouncilmayobjecttothesemeasuresand,ifdeemednecessary,sethighermacroprudentialrequirementsthanthosesetbynationalauthorities,commonlyknownas“top-up”.[]The“top-up”,nationalauthoritiesbeingresponsibleforaddressingfinancidentialtoolkittofulfiltheirmandates,thescopefortheECBtosethigherrequirementsismorefocussedtoaddressrisksfromcross-,macroprudentialpolicyauthorities,representedbynationalcentralbanksandsupervisors,cometogetherattheECB’sFinancialStabilityCommittee(FSC).TheFSCservesasthecentralplatformofexchangeatthetechnicallevelforauthoritiestosageandquality,assessingsystemicrisk,borrower-basedmeasuressuchasloan-to-value,loan-to-incomeordebtservice-to-in,becauseoftheireffectiveness,13countrieshavealreadyimple,someeuroareacountriesdonothavethefulllegislationinplacetodeployallborrower-basedmeasures.[]Andeveniftheydo,theinstitutionthatdecidesonborrower-bas,somemacroprudentialauthoritiesustaterisks,BelgiumandFinlandhaveincreasedtheriskweightsonbanks’mortgageexposures.[]Thesemeasuresfocusonbanks’re,nationalauthoritieshaveincreasedthecombinedbufferrequirements,whichincludefivedifferentbuffertypes.[]First,%isappliedtoallbankstomaintaincapitalinthebankingsystem.[]Second,tomitigatethe“too-big-to-fail”problem,thebufferforglobalsystemicallyimportantinstitutionsiscurrentlyapplied,intherangeof1-2%,toeightgloballyimportantbanksinFrance,Germany,Italy,,buffersofupto2%havebeenappliedtomorethan100other(ordomestic),fourcountriesareaddressingstructuralrisksbyapplyingthesystemicriskbuffereithertoindividualinstitutions,inthecaseofAustria,theNetherlandsandSlovakia,(CCyB).Itiscentraltoacountercyclicalmacroprud,,theCCyBcanbereleasedtogivebanksthenecessarycapitalspacetosupportlendingtotherealeconomy.[]Sofar,seveneuroareacount%.[]TheECB’sviewisthatbanks’,thecurrentbuffercalibrat,wearethereforeconti,weverymuchwelcomelastmonth’spublicationofthenewCapitalRequirementsDirective(CRDV)andCapitalRequirementsRegulation(CRRII)tostrengthenthemacroprudentialtoolkit.[]Roleofthenon-bankfinancialsectorandmacroprudentialpolicyDespitethemanyachievementsintheregulatoryreformprocesssincethecrisis,,there,,,wo,totalassetsheldbynon-bankshavealmostdoubledoverthelasttenyears,growingfrom23trillionin2008to,non-bankscurrentlyaccountforaround55%oftheeuroareafinancialsector.[]Thefastgrowthofnon-ba,non-banksaccountedfor14%oftheeuroareafinancialsector’sloanstonon-financialcorporations,,non-banksprovideasteadynetflowoffinanci,euroareanon-financialcorporationsobtainedonly10%oftheircreditbyissuingdebtsecurities,whilethisshareincreasedtomorethan50%,thenon-b,however,,non-banksh,moretha,ataround40%,blternative,infrastructureandprivateequityfunds,%oftotalinvestmentandisexpectedtorisefurther.[]Assomeoftheseassetsarehighlyilliquid,theportfolioshifttowardstheseassetsmayalsoincreaseinsurers’,wherethecreditriskonnon-banks’,liquidityriskisparticularlyanissueforsomebondandequityfundsthatinvestinlessliquidassets,,so-called“runrisks”.Somerecentcaseswereareminderthatinvestorsinlessliquidfundsmightindeedruniftheyfeardeteriorationinassetqualityorliquidity.[]Whilerecentinstanceshappenedinagenerallystablemarketenvironmentanddidnothavesystemicrepercussions,liquidityproblemsmighthavebeenlargerina,theliquiditymismatchesobservedinbondandequityfundscallforgreaterscrutinyofmarketpracticesandapossiblereviewoftheregulatoryframeworktoensurethesector’,throughincreasedrisk-takingandleverage,non-banksmaycurrentlybecontributingto,thiscouldleadtofundingflowsd,distressinthenon-banksectorcouldspreadtothebankingsectoraswell,,euroarean,fromaregulatoryperspective,,nkfinancialsector,inordeedandprovidesauthoritieswithtoolstoaddresscyclicalandstructuralsystemicrisks,theframe,wearelookinglessattherisk-bearingcapacityoftheindividualinstitution’sbalancesheetandmoreatthepotentialforcontagionandshockamplific,leverage,essthekeyfragilitiesandexternalitiesstemmingfromthenon-banksector,andprovidetheappropriatefinancialinte,itwouldtherebyh,theECBcontinuestosupportthefurtherdevelopmentanddeepeningofEUcapitalmarketsthroughthecapitalmarketsunion(CMU),’sdeparturefromtheEU’sSingleMarketwill,byitsverynature,affecttheshapeofEurope’,particularlygiventhesubstastantialrelocationofactivitytoanumberofdifferenteuroareacountries,hanonedominantcentreinLondon,itwillbemoreimptsbyaddr,wehaveseenmorerobustsupervisionoffilinstrumentsbyprovidingadequatemacroprudentia,weurgentlyneedtodevelopand,whereappropriate,,wemustalsopursuetheambitiousplanslaayoffinancialinstitutionsandmarketsthatmakeupthefinancialsystem.[1]SeethehistoryoftheconstructionoftheESMin:EuropeanStabilityMechanism(2019),.[2]KlausReglingatpressconferenceafterEurogroupmeeting,Luxembourg,14June2019:[3]Foradditionaldetailsontherisks,seeECB(2019),,May.[4]SeeDraghi,M.(2019),“”,speechattheECBForumonCentralBanking,Sintra,18June.[5]SeeamendingDecisionECB/2004/2adoptingtheRulesofProcedureoftheEuropeanCentralBank(ECB/2014/1).[6]InDecember2016,theECB’sGoverningCouncilissuedacallingfortheimplementationoflegislativeframeworksforborrower-basedmeasuresinalleuroareacountries.[7]OnthebasisofArticle458oftheCRR,sets,Finlandhasimplementedariskweightfloorof15%ondomesticrealestateexposures,andLuxembourghasrecommendeda15%flooronthesameexposure.[8]Foradetailedoverviewofmacroprudentialmeasures,seetheECB’s(updatedquarterly).[9]TheCCoBisbasedonArticle129and160CRDIV,,O-SII,Systemicriskbufferandcountercyclicalcapitalbufferpertain.[10]SeeDarracq-Pariès,M.,Fahr,,C.(2019),“”,FinancialStabilityReview,ECB,May.[11]Asof30June2019,sevencountrieshaveannouncedthefollowingrates:Belgium(%),France(%),Germany(%),Ireland(%),Lithuania(%),Luxembourg(%)andSlovakia(%).Bufferrequirementsareimplementedwitha12-monthlag.[12]Seeasregardstheleverageratio,thenetstablefundingratio,requirementsforownfundsandeligibleliabilities,counterpartycreditrisk,marketrisk,exposurestocentralcounterparties,exposurestocollectiveinvestmentundertakings,largeexposures,reportanddisclosurerequirements,andRegulation(EU/648/2012)(CRRII).[13]Excludingcentralbanks.[14]SeeFacheRousová,LandGiuzio,M.(2019),“Insurers’investmentinalternativeassets”,box9ofFinancialStabilityReview,ECB,May.[15]Forinstance,NeilWoodford’sEquityIncomeFund,anequityUCITSfundwhichinvestsinsupposedlyliquidassets,,followingconcernsoverassetilliquidity,outflowsacceleratedfrombondfundsmanagedbyNatixis-ownedassetmanagerH2OaffectingNatixis’stockprice.

山上情事ST凯瑞(002072)十大股东 流通股东 持仓变化

ItisapleasuretowelcomeallofyoutotheECBforthisconference.[]Asacentralbank,understandingthemyriadimplicationsofdigitalisationfortheeconomyisahighpriority:thepresentationsatthisconferencewillprovideuswiththelatestthinkingandnewinsights,,digitalisationisalsoreshapingfinancialsystemsandpaymentsystems,whileatthesametimestimulatingintenseinter,thefocusofthiseventisontherealeconomy,,s,accordingtonationalaccountsdata,theshareofinvestmentdev,however,isboundtounderestimatetheactualimportanceofintangiblecapital,sincemanyofitscomponentsarenotincludedinthenationalaccounts.[]Thereissomeevidencethattheweaknessofphysicalcapitalinvestmentoverthepastfewyears,ifnotlonger,cantoalargeextentbeexplainedbyintangibles.[]Atthesametime,thedifficultyofmeasuringinvestmentinintangiblespointstoamo,theglobalmobilityofintangibleassetsmeansthatitisalsodifficulttoattributetheproductionanduseofsuchassetstoparticularjurisdictions.[]ThebalanceofevidencesuggeststhatEuropeissomewha,accordingtoOECDestimates,theshareoftheinformationandcommunicationstechnology(ICT)sectorinvalueaddedislessthan5%formosteuroareacountries,whichcompareswitharound7%fortheUnitedStatesand8%forJapan.[]Similarly,whenitcomestoresearchanddevelopment(RD)spending,theEUisnowtrailingbothChinaandtheUnitedStates,,intangibleinvestmentisdifficulttocollateraliseandthereforehardertofinanceinaconventionalban(togetherwithprogressindevelopingasinglepan-Europeanmarketfordigitalproducts)couldsupportthedevelopmentofthetechecosystemintheeuroarea,underliningtheimpor,thestructuralchangesassociatedwithdigitalisationimplythecontraction,orelimination,,,mostadvancedeconomiesarecurrentlyenjoyingthehighestemploymentratesofthepastthreedecades.[]Inaddition,digitalautomationcanspurproductivity,asIwilldiscussshortly,,digitalisationoffersthepossibilityofreducingsearchcostsint,intrackinglabourmarketconditions,centralbankscanalsobenefitfromthehigh-frequencydatageneratedbyonlinejobsearches[].Aboveall,theongo,arecentECBsurveyoflargeeuroareacompanieshighlightedthatfirmsseethepotentialfordigitaltechnologiestoincreaseproductivitygrowth,inparticularbypromotingknowledgesharingandenablingmoreefficientproductionprocesses.[]Pro,higherproductivitygrowthspursinvestment,andexp,higherproductivitygrowthincreasestheequilibriumrealrateofinterest,,however,despitethepromiseofincreasedefficienciesthankstodigitaltechnologies,theproductivitygrowththatwehaveseeninEurope,andindeedmostadvancedeconomies,,however,isthatinthelightoftheoveralldisappointingproductivitygrowthwehaveseeninrecentyears,thecontributionthatdigitalisationismakingtoproductivityappears,forthetimebeing,,togetherwithtradeliberalisation,flation[],resultsfortheeuroareaarelessconclusive.[]Inaddition,digitalis,,bytakingintoaccountshiftsindemandandsupplymorereadily,suchalgorithmsmayacceleratetheresponsivenessofpricestoshocks.[]Theexpansioninonli,theimpactismuchbroaderthanjustactualonlinesales,sinceonlinepricesalsoaffectbrick-and-mortarprices.[]Atthesame,digitalisationmayfostertheriseof“superstar”firmsthatacquireadominantmarketpositiononthebackoftheconstellationofhig,however,[]Thisdoesnotprecludethepossibilitythatwewillseelargereffectsinthefuture,odays:Ilookforwardtolearningfromyourcontributions.[1]IwouldliketothankFilipposPetroulakisforhiscontributiontothisspeech.[2]Humancapital,knowledgeindatabases,organisationalcap,MalinandSaiz,Lorena(2018),“”,EconomicBulletin,Issue7,ECB,November;andspeechbyLuisDeGuindos(2018),“”.[3]SeeCrouzet,NicholasandEberly,Janice(2018),“”,JacksonHoleEconomicPolicySymposium.[4]SeeAvdjiev,Stefan,Everett,Mary,Lane,,HyunSong(2018),“Trackingtheinternationalfootprintsofglobalfirms”,BISQuarterlyReview,March2018.[5]Source:OECDFactbook,(%oftotalvalueadded).[6]Source:OECDLabourForceStatistics.[7]SeeAdrjan,PawelandLydon,Reamonn(2019),“Clicksandjobs:measuringlabourmarkettightnessusingonlinedata”,CentralBankofIrelandEconomicLetter,,No6.[8]SeeElding,CatherineandMorris,Richard(2018),“”,EconomicBulletin,Issue7,ECB,November.[9]Auer,Raphael,Levchenko,AndreiandSauré,Philip(2017),“Internationalinflationspilloversthroughinputlinkages”,NBERWorkingPaper,No23246.[10]SeeAndrews,Dan,Gal,PeterandWitheridge,William(2018),“AGenieinaBottleGlobalisation,CompetitionandInflation”,OECDEconomicsDepartmentWorkingPaper,,andECB(2017),“Domesticandglobaldriversofinflationintheeuroarea”,EconomicBulletin,Issue4,June.[11]SeeCavallo,Alberto(2018),“MoreAmazonEffects:OnlineCompetitionandPricingBehaviors”,NBERWorkingPaperNo25138.[12]Ibid.[13]Fortheeuroarea,seeCicarelli,MatteoandOsbat,Chiara(2017),“Lowinflationintheeuroarea:causesandconsequences”,OccasionalPaperSeries,No181,Box3,ECB;forCanada,seeCharbonneau,Karyne,Evans,Alexa,Sarker,SubrataandSuchanek,Lena(2017),“Digitalizationandinflation:areviewoftheliterature”,BankofCanadaStaffAnalyticalNote,2017-20;forSweden,seeSverigesRiksbank(2015),“Digitisationandinflation”,MonetaryPolicyReport,February,,HowyoucanjoinusIfyoujointheECB,youllbeworkinginamulticulturalenvironment,estlevelsofintegrity,teamspirit,,backgroundsanddisciplineswithexpertisenotonlyineconomicsandstatistics,butalsoHRspecialists,financeexperts,legalcounsels,linguists,ITprofessionals,,explorevariedopportunitiesandexperienceapeople-centeredworkingculturethatgivesyouavoice,influenceandtheremittomakeanimpact–jobsthatmatchyourexperience,,’thavethequalificationstatedinthevacancynotice,youcanstillapplyifyouhaveanotherqualificationplusacertainamountofrelevantworkexperience,oranequivalentdegreeaccordingtothedegreeequivalences,asdescribedbelow.,skaitsunvērtībapieaugaattiecī%%.Palaikapgrozībāirvairāknekā,kurukopējāvērtīālāktabulā/20162/20161/20172/20171/20182/20181/2019Viltojumuskaits331000353000331000363000301000262000251000DalījumspēcnominālvērtībasNominālvērtība5euro10euro20euro50euro100euro200euro500euroProcentuālaisdalī%%%%%%%āPārbaudietsavasbanknotes!KoppirmāizlaidumaeurobanknounonākanasapgrozībāEurosistēma,,EiropasCentrālābanka(ECB)un19eurozonasvalstucentrālāsbankas,iesakaiedzīvotājiemsaglabātmodrību,āripārbaudīt,tāsaptaustot,apskatotunpagrozot,kāaprakstītsECBinternetavietnessadaāparunnacionālocentrālobankuinternetavietnēīgubanknoti,tātieijāsalīdzinaartādu,parkuruzināms,katāirīās,jāsazināsarpolicijuvai–atkarībānovalstīpieemtāsprakses–savasvalstscentrāēmaatbalstatiesībsargājoāsiestādestocīāēmaveicdaādaveidakomunikāciju,laipalīdzētusabiedrībaiatpazītīstasunviltotasbanknotes,kāarīpalīdzētuprofesionāliemskaidrāsnaudasapstrādātājiemnodroināt,kaskaidrāsnaudasapstrādesiekārtasspējticaminoteiktviltojumusunizemttosnoapgrozīēmasuzdevumsirnodroināteurobanknouintegritātiunturpināāizlaiduma––banknotesirvēldroākasunpalīdzsaglabātsabiedrībasuzticēanosvalūās100un200eurobanknotesaruzlabotiempretviltoanaselementiemtikalaistasapgrozībāā.AronotikumunoslēdzāsEiropassērijasievieana,kasaptvēravairākusgadusilgusagatavoanosunsadarbībuEurosistēmā.Laisaemtupapildinformāciju,plasaziaslīdzekupārstāvjuslūdzamvērstiespieEsteresTehedoras(;tālr.+4969134495596).

山上情事别踩白块安卓版下载 v3.4.5.1

.In2018grossforeigndirectinvestment(FDI)flowsintheeuroareaexperiencedareversalforthefirsttimesincetheinceptionoftheeuro.[]FDIflowshavedecreasedonboththeliabilitysideandtheassetsidesinceearly2016,whengrossflowsaccountedforaround9%ofeuroareaGDP(seeChartA).[]In2018FDIliabilityflowsbecamepositive,suggestingdisinvestmentsofeitherforeignparentsoutsidetheeuroareaoraffiliatesresidentintheeuroarea,thenFDIassetflowsturnednegative,implyingdisinvestmentsofeitherpaternationalmarketconditions.[]Likeothermatureanddevelopedeconomies,theeuroareatendstobeanetforeignlenderand,despitethereversalingrossflows,itpostednetFDIoutflows(grossassetflowsminusgrossliabilityflows),whichresultedinnetcapitalinflowsintheeuroarea,(asapercentageofGDP;12-monthmovingsum)Sources:ECB,:NetFDIisthedifferencebetweengrossassetsandgrossliabilities;positivevaluesreprese,grossflowstoLuxembourgandtheNetherlandsaccountedforthebulkofthereversalinliabilitiesin2018,althoughIrelandandBelgiumalsocontributedsignificantly.[]ThedecompositionbydestinationindicatesthattheretrenchmentreflectedareversalintheliabilitiesofLuxembourg,theNetherlandsand,toalesserextent,,theothereuroareaMemberStatescontinuedtoattractinwardFDIin2018andinthefirstquarterof2019(seepanel(a)ofChartB).ChartBEuroareaforeigndirectinvestmenttransactionsbyMemberState(EURbillions,four-quartermovingsum)Sources::ForeigndirectinvestmenttransactionsofeuroareaMemberStatesvis-à-“Extra-euroarea”referstototaltransactionsvis-à-poseentities(SPEs)[]setupbymultinationalenterprisesmayhaveplayedanimportantroleintheretrenchmentingrossFDI(seeChartC).SPEsdonottypicallyconducttraditionalFDIoperationssuchasmergersandacquisitionsorgreenfieldinvestments,,mergersandacquisitionsinvolvingeuroareacountriestendtogeneratefin,theNetherlands,,thecountriesinwhichtheyarelocatedbecometransiteconomiesforthesetypesofopesultinapass-throughofcapital:ittendstoinflategrossflowsandge:(i)grossassetflowswerealsoconsiderablyaffectedandexperiencedareversal(seepanel(b)ofChartB)[];and(ii)thefourlargesteuroareaeconomies(Germany,France,ItalyandSpain)–whereinwardFDIusuallyonlyfinancesrealactivityandthecorporatetaxregimesdonotfavourthecreationofcorporatestructuressuchasSPEs–didnotexperienceanymarkeddeclineinFDIflows,eitheringrosstermsorinnetterms(ChartBandChartC).ChartCEuroareaforeigndirectinvestmenttransactionsbyresidentSPEsandnon-SPEs(EURbillions,four-quartermovingsum)Sources::ThechartshowstheFDItransactionsofresidentspecialpurposeentities(SPEs)andresidentnon-specialpurposeentities(non-SPEs)accordingtotheasset/liabilityprincipleforcountrieswherethebreakdownbetweenthetwotypesofentitiesisavailable(namelytheNetherlands,LuxembourgandBelgium).AbreakdownisnotavailableforIreland,,FranceItalyandSpain,theFDIflowsofSPEsarenotseparatelyreportedgiventhelimitedactivityoftherelativelysmallnumberofentitiesoperatinginthesecountries.“Restofeuroarea”includesalleuroMemberStatesexceptBelgium,Germany,Estonia,Ireland,Spain,France,Italy,Cyprus,Luxembourg,Malta,[]ThedecompositionofflowsbymainpartnercountryshowsthattheUnitedStatesaccountedforthebulkofthereversalepisode,especiallyontheliabilityside.[]Inflowstotheeuroareafromoffshorecentresandoutflowsfromtheeuroareatooffshorecentresshowasimilardisinvestmentpatternonbothsides,eassetside,which,fortheeuroarea,resultedinnetcludedintheUScorporatetaxreform[]mayhaveplayedanimportantroleindrivinggrossflowstoandfromtheeuroarea.[]Liabilityandassetflowsofoffshorecentresto/fromtheeuroareahavealsobeenaffectedastheytendtoreflecttheactivityoftheintermediaryentitiesresidentinthesecountries,dFDIflowstoEurope,whereasdevelopingeconomies(excludingoffshorecentres)havebeenlargelyunaffected(seeChartD).[]Therearesever,,mergersandacquisitionsrepresentthelargestshare(about70%)oftotaleuroareagrossFDIinflowsandoutflowsbutonlyaminorshareofthegrossFDIinflowsandoutflowsofemergingeconomies(around20-30%respectively).Greenfieldinvestmentsare,however,tSPEshaveprimarilycontributedtotheflowreversalthroughadivestmentinequityFDIintheeuroarea,,albeittoalesserextentasvolumesofdebtFDIgrossflowsinthecountriesconcerned(Luxembourg,theNetherlands,BelgiumandIreland),thedifferentcompositionoftheFDIflowsislikelytohavelimitedtheopportunitiesforUSmultinatinercountry:UnitedStates,offshorecentres,BRICcountriesandrestoftheworld(EURbillions,four-quartermovingsumoftransactions)Sources::Restoftheworld(RoW)includesallcountriesexcepttheUnitedStates,thefinancialoffshorecountriesandtheBRICgroup,whichcomprisesBrazil,Russia,()orthedirectionalcriterion().[]Animportantdifferencebetweenthetworeportingsystemsisthattheasset-liabilitymeasureisadjustedbysubtractingintragroupandintra-fellowreverseinvestmentflowstoobtaininwardandoutwardFDIstatistics.[]Thereverseinvestmentmeasureis,therefore,thedifferencebetweenthetwoclassificationsarepatriatedprof,itcanalsoindicatethateuroareaparentcompaniesrecalledhomeprofitsheldattheiraffiliate-fellowenterprisesresidentintheUnitedStatesordisinvestedinthecountry.[]Bearingthesedefinitionsinmind,approximatelyone-thirdofthecontractioningrossFDIliabilitiesintheeuroareain2018wasduetoreverseinvestments.[]Inconclusion,theepisodeofreversalofgrossFDIflowsntcompanies,[]itappearsthatSPEsaresolelyresponsiblefortheaggregatecontractionineuroareaFDIflowsontheliabilityside(ChartC).Itseemsthatmergersandacquisitionsandgreenfieldinvestmentsremainedresilientin2018,whichsuggeststhattheseflow,whilethesituationmaynormalisegoingforward,itisstilltooearlytoassessthepossibleeffectsoftransitFDIonrealactivityintheeuroareaoverthelongerterm.[1]Thisboxdiscussesevihoutsoillqualitativelyhold.[2]Onanasset/liabilitybasis,directinvestmentisclassifiedaccordingtowhethertheinvestment,acountry’sliabilitiesincludeforeignparents’equityinvestmentsinaffiliatesresidentinthatcountrybecausethoseinvestment,inthecompilationofFDIstatistics,parentcompaniesresidentinaeuroareacountryandinvestingindebtissuedbythe“”,OECD,December2014.[3]Extensiveliteraturehasshownthatcertaincharacteristicsoftherecipientcountry,suchassize,productivityandeconomicgrowthdynamics,culturalandcolonialties,anddistanceandqualityofinstitutions,,anotherstrandoftheliteraturehasshownthatnetFDIi,adrying-upofgrosscapitalflows,bothinemergingcountriesandindevelopedeconomies,“dot-combubble”in2001,theglobalfinancialcrisisof2008andtheEuropeandebtcrisisin2012.[4]Theanalysisfocusesontheliabilities/inwardsideasittriggeredthereversalofflows,althoughthenarrativewouldnotchangeiftheassetsideweretobediscussed.[5]AccordingtotheInternationalMonetaryFund(IMF)“aspecialpurposeentity,residentinaneconomy,isaformallyregisteredand/orincorporatedlegalentityrecognizedasaninstitutionalunit,withnoorlittleemploymentuptomaximumoffiveemployees,noorlittlephysicalpresence,hedtoobtainspecificadvantagesprovidedbythehostjurisdictionwithanobjectiveto(i)grantitsowner(s)accesstocapitalmarketsorsophisticatedfinancialservices;and/or(ii)isolateowner(s)fromfinancialrisks;and/or(iii)reduceregulatoryandtaxburden;and/or(iv)safeguardconfidentialityoftheirtransactionsandowner(s).Specialpurposeentitiestransactalmostentirelywithnon-residentsandalargepartoftheirfinancialbalancesheettypicallyconsistsofcross-borderclaimsandliabilities”(excerptfromthe,InternationalMonetaryFund,October2018).RecentliteratureontheroleofSPEsincludesBlanchard,,J.,“WhatdoesmeasuredFDIactuallymeasure”,PIEEPolicyBrief,2016;Dellis,K.,Sondermann,,I.,“DeterminantsofFDIinflowsinadvancedeconomies:Doesthequalityofeconomicstructuresmatter”,WorkingPaperSeries,No2066,ECB,FrankfurtamMain,May2017;Lane,,,“InternationalFinancialIntegrationintheAftermathoftheGlobalFinancialCrisis”,IMFWorkingPaper17/115,InternationalMonetaryFund,2017.[6]TheIMFmakesadistinctionbetweentaxhavensandcountrieswithsubstantialrealeco“conduitcountries”offerafavourabletaxandinvestmentregimeforforeigninvestment,makingthemapreferredhubformultinationalstobasetheirforeignaffiliatesandredirecttheirprofitsfromtheeconomieswith“heavier”latedtotheactivityofSPEsshould,SPEflowsareusedtoextendtheoffshorei,Casella,,D.,“”,TransnationalCorporations,,No2,2018,[7]See“”,OECD,April2019,June2019andEmter,L.,Kennedy,,P.,“”,QuarterlyBulletin,CentralBankofIreland,April2019.[8]TheBureauofEconomicAnalysis(BEA)reportedaroundUSD300billionofrepatriatedearning“Effectsofthe2017TaxCutsandJobsActonComponentsoftheInternationalTransactionsAccounts”in,BureauofEconomicAnalysis,(UNCTAD),thes“Globalforeigninvestmentflowsdiptolowestlevelsinadecade”,GlobalInvestmentTrendsMonitorNo31,UnitedNationsConferenceonTradeandDevelopment,January2019.[9]TheUScorporatetaxreform,signedbyPresidentDonaldTrumpon22December2017,createsincentivesfortherepatriationofdeferredprofitsheldbyUSmultinationalsabroadthrought,repatriatedprofitsofUSmultinationalsfromtheirforeignaffiliatedcompaniesareinprinciplenolongertaxablei,thereformhasimprovedthetaxattractivenessoftheUnitedStatesrelativetoEurope(throughareductioninthestatutorycorporatetaxrateandmorefavourabledeductionrulesfornewinvestment)“”,EconomicBulletin,Issue1,ECB,2018.[10]ForanempiricalanalysisandpotentialeffectsoftherecentUScorporatetaxreform,seeDeSimone,L.,Piotroski,,,“RepatriationTaxesandForeignCashHoldings:TheImpactofAnticipatedTaxReform”,ReviewofFinancialStudies,November2018.[11]Foradetaileddiscussionofgrossinflowsandoutflowsbymainregion,see“”,UnitedNationsConferenceonTradeandDevelopment,,whilethedeclineintransitioneconomiesandLatinAmericaislinkedtotheeconomicconditionsofthemaineconomiesintheseregions.[12]Theasset-liabilitycriterionreportswhetherinvestmentsrelatetoanassetoraliabilityforthereportingcountry,whilethedirectionalpresentationorganisestheflowsaccordingtothedirectionoftheinvestmentsforthereportingcountry(outwardvsinward).FDIdatabasedonthedirectionalprincipleareonlyavailableonaquarterlybasisstartingfrom2013.[13]Reverseinvestmentsconsist:(i)ontheliabilityside,ofequityinandlendingtoforeignparentsbyresidentaffiliates;and(ii)ontheassetside,,whichalsoincludesso-called“intra-fellowflows”,ipthemselvesbutthathaveadirectinvestorincommon;suchenterprisesarecalledfellowenterprises.[14]TransactionsbetweenfellowenterprisesarenowincludedinFDIstatisticsfollowingtheadoptionbytheIMFofthesixtheditionofthebalanceofpaymentsandinternationalinvestmentpositionmanual(BPM6),astheylikelyresultfromtheinfluenceofthecommondirectinvestor.[15]InLuxembourg,whichaccountsforthegreatestpartoftheretrenchment,reverseinvestmentsareresponsibleforaround34%,disinvestmentsfromtheNetherlandsandIrelandweredrivenpurelybyadropininwardinvestment,withnosignificantevidenceofintra-grouporintra-fellowequityandlendingtransactions.[16]Thebr,however,thatthestrongpositivecorrelation(),whichisobtainedfromapanelregressiononLuxembourg,theNetherlandsandBelgium,sforcountriescurrentlynotreportingthebreakdown,,grossliabilityflowsofotherresidentandspecialpurposeentitiesandreverseandinwardinvestmentsareunrelated.,Другизадължения13404116656Задължениякъмрезидентиизвъневрозоната,деноминиранивевро24581624367Задължениякъмрезидентивeврозоната,деноминиранивчуждестраннавалута1030222288Задължениякъмрезидентиизвъневрозоната,деноминиранивчуждестраннавалута11369344,Understandingthecrypto-assetphenomenon,itsrisksandmeasurementissuesPreparedbyMariaTeresaChimienti,,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselectedshaviewtoidentifyingandmonitoringpotentialimplicationsformonetarypolicyandtheriskscrypto-assetsmayposetothesmoothfunctioningofmarketinfrastructuresandpayments,aswellasforthestabilityofthefinancialsystem.[]Thistaskbeginswiththedevelopmentofamonitoringframeworktoprovidethedataandinsightsthatarenecessarytocontinuallygaugetheextentandmaterialityofevolvingcrypto-,theECBr,whichcanprovide,forinstance,metricsforcrypto-assetnetworks,estimatesofmarketcapitalisation,pricesandtradingvolumesoncrypto-exchangesandtheamountoffundsraisedwhenacrypto-assetisofferedtothepublicin“initialcoinofferings”(ICOs).Thesesourcesdifferwithregardtothemethodologiestheyuse,thecompletenessofdatacoverageandaccesstotheunderlyingrawinformation,(whenavailable)bringswithitconsiderableuncertaintyaboutdataavailabilityandqualityowing,inpart,toalackofregulationofsomeplayersalongthecrypto-assetvaluechain,whoseunsupervisedactivityrypto-assets().Buildingacrypto-assetmonitoringframeworkonthisbasisrequirescautiononaccountofthedataissues,,itisimportanttoidentifymonitoringneedsbasedonanaccuratechar,oncetherelevantdatasourceshavebeenidentified,datacanbecollectedandqualitychecksappliedto,theECBcomplementsaggregateddatawit,importantgapsremainunaddressedinthecurrentframework,suchasdataonfinancialinstitutions’,in,Section3aimstoidentifytherelevantcrypto-assetrisksandtheeconomicconnections,“gateway”functionsandotherchannelsthroughw,basedonpubliclyavailabledata,theavailabilityandreliabilityofdata(includingexamplesbasedonselectedindicatorsformonitoringmarketdevelopments),datagapsandongoings,thearticleoffersanumberetscanbedefinedandanalysedfromdifferentperspectives,namelytheirunderlyingtechnology,theirfeaturesandtheeconomicimplicationsthatsuchassets[]“crypto”-asset,traditionalassetssuchasmoneyandfinancialinstrumentscanalsoberecordedbymeansofthesametechnology–typicallydistributedledgertechnology(DLT).Therefore,DLTisnotafactorindifferentiatingthenewphenomenonfromot,theissuerofanydigitallyrecordedassetis,inprinciple,dhampes,theECBhaschosentodefinecrypto-assets[]as“anewtypeofassetrecordedindigitalformandenabledbytheuseofcryptographythatisnotanddoesnotrepresentafinancialclaimon,oraliabilityof,anyidentifiableentity.”Thefocusisthereforeontheregulatory,economicandbusinessdimensionofcrypto-assetsasanewassetclass,ratherthanontheuseoftechnoleentitymeansthatitsvalueissupportedonlybytheexpectationthatotheruserswillbewillingtopayforitinthefuture,,itsusersattachvaluetoitbecausetheybelievethat:i)itssupplywillremainlimited,andii)marketpartiachofitsunitsallowtheexistenceofacrypto-assetmarket,whereusersonthesupplysideralrecordofhow,whosecounterfeitingrequiresspecificskillsandphysicalresourcesandcantypicallybevettedbyexperts,,,inthecaseofassetsindigitalform,atrustedcentralpartyisusuallytaskedwithcontrollingthenumberofunits(notaryfunction)andisresponsibleforkeepingtrackofwhoownswhat(bookkeepingfunction).Cryptographictechniquesareusedtoreplacethetrustedbookkeeperintherecordingofcrypto-assets,withaviewto:i)rulingoutanyunexpectedincreaseincrypto-assetsissuedonadistributedledger,andii)gettingthenetworkofuserstoagreeonwhoownswhat(furthereliminatingtheneedforatrustedbookkeeper).Adistributedledgerisessentiallyarecordofinformation–ordatabase–thatissharedacrossanetworkofusers,eonoftherecordingofnewassets,andoftheirsubsequenttransfer,amongasetofuserswhnvalidation,withnoproofofidentityrequired,,whoseindividualvotingpowerdependsonthespecificprotocolusedandsho,whicharegenerallyusedforrecordingcrypto-assets,,distributedvalidationistypically(orarelativelysmallcoalitionofusers)frombeingabletomodifythecontentandfunctioningofadistributedledger,,otherusersar,a“fork”willemerge,wherebytwosetsofusersrelyondifferentsets,withoutnecessarilydifferingfromitsnon-DLTequivalentsintermsofeconomicimpactandlegalnature–rachedefinitionandanalysisofcrypto-assetsinthispaper,cialinstrumentsandfundsintheformofelectronicmoney,’reserves,cash,orthewidelyystemmaybesubjecttorisksfromcrypto-assetstotheextentthatbothareinterconnected;,crypto-assetsmayhaveimplicationsforfinancialstabilityandinterferewiththefunctioningofpaymentsandmarketinfrastructures,[]showsthat,whiletheserisksarecurrentlycontainedand/ormanageablewithintheexistingregulatoryandoversightframeworks,linkswiththeregulatedfinanc’sresponsibilities,namelytodefineandimplementmonetarypolicyandtopromotethesmoothoperationofpaymentsystems,aswellastheEurosystem’stasksintheareasofbankingsupervisionandfinancialstability,,theanalysisconcludesthattheECBshouldcontinuemonitoringcrypto-assets,raiseawarene:i)provideanoverviewofrisksstemmingfromcrypto-assets,andii)identifythemainconnectionsthatmayfacilitatethetransmissionoftheseriskstothefinancialsystemandtheeconomy,:i)thelackofanunderlyingclaim,ii)their(partially)unregulatednature,andiii))Sincecrypto-assetshavenounderlyingclaim,suchastherighttoafuturecashflowortodischargeanypaymentobligation,,crypto-assetsmayexperienceextremepricemovements(volatilityrisk),,theeffectsmaybepassedontothecreditorsoftheholders(ifthepositionsinvolveleverage))Crypto-assets,asdefinedinthisarticle,canhardlyfulfilthecharacteristicsofpaymentandfinancialinstruments[]and,assuch,falloutsidethescopeofcurrentregulation.[]Giventhattheyareunregulated,theirholdersdonot,intheeventofbankruptcyorhackingofacrypto-assetserviceproviderthatcontrolsaccesstocustomers’holdingsofcrypto-assets(),theholdingswouldneitherbesubjecttopreventivemeasures()n,thereislimitedscopeforpublicauthoritiestoregulatecrypto-assets.[]Anysuchinterventionmaybefurthercomplicatedbythelackofgovernanceanddistributedarchitectureofcrypto-assets(seebelow),)AstheuseofDLTallowscrypto-assetstodispensewithanaccountableparty,therolesandresponsibilitiesforidentifying,mitigatingandmanagingtherisksborneinthecrypto-assetnetworkcannotbe(clearly),amongothers,heightenedmoneylaunderingandterroristfinancingrisks,totheextentthatthereisnocentraloversightbodyresponsibleformonitoringandidentifyingsuspicioustransactionpatterns,norcanlawenforcementagenciestargetonecentrallocationorentity(administrator)forinvestigativepurposesorassetseizure.[]Inviewofthelackofformalisedgovernance,itmayalsobedifficulttoaddressoperationalrisks,includingcybersecurityrisks,,inthebroadercrypto-assetecosystem,theprovisionofcertainservices(),,thisisnotalwayspossibleindecentralisedmodels,,i)holdingsofcrypto-assets,ii)investmentvehicles,andiii)retailpaymentsrepresentthemainlinkagesbetweenthecrypto-assetmarketonthe)Individualsandfinancialinstitutions,includingcreditinstitutions/investmentfirms,paymentinstitutionsande-moneyinstitutions,arenotprohibitedbyEUlawfromholdingorinvestingincrypto-assets.[]Crypto-assetscanbeaccessedbyanyonewithaninternetconnection,/assetsorloanscollateralisedwithcrypto-assets,,financialinstitutionscanprovideothercrypto-asset-relatedservices()thatmayresultinenhancingtheaccessibilityandfosteringtheuseofcrypto-assets,,amongotherthings,byfinancialinstitutions’)Derivativesandinvestmentvehiclesconnectinvestorswithth(ETPs)andcontractsfordifference(CFDs),ICOs–alargelyunregulatedwayforfirmstoraisecapitalbygeneratingnewcrypto-assetsinawaysimilartoinitialpublicofferings–havestartedtoraiseinterestamonginvestorssince2017,,though,thatthese“coins”mayvarysignificantlyintermsoftheircharacteristicsandfunctions:forinstance,theymayofferformsofinvestmentinacompanythatmaybelinkedtosecurities,ormerelygrantaccessto(future)products/,forourpurposes,thatthese“coins”maynotqualifyascrypto-assetsasdefinedinSection2,)Undercertaincircumstances,,internationalremittancesandbusiness-to-business(B2B)cross-borderpayments,tomicro-paymentsandmachine-to-machine(M2M)payments,[]andmaybedrivenbyDLT-drivenefficiencygainsast,whileholdersofcrypto-assetscantransfercrypto-assetunitswithoutanintermediarybyaccessingdirectlythedecentralisedcrypto-assetnetwork,userconveniencehasledtotheemergenceofserviceprovidersthatfacilitatetheuseofcrypto-assetsforpayments,,though,end-usersstillmakeand/orreceivepaymentsinnationalcurrency(ies)andarenotrequiredtoholdcrypto-assetbalances,whereastheroleofcrypto-assetsislimitedtoenablingaback-endchannelforthetransaction,particularlyincross-borderpayments.[]Newandexistingintermediariesprovidethe“gateway”functionsthatfacilitatetheinterconnectionsbetweencrypto-a,gatewayfunctionsdescribetheactivitiesthatenabletheinflowsandoutflowsofcrypto-assetsfromthecrypto-assetmarkettothefinancialsystemsandtheeconomy,/()orservices()areoutofscope,,inturn,relyonthe-assets[]’tradingactivityand,bydoingso,ldcrypto-assetsonbehalfoftheirclients,andexecutetradesontheirbooksasopposedtotheDLTnetwork(s).Somecentralisedplatformsmayprovidecustodyservicesbeyondwhatisneededtoexecute/settleatrade,inwhichcasetheyalsoactascustodianwalletproviders(seebelow)rypto-assetinvestorsbecauseofitsconvenienceandonthepremisetha(alsocalled“hotwallets”,entailingthestorageofkeysonadevicethatisconnectedtotheinternetthatallowstheinitialisationoftransactionsatanytime)oroffline(alsocalled“coldwallets”,entailingthestorageofkeyswithnoconnectiontotheinternetuntiltheuserneedstoauthoriseatransaction).,ontheotherhand,arelessconvenienttousefrequentlybutareprotectedfromha,thecustodiandirectlyholdsayhaveimplicationsforthestabilityofthefinancialsystem,monetarypolicyandthesafetyandefficiencyofpaymentsandmarketinfrastructures:[]4Currentissuesinmeasuringthecrypto-assetphenomenonToproperlyassesscrypto-assetrisksandtheirpotentialimpactonthefinancialsystemandtheeconomy,itisnecessarytocomplementthequalitativeanalysisonthelinkagesdescribed(seeSection3),thepublicnatureofcrypto-assetDLTnetworksgenerallyensurestransparency,,thedecentralisedand(partially)unregulatednatureofcrypto-assetactivitiesmakesitdifficulttoobtainspecificdata(),publicwebsitesthatt,availabledataoncrypto-assetsareneithercompletenorfullyreliableforthepurposesofmoni,theyonlyalanalysis,providingconcreteexamples,yavailableaggregateddataalreadyprovidesometoolsformeasuringc,subjecttopassingqualitychecksandbeingcomplementedwithotherdatafromcommercialsources,providedthebasisofacrypto-asset(APIs)[]andbigdatatechnologies,ithasbeenpossibletocreateanautomatedsetofproceduresforcollecting,handlingandintegratiersconsideringavailabledocumentation,,coupledwithapplieddataqualitycontrolmeasures,enabledthdtheharmonisationofinformation.[]Crypto-assetindicatorstailoredtothismonitoringexercisehavebeengroupedinfourcategoriescoveringi)markets,ii)gatekeepers,iii)linkages,andiv))Marketindicatorscoverpricingandtradinginformation,-assetsfromapoolofover2,000assetscurrentlytradedandconstructingindicatorsonprices,tradedvol,itincludesindicatorsfocusingontradingvis-à-,theindicatorsofferadetailedoverviewofbitcoinfuturescontractstradedontheinstitutionalisedexchangesoftheChicagoMercantileExchange(CME)andtheChicagoBoardOptionsExchange(CBOE).ii)Theindicatorsongatekeeperscovertradingplatformsandwallets,lectedplatformorasetofplatformsgroupedaccordingtotheircountryofincorporation,feesoption,,,informationontheclassificationofwalletsbytype,ssupportingcrypto-assets,whicharethosethatenable,,)Animportantcategoryofindicatorsaimstocovertotheextentpossiblethelinkagesofthecrypto-estocrypto-assetsandindicatorsbasedonstatisticsonholdingsofsecurities[].iv)ThefinalpartconcernstheindicatorsforICOs,,,,therearestillimportantgapsinthedata,particularlyrelatingtocertaininterlinkagesandtopaymenttransactions,includingtheuseoflayeredprotocols().First,amajordatagapexistswithrespecttotheinterlinkageswiththerealandfinancialsectors,includingtheamountofbanks’orfinancialcorporations’directholdingsofcrypto-ass,salesofmerchantsacceptingcrypt,ananalysisoftheinformationontransactionsusinglayeredprotocolsisrequiredtocaptur,bydefinition,aconstantlyevolvingproduct,asithastokeepupwithchangingmonitoringneeds,reflectingrapidchangesinthemarket,whileremainsets,,thefirststepinthedataprocessingcyclehasbeencompleted,pavingthewayforthenextstepscoveringfurtherworkonindicatorsanddata,datafromtradingplatforms,blockchainsandofficialdatacollectionsandstatisticsonthecrypto-assetmarket,consistentwiththemoni,off-chainandlayeredprotocoltransactionsToassesstheavailabilityandreliabilityofdataoncrypto-assets,itisimportanttodifferentiatebetween“on-chain”and“off-chain”,forinstanceinthecaseoftradingplatforms,orinaprivatenetworkofusersthatusethedistributedledgerofacrypto-asliclyavailable,cialaccountssystems,whereanamountofanassetistransferredbyreducingthesender’saccountbythatpreciseamountandbycreditingittothereceiver’sactions:whenauserreceivesaquantityofcrypto-assets,thoseunitsarenotdivisibleandhavetobesentalltogetherinafuturetransaction.[]Therefore,asenderneedstospecifywhatpartofthecrypto-assetunitsjointlyobtainedinaprevioustransactionshouldbetransferredtothereceiver(s)andwhatpartshouldcomebackas“change”.Identifyingthevalueofacrypto-assettransactionandwhetherdifferentcrypto-assetwalletsbelongtothesameindividual(orinstitution),noriginatedorberoutedtoanotherwalletcontrolledbythesender.[]Anumberofinitiativesarebeingdevelopedbythecommunityofcrypto-theircrypto-assettransactions.[]On-chaindatarecordedonthedistributedledgerofacrypto-assetcanrefertotransactionsinotherassets,whi“native”crypto-asset,,thistextcancontaintheconfirmationthatotherassetshavebeentransferredusingadistinctprotocol.[]Sinceasuperficialanalysisoftheon-chaintransactionwouldonlydiscloseanegligibletransactioninthenativecrypto-asset,oneneedstointerpretthetransactionknowingthedetailsofthelayeredprotocolinordertoconcnstructingandsupplyingtheveryrudimen,theaggregatedpriceinformationofacrypto-assetisdetermined,amongotherthings,bytheselectionoftradingplatforms,theunderlyingtradingvolumes,conventionsconcerningthe24-hourclose-of-businesstime,factorstoaddresslowliquiditylevels,failuresoftradingplatforms,,pricingofcrypto-assetsisverydisperse.[]Pricinginformationfeedsfurtherintothecalculationofthemarketcapitalisationindicator,together,thevalidationofnewtransactionshastobecostlytopreservetheintegrityofthesystemandrelativelyslowtoallowsufficienttimeforalluserstoagreeonthelatestvalidsetoftransactionsbeforeanewoneisvalidated.“Channels”havebeenintroducedasasolutionforclustersofuserstosettletransactionsfasteramongthemselvesand,asinnetdeferredsettlementtypicalofsomemarketinfrastructures,onlyusetheunrestricteddistributedledgerforthe“ultimate”setsiscoveredbyregulation,asshouldbethecasewithcrypto-assettradingplatforms,“decentralised”,,tradesagreedondecentralisedtradingplatformstypicallyinvolvethemutualtransferoftwoassets,whicharesettledastwoindividualsandther,thosewithzero-feeortransaction-feeminingfeaturesmightbe,tradersareabletotradefreelywithoutfees,regardlessofhowmanytradestheymake,,tradingplatformswithatransaction-feemiokeningandbuyingthesameassettocreatemisleadingandartificialmarketactivity,,unusualpricespikesanderratictradingbehaviourintheround-the-,thecrypto-assetmarketoperates24hoursperday,withnostandardised“closeofbusiness”,,inlinewiththeirpreferredtimeframeconvention,,dataprovidersadjustthecontributionsofthepricesachievedonthendariesorotherexclusioncriteriabasedonbenchmarkssupportedby,forexample,lsotheladbytechnicalissuesrelatedtothesubstantialrisksofcyberattack,fraudandhacking.[]Incyberattacks,suchasdenial-of-serviceattacks,theperpetratorsseektomakeamachineornetworkresourceunavailabletoitsingplatforms,especiallythosewithunsuitabletechnologicalinfr,cybercrimeandothercriminalactivitieshaveaffectedanestimated6%ofthetotalsupplyofbitcoinanddonotinc,typicalissuesthatdataaggregatorsorexchangesexperiencetaketheformofserviceoutages,sationthepriceofacrypto-assethastobecomplementedwithinformationontheaggregatesupply,,fourmainmeasuresofsupplycanbedistinguished:i)circulatingsupply,ii)totalsupply,iii)maximumsupply,andiv)variationsofinflation-adjustedsupply,whichtakeintoaccountfuturesupplywithinaspecifictimehorizon(usuallyfiveyears).Circulatingsupplyisthebestapproximationoftheunitsofacrypto-asse,totalsupplyincludesthoseunitsthatarelocked,reservedorcannotbesolleverexistinth,anadditionalsupplyscheduled,forexample,,forsomecrypto-assets,maximumsupplydoesnotexist,ormationprovidedbyreliablesources,suchasinstitutionalisedexchangestradingbitcoinfuturesorETPs,maynotbefullycomparableduetodifferen,suchasBitMEXandBitflyerFX,aswellasontheinstitutionalisedexchanges,ocontractunits,pricelimits,marginratesandticksizes,therebyrenderingthepricesquotedbythetwoexchangesnotstrictlycomparable.[]Furtherdifferencesstemfromdifferentsettlementbasesandunderlyingcut-offtimes.[]ETPstradedontheinstitutionalisedexchanges,forinstancetheSIXSwissExchange[]orNasdaqNordic[]inEurope,offerexposurestobitcoinandEthereumandarepricedbasedonvarioussources.[]Aggregatedindicatorsoncrypto-assetsAwide[]ornon-commercialwebsites,whichsupplycrypto-asset-relatedinformation,fundsinvestingincrypto-assets,[]orresearchgroups[]andacademics.[]Forsuchindicators,themostimportantmethodologicalchoicesincludethecoverageofcrypto-assetsandpricingsources,,,reliabilityandfulfilmentofvariousselectioncriteria,,,typicallyonamonthlyfrequency,,twoaspectsforfutureworkemergefrom,giventhemanymethodologicaloptions,furtheranalysisshouldfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingmetadata,etmarketdevelopmentsWhileoneofthebasicindicatorsofthesizeofthecrypto-assetmarketthatisoftenusedisthegrowingnumberofcrypto-assetscreatedovertime,,around35%havebeenrecentlytradedontradingplatforms(seeChart1)and5%()recoveredfromlowsofaround1,300attheturnof2018and2019toreachjustover2,,456crypto-assetstradedonadailybasis,,around700crypto-assetshavebeentradedeverydaysincethebeginningof2019,,recentnumberspointtomorethan5,100pairstradedonadailybasis,upfromthe3,,1,603pairshavebeentraded,(April2019;thousands)Sources:,marketcapitalisation,isusedforgaugingthesizeofthecrypto-assetmarket,thesizevariesby20%,dependingonwhethertheci(estimatedatUSD165billion)hasreturnedto2017levels,havingpeakedattheendof2018,stronglymirroringdevelopmentsinthepricingofcrypto-assetsasmeasured,forexample,bytheCRIXindex[](seeChart2).Three-quartersofthetotalmarketcapitalisationisaccountedforbyfivecrypto-assets,whichalsomakeuphalfofthetotalcirculatingsupplyofcrypto-assets(seeChart3).Marketcapitalisationofbitcoinaloneconstitutes50%ofthetotal,whileitstotalcirculatingsupisationwouldmeana20%increaseintheindicatorvalue,,(April2019)Sources:Cryptocompare,CRIX,:,marketcapitalisationandcirculatingsupplyofselectedcrypto-assets(April2019;USD)Sources:Cryptocompare,hapedbytheaggregatepricesofeachofthefiveaforementionedcrypto-assets,whichonalatforms,aswellastransactionprocessingtimesandpotentialpricemovementsbetweentransactions,thepriceheterogeneityforcrypto-assetsissignificant(seeChart4).Thenormalisedinterquartilerangesofthepricesoffivemajorcrypto-assetstradedversustheUSdollarpickedupinApril2019,althoughtheydidnotreachend-2018levelsofaround5%and9%(thelatterforbitcoincash).Thedispersionofthepricesofeachofthesecrypto-assetsacrosstradingplatformshavedecreasedin2019,(April2019)Sources::Theinterquartilerangesofpricesofcrypto-assetsacrosstradingplatformsarenorà-visfiatcurrenciesonthecrypto-assetplatformshasremainedbuoyant,albeitatlowerlevelshistorically,,itisimportanttomonitorthevol%ofalltradesvis-à-visfiatcurrencies,comparedwithanincreasingshareofupto81%à-,byandlarge,,activityondecentralisedtradingplatformsseemstobepickingupbutstillaccountsforlessthan1%,tradesonplatformslocatedinEuropeamountedto24%ofalltrading,withthehighesttradingvolumesrecordedonplatformsinMaltaandtheUnitedKingdom,whiletradesonplatformsnotattributedtoacountryaccountedfor30%,someanalyses[]pà-visUSD,euroandotherfiatcurrencies(April2019)Sources:,tradingactivityofbitcoinfuturesandETPswithunderlyingcrypto-assetspeakedinApril2019;however,CBOEsuspendedtradingofbitcoinfutures,,though,ontheCMEexchangeinApril2019,followingtheCBOEannouncementofthesuspensionoftheupcomingfuturecontracts,citingimprovementsintheapproachtowardscrypto-currencyderivativesasareason(seeChart6).TurningtotradingactivityforETPsonEuropeanexchanges,asmeasuredbythenumberoftrades,whileactivityisbuoyantontheNasdaqNordic,reachingmorethan17,000tradesinApril,tradingontheSIXSwissExchangeisweak(seeChart7).Chart6Tradingvolumesandopeninterestofbitcoinfutures(April2019)Sources::Tradingvolumes(April2019;numberoftrades)Sources:iceswithsettlementincrypto-assets,someindi,anincreaseintheoptionsofcardswithcrypto-assetfeatures,newwalletswithexpandedcoverageofcryp,withthelargestnumbersintheUnitedStatesandCanada(2,643and625respectively).ThenumberofsimilarATMsinEuropeisapproaching1,000,whichconstitutesa20%shareoftheseATMsworldwide,,thereareafewnewoptionsofcardsinEuropethatcanbeloadedwithmajorcrypto-assets,,,themajorityaretargetingthemajorcrypto-assetsandarebecomingmoremulti-asset-oriented,,userscontroltheirprivatekeysasop-assetsasaformofpayment,[],purchasetransactionsofgoodsorserviceswit,butitonlygivesapartialviewoftotalcrypto-,nd,from4,000to38,,transactionsonthelitecoinblockchainremainedratherstableataround25,ththetradingvaluesontradingplatforms,theon-chaintransactionsaccountforasmallfractionofthevalueofoff-chaintransactions(seeChart8).Chart8On-chaintransactionsforselectedcrypto-assets(April2019;leftpanel:millions/day;rightpanel:percentages)Sources:Bitinfocharts,,selectedindicatorsshowthatthecrypto-assetmarketisresilient,butanalysisshouldbeinterpretedwithcautiononaccountofuncertaintiesrelatedespeciallytosignificantpricedispersion,,followingapeakattheendof2018,inthecrypto-assetmarketahighnumberofcrypto-assetscontinuetobetradedeverydayonthetrad,pricedispersionofcrypto-assetsacrosstradingplatformsissubstantial,,thelacsticalissuesrelatedtocrypto-assets,alsowithinthebroadertopicoffintech,havebeenfollowedbythecentralbankcommunity,forexampletheIrvingFisherCommittee(IFC)onCentralBankingStatistics.[]Specifically,theIFChassetupaworkinggrouponfintechdataissues[]whoseobjectiveis’,itistotakestockofexistingdatasourcesandassesscentralbanks’additionalinformationneeds,w,itistoinvestigatekeydatagaps,togetherwiththecostsandbenefitsofinitiativestoaddressthem,,thestatisticscommunity[]hasstartedtoinvestigatethestatisticalclassificationofcrypto-assetsintheSystemofNationalAccounts(SNA),whichmayhavesignificantimplicationsonthemeasurementofGDPandotherkeyindi,suchasGDPanditscomponentsandderivedindicators,whichprovideinsight,forexample,theSNAmaysignificantlyimpactkeyindicators,includingtheGDPforsomecountries,dependingonthemethodchosen.[]Complexityinthestatisticalclassificationofcrypto-assetsderivesfromtheverycharacteristicofcrypto-assetsnotrepresentingafinancialclaimon,oraliabilityof,ththegeneralnationalaccountsguidanceforincome,valuegeneration,assetcreationandaccumulationwouldprovidefu(ESCB),theECBhasestablishedaninformalnetworkoncryp,aninformalnetworkofrepresentativesfromtheESCBwascreatendicators,investigationintonewsourcesforanalysis,thenetworkplanstoreflectalsoontheissuesrn,centralbankscanprovideinputwithrespecttot,centralbankscouldcontributetoclosingdatagapsviainitiativestowardsincreasedavailabilityandtransparencyofdata,indicatorsandmethodologies,bestpractices,iencyofthefinancialsystemandtheeconomy,andalsoforthefulfilmentoftheEurosystem’sfunctions,,theECBhassetupadatasetbasedonhigh-qualitypubliclyavailableaggregateddatacomplementedwitho,importantgapsandchallengesremain:exposuresoffinancialinstitutionstocrypto-assets,interlinkageswiththeregulatedfinancialsectorsandpaymenttransactionsthatincludetheus,itishardtoretrievepublicdataonsegmentsofthecrypto-assetmarketthatremainofftheradarofpublicauthorities;somerelativelyilliquidtradingplatformsmaybeaffectedbywashtrading;andthereisnoconsistencyinthemethodologyandconven,newandunexpecteddataneedsmaywellxpectedtoprovideavaluableinp,theECBwillcontinuetoworkonindicatorsanddatabydealingwiththecomplexityandgrowingchallen,investigationwillcontinueregardi,amidamultitudeofmethodologicaloptions,furtherworkwillfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingthemetadataanddevelopingbestpracticesforindicatorsoncrypto-assets.[1]In2018theECBestablishedtheInternalCrypto-AssetsTaskForce(ICA-TF),’sanalysis,see,OccasionalPaperSeries,No223,ECB,FrankfurtamMain,May2019.[2]Inthisarticletheterm“asset”[3]See,ibid.[4]See,ibid.[5]Inits“”(January2019),theEuropeanBankingAuthority(EBA)statesthat,toqualifyase-money,assetsmustsatisfythedefinitionofelectronicmoneyassetoutinthesecondElectronicMoneyDirective().Inparticular,theassetsmustrepresentaclaimontheissuer(therebyexcludingcrypto-assetsasdefinedinthisarticle).Inparallel,theEuropeanSecuritiesandMarketsAuthority(ESMA)considersthatassetslikebitcoinareunlikelytoqualifyasfinancialinstruments(seeESMA’s“”,paragraph80,January2019).[6]Withtheexceptionofanti-moneylaunderingandcounteringthefinancingofterrorism(AML/CFT)requirementsunderthefifthEUanti-moneylaunderingdirective,Directive(EU)2018/843oftheEuropeanParliamentandoftheCouncilof30May2018amendingDirective(EU)2015/849onthepreventionoftheuseofthefinancialsystemforthepurposesofmoneylaunderingorterroristfinancing,andamendingDirectives2009/138/ECand2013/36/EU(OJL156,,).[7]FollowingtheEBA’sandESMA’sadvice(seefootnote5),theEuropeanCommission’sVice-PresidentDombrovskisannouncedinhisinBucharest,Romania,thattheCommissionhadinitiatedafeasibilitystudyonapossiblecommonregulatoryapproachattheEUlevel.[8]See“”,FinancialActionTaskForce,,theFinancialActionTaskForceupdatedtheInternationalStandardstoclarifytheirapplicationtovirtualassetsandvirtualassetserviceprovidersbyamendingRecommendation15,“NewTechnologies”,andbyaddingtwonewdefinitionstotheFATFGlossary.[9]See“”,ibid.[10]See“”,CambridgeCentreforAlternativeFinance,2019.[11]The“”bytheCambridgeCentreforAlternativeFinance(2017)reportedthat86%ofparticipatingpaymentcompanieswereusingbitcoinastheirprimary“paymentrail”forcross-bordertransactions.[12]See“2ndGlobalCryptoassetBenchmarkingStudy”,ibid.[13]Foranassessmentoftheseimplications,see“”,,crypto-assetsmayhavebroaderriskimplications–forexample,theymayweakenfinancialsystemintegrityandlendthemselvestomoneylaunderingandthefinancingofterrorism–andraiseconsumer/’sanalysis.[14]See“”,BaselCommitteeonBankingSupervision,13March2019.[15]See“”,ibid.[16]In,ibid,“Potentialimplicationsformonetarypolicy”.[17]Inparticular,crypto-assetsarenotonthelistofcentralcounterparties’eligiblecollateraloftheCommissionDelegatedRegulation(EU)2016/2251of4October2016supplementingRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilonOTCderivatives,centralcounterpartiesandtraderepositorieswithregardtoregulatorytechnicalstandardsforrisk-mitigationtechniquesforOTCderivativecontractsnotclearedbyacentralcounterparty(C/2016/6329)(OJL340,,–46).Similarly,permittedcentralcounterparties’investmentsdonotcontemplatecrypto-assetsunderRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilof4July2012onOTCderivatives,centralcounterpartiesandtraderepositories(OJL201,,–59).In“”,“Riskstofinancialmarketinfrastructures”.[18]APIsenableuserstoaccessdataproviders’databasesbymeansofanautomatedsetofqueriesprovidedviaHypertextTransferProtocol(HTTP–theprotocolunderlyinginternetwebsites)andreturndata.[19]Forexample,thecalculationofthemarketcapitalisationrequiredtocross-mapandharmoniseidentifiersandnamingconventionsforcrypto-assetsasdatafromdifferentprovidersneededtobeintegratedino,asitrequiredsyntheticexchangeratestobecalculatedforallcrypto-assetscoveredinthedataset.[20]SeeontheECB’swebsiteformoreinformation.[21]Theseindivisibleunitsaresometimescalled“unspenttransactionoutputs”(UTXOs).[22]Understandingwhichpartoftheoutputsofatransactionisthei,S.,Parashkevov,I.,Sarukkai,,J.,“”,WorkingPaper,No3469,StanfordGraduateSchoolofBusiness,August2016.[23]Seeandinitiatives.[24]Thesameapproachcouldbeusedtorecordandtransfereithertraditionalassetsorcrypto-assets.[25]SeeMakarov,,A.,“”,May2018.[26],N.,“”,in:Sadeghi,(ed.)FinancialCryptographyandDataSecurity,LectureNotesinComputerScience,,Springer,Berlin,Heidelberg,,averagetransactionvolumeisnegativelycorrelatedwiththeprobabilitythatatradingplatformwillcloseprematurely.[27]Forexample,forbitcoinfuturestradedatthecontractunitsandsettlementdatearefivebitcoinandmid-month,comparedwithonebitcoinandend-monthinthecaseof.[28]ContractstradedontheCMEaresettledbasedontheBitcoinReferenceRate(BRR)index,whichaggregatesbitcointradingactivityacrossarepresentativesampleofbitcoinexchangesbetween15:00and16:miniexchangeat16:00GMTonthefinalsettlementdate.[29]FormoreinformationontheETPstraded,see.[30]See.[31]Forexample,,issuerofcrypto-assettrackers,followspricingonspecifiedplatforms,,Kraken,Bitstamp,Bitfinex,ItBit,GeminiandGDAXforbitcoin,andPoloniex,Kraken,Bitfinex,GDAXandGeminiforEthereum,whichalsofulfilseveralselectioncriteria((i)topublish,onacontinuousandregularbasis,bid-askspreadsandthelastpriceinUSD;(ii)nottobedeclaredunlawful;(iii)torepresentatleast5%ofthetotal30-daycumulativevolumeforalltheplatforms;and(iv)tosettlefiatcurrencyandtransferswithinsevenandtwolocalbusinessdaysrespectively).[32]See,forexample,or(CCCAGG).[33]See,forexample,.[34]See,forexample,.[35]Forexample,,IndexforCryptocurrencies,SimonTrimborn,WolfgangKarlHrdle,JournalofEmpiricalFinance,Volume49,December2018,[36]CRIX,IndexforCryptocurrencies,ibid.[37]See,forexample,.[38]“”,WorkingPaper,No585,DeNederlandscheBank,2018.[39]Formoreinformationseethe.[40]See“”,IrvingFisherCommitteeonCentralBankStatistics,BankforInternationalSettlements,March2019.[41]Forexample,withintheExpertGrouponNationalAccountsoftheUnitedNationsStatisticalCommission.[42]See,forexample,“”,OECD,2018and“”,IMF,2018.

山上情事足球经理2007下载 中文版

山上情事全球原油期货遁入熊市……,Другизадължения1347807396Задължениякъмрезидентиизвъневрозоната,деноминиранивевро24703212157Задължениякъмрезидентивeврозоната,деноминиранивчуждестраннавалута104051038Задължениякъмрезидентиизвъневрозоната,деноминиранивчуждестраннавалута10465904,Ladiesandgentlemen,theV’smeetingoftheGoverningCouncil,whichwasalsoattendedbytheCommissionVice-President,,efirsthalfof2020,andinanycaseforaslongasnecessarytoensuretheco,infull,theprincipalpaymentsfrommaturingsecuritiespurchasedundertheassetpurchaseprogrammeforanextendedperiodoftimepastthedatewhenwestartraisingthekeyECBinterestrates,andinanycaseforaslongasnecessarytomaintainfavoustanceofmonetarypolicyforaprolongedperiodoftime,asinflationrates,bothrealisedandprojected,,ifthemedium-terminflationoutlookcontinuestofallshortofouraim,theGoverningCouncilisdeterminedtoact,,asappropriate,,wehavetaskedtherelevantEurosystemCommitteeswithexaminingoptions,includingwaystoreinforceourforwardguidanceonpolicyrates,mitigatingmeasures,suchasthedesignofatieredsystemforreserveremuneration,anneindicatesthat,whilefurtheremploymentgainsandincreasingwagescontinuetounderpintheresilienceoftheeconomy,softeningglobalgrowthdynami,theprolongedpresenceofuncertainties,relatedtogeopoliticalfactors,therisingthreatofprotectionism,andvulnerabilitiesinemergingmarkets,isdampeningeconomicsentiment,,inflationarypress,asignificantdegreeofmonetarystimuluscontinuestobenecessarytoensurethatfinancialconditionsremainveryfavourableandsupporttheeuroareaexpansion,theongoingbuild-upofdomesticpricepressuresand,thus,,%inthefourthquarterof2018,%,quarteronquarter,ironmentofprolongedglobaluncertainties,,activitylevelsintheservicesandco,theeuroareaexpansionwillcontinuetobesupportedbyfavourablefinancingconditions,furtheremploymentgainsandrisingwages,themildlyexpansionaryeuroareafiscalstanceandtheongoing–albeitsomewhatslower–nside,reflectingtheprolongedpresenceofuncertainties,relatedtogeopoliticalfactors,therisingthreatofprotectionism,%inJune2019,%inMay,ashigherHICPinflati,headlineinflationislikelytodeclineoverthecomingmonths,,elsofcapacityutilisationandtighteninglabourmarkets,thepass-throughof,supportedbyourmonetarypolicymeasures,,broadmoney(M3)%inJune2019,%%,theannual%inJune,,hatloangrowth,creditstandardsforloanstoenterprisestightenedinthesecondquarteramidconcernsabouttheeconomicoutlook,,includingtheforthcomingnewseriesoftargetedlonger-termrefinancingoperations(TLTROIII),willhelptosafeguardfavourablebanklendingconditionsandwillcontinuetosupportaccesstofinancing,,across-checkoftheoutcomeoftheeconomicanalysiswiththesignalscomingfromthemonetaryanalysisconfirmedthatanampledegreeofmonetaryaccommodationisstillnecessaryforthecontinuedsustainedconvergenceofinflationtolevelsthatarebelow,butcloseto,2%,otherpolicyareasmustcontributemoredecisivelytesubstantiallysteppeduptoboosteuroareaproductivityandgrowthpotential,,themildlyexpan,countrie,thetransparentandconsistentimplementationoftheEuropeanUnion’sfiscalandeconomicgovernanceframeworkovertimeandacrosscouncand***MrDraghi,couldyouperhapselaboratewhetherthisdecisiontopronounceapotentialpackageassoonasSeptemberwastakenunanimouslyThesecondquestionwouldbeonthepotentialAPP;arethereanyrestrictionsintermsofassetclassesordoyoulookatthewholevarietyofwhatisoutthereFirstletmegiveasortofsummaryaccountofourdiscussionasit,thefirstdiscussionwheretherewasbroadagreement,broadconvergenceofviews,wastheassessmentofthecurrentoutlook;namely,,thisoutlookisgettingworseandworseanditsgettin,snowbeenwithusforseveralmonths,actuallymorethanayear,andwhichrelatesasIsaidmanytimestotradewars,togeopoliticaltensions,,alsothepossibilityofahardBrexitcertainlyisanotherfactortotakeintoaccountandtheslowrotationoftheChineseeconomy,allthesefact,thebalanceofriskwasassessedtobeonthedownside,forthereasonsthatIvejustmentioned,andalsofortheveryfactthatthesimple–andthispointIvemadeatothertimes–thesimpleprolongedlinger,webasicallysawinflationwhichisbelowouraimandweseeprojectedinflationthatsaysthatconvergenceisfurtheroutintime,thoughasIvesaidonanotheroccasion,theinformationalcontentofmarket-basedinflationexpectationshastobeassessed,,theSurveyofProfessionalForecasters,inflationexpectationshavegonedownsothatswhatledtheGoverningCounciltotheseproposals,,ifIcangothroughthemagain:Firstofalltheintroductionoftheeasingbiasthroughtheintroductionoftheword“lower”,andatleastthroughthefirsthalfof2020andinanycase,foraslongasnecessarytoensurethecoity,verymuchinthesamewayweingsecuritiespurchasedundertheassetpurchaseprogrammeforanextendedperiodoftimepastthedatewhenwestartraisingthekeyECBinterestrates,andinanycase,foraslongasnecessarytomaintainfavou,bothrealisedandprojected,–andthisisthetriggerforouraction,whichbasicallyreflectsverymuchwhatIdsaidinSintra–outlookcontinuestofallshortofouraim,sthethirdpoint;:;namelythatwestandreadytoadjustallofourinstrumentsasapprovetaskedtherelevantEurosystemCommittees,,includingwaystoreinforceourforwardguidanceonpolicyrates,mitigatingmeasuressuchasthedesignofatieredsystemforreserveremunerationan,,otherwisewewouldn,youwouldexpen,rehere,wehavealist,thatswhatweknow,thatswherewestand,swhatwehavehadinthepastandthatswhatthelanguagesays,,butbelow,2%isnolongerinthemonetarypolicydecision;itsinyourintroductorystatementbutnotinthedecision,sodoesthatmeansomethingCanweexpecttheECBtorephrase,redefineitspolicyobjectiveThesecondquestionisa,therearetwokeyconstraints;,thelatter,theissuerlimit,fficulttogetawayfromratherthanthecapitalkey,whichisentirelydiscretionaryanddecideduponbytheECBOnthesecondquestionI,youcanrefertomySintralanguage,thelanguageinmyspeechatSintra,:no,thereisn,itstrueitsnotthereinthefirstpage;itsinthefourthpage,itouncilthatthereshouldbeareflectionontheobjective:namelyisitisclosetobutbelow2%,or,shouldwemovetoanotherobjectiveThereweredifferentGoverni,it,however,themainthinginthisintroductorystatementisthattheGoverningCouncil–IthinkIhavesaidthismanytimes,butnowitsintheintroductorystatement–reaffirmeditscommitmenttosymmetryaroundtheinflationaim,–it’scloseto,butbelow,2%.Atthesametime,wesaywedon,,or2%cap,,I;woulditbemaybepossibletodetailthemalittlebitmorewhethertherewasanydebateonanysizeofpackageorscaleortimingofaratecut,thatmostpeoplenowsuspectwillhappeninSeptemberMysecondquestion:weveseenquitealotofbaddatathisweek,notably,onGermanmanufacturingandGermancompaniesmorebroadlyintheIfopublicationtoday,ingAnydiscussionabouttakingactionassoonastoday,basically;todoaratecutassoonastoday,orothermeasuresassoonastodayNuancesweremostly,ifnotonly,aboutwhattodo,whetherweshouldhaveapackage,,owerinterestrates,sreflectedwellinthebreadthofthemandatethat:no,therewasntbecausethesenseisthatweseeanoutlook…Well,firstofall,ontheinflationfrontwedon,weseeanoutlookwhichisinasense…Letmejuststepbackandrecall:inthelastG7meetingwhenIwasaskedtomaketheassessmentfortheeuroareaeconomy,Isaid,“Look,itsdifficulttobegloomytodaybecausethepresentsituationisonewhereyouseesignsofstrength.”Atthesametime,youseeespeciallyincertainsectors,incertaincountries,,iesasabenchmarkasyourreferencepointbecauseyoureprobablytheonlycentralbankwithnegativeratesthatdoesnthavemitigatingmeasuresIassumeitsbeendifficulttointroduce,:addedtotheprogrammeifitsrelaunchedOnbothquestions,weplacedourselvesinthehandsofthecommittees,sofirstquestionis:whatshapewillthetieringsystemhaveWehavetohavethecommittees’,afterall,butbasicallyleavingussomeleewayforthecommitteestoreflect,starget,isthatsomethingthathasformallychangedorthattherewouldhavetobesomekindofformalagreementaboutshiftingthestrategyoftheECBonthat,andhasithappenedMysecondquestionis,itwasrelatingtothepreviousquestion:wasthereanydiscussionaboutthesizeofapotentialratecutorthetypesofa,itwasameetingwherewe…Itwasbasedontwo…IfIjusttrytosummarisethemainlinesofthemeeting,onewasanassessmentofthecurrentgrowthoutlookandespeciallyofinflation,,–andthatsagainveryimportant–withtheadmissionthatwedon,’tdiscussthematall,vesaidthattheoutlookisgettinGermanyhasincreasedMysecondquestion:USPr!Imsorrytointerruptbutgoahead...Doyoufearthattheinternationalconsensustoa,,whichcontinuestoimprove,,intermsofunemploymentrates,[].,,,insomecountriesmanufacturingisaveryimportantpartoftheireconomshittingthemanufacturingsectorinGermanyandalsoIthinkinItalyandtoalesserextent,inothercountries,,itsunquestionablethatfiscalpolicy–asignificantfiscalpolicy,mostlyinsomecountriesbutalsoattheeuroarealevel–14inaJacksonHolespeech:monetarypolicyhasdonealottosupporttheeuroareaandcontinues,asyoucanseetoday,todoalotbutifwecontinuewiththisdeterioratingoutlook,:IcanrestatewhatIsaidinSintra:wedontavoidingcompetitivedevaluationsandwestickwiththatinternationalconsensus,whichhasbeen,bytheway,,:giventhatmitigatingmeasuresarenotablylookedinto,doesitmeanthatwehavereachedthereversalratefortheeuroareaOrarewegettingclosetoitIfitisnotattheeuroarealevel,aretheresomestatesorsomebanksthatareclosertoarevegitimatequestions,:no,itisntanyorder–andit,Imyselfhavebeenverycarefulaboutnotsayingwhatwedlikemore,whatshouldcomefirst,,guidancelastJune,theanalysiswouldshowthatatthatlevelofinterestratesorthislevelofinterestrates,andforthatperiodoftimeoftheforwardguidance,theconsequencesontheprofitabili,–butwearenottalkingaboutitnow–adifferentcalendar[date],wouldaffectbankstdothetrickandachievethegoal,howwouldmoreQEhelpandwhatwouldbedifferentFirstofall,,theeffectthatthismaterialovedfrommassiveunemploymenttoaconditionthatmostpeoplewoulddefine,certainlyincertaincountries,,,,,thispass-throughistakinglongerthanexpectedandsothatswhywe,thisslowinginthepass-throughisnotsomethingthatwereexperiencingonlyintheeuroarea,sprettyspread,butthatdoesntreallyexemptmonetarypolicyfro:itsfiscalpolicy,ouncilhasfoundnoobjection,haveyougivenathoughttowhatyouwilldoattheendofyourmandateImeanprofessionally,:IwouldliketoaskabouttheusualprocessofBBVA,,IhavenllbeanoutstandingPresidentoftheECBandImsayingthiswiththeknowledgetIMF,itscollegial;itusesthevastinputofthestaff,,withthestaff,:Onthesecondquestion:it,thisisinthehandsotknowifthetwothingsarerelatedsomyquestionisabouttheclarificationofthis,becauseofcourseasweallknow,ringitwithwhathappenedintheUnitedStates–andbytheway,IthinkIwentthroughthiscomparisoninmyspeechinSintra–youseethatasupportivefiscalpolicyallowsmoneta,,atthisstage,,fiscalpolicy,youweretalkingaboutinvestments,,,isimportant,will,maintainingcredibilityonthemarketsbecauseifyouexpandandinterestratesgoup,sreallyimportantandeachcountryhasitsownagendaonw,membersofboththeExecutiveBoardandtheGoverningCouncilhavegivenspeechesthatappeartocallintoquestiontherelevanceofmarket-basesannouncementhowever:whydidtheGoverningCouncilchoosetoretainthecalendar-basedlegoftheforwardguidancetodayWasthereanydiscussionofdiscardingorjustamendingitTheansweris:wediscussednotthesubstancebutwhentohaveadiscussionaboutthis,,theintroductorystatementsays:inthiscontextwehavetaskedtherelevantEurosystemCommitteeswithexaminingoptions,ke,itstrue,itsmarket-basedinflationexpectationsthatarebeingquestionedforavarietyofreasons;aretheyacompletelyreliableindicatorThensomesaydifferentexpectations,morerelevanttothereallifeofpeople,becomplacentaboutthat–whichdoesn,,too,,wforevenlonger,thattherewillnolongerbeanyeffectoninvestmentsbecausepeoplethinkitdoesntmatter;wehavetimeforever,,that,mnotsurethatthisnegativeconclusion:arealltheseinstrumentsgoingtobeeffectiveforeverIthinkthat,butwouldthatexemptmonetarypolicyfromdoingwhatisnecessaryor,buttheydon,butforbudgetaryreasonstheycan,a,Facebook’scryptocurrency:didLibraalarmtheinstitutionbecauseithadacollateralandthecentralbankmustdoexpansivemonetarypolicyOnLibra,wedidntdiscussthatinthismeetingoftheGoverningCouncil,G7governments,andIbelievebyallthegovernmentsintheworld,,AML/moneylaundering,terrorismfinancing,,howwouldthisworkAtthesametime,,monetarypolicytransmission,,,swhywehavehadthismeetingtoday,startingthepossibilityofactionsinthefuture,,iftherewasanothercutinthedepositrate,thesecommittees,resupposedtostaywithinthetoolsthathavealreadybeenusedOraretheyauthorisedtolookatmonetarypolicytoolsthathaveperhapsnotbeenusedsofarIfso,whatmightthosebeTheanswertothefirstquestionistheusualone;thetransmissionchanneloflowerrateshasntchanged,it’,,’sbroadbutitdoesn,thatswhatwehave,thatswhatweknowandthatswhat“including”,andokay,therewearelookingforwardtoseeingnewthings,,callingit,“Veryunfairthatothercountriesmanipulatetheircurrenciesandpumpmoneyin.”HavethoseremarksbyMrTrumpcomeupinthediscussionsoftheGoverningCouncilGiventhatMrTrumpaddressedyourpersonallyaftertheSintraspeech,howdoyourespondtohiscontinuingremarksinthisregardMysecondquestionis:theFrenchgovernm,butIamnotavailablesoit,no,itdidn,IgaveitinSintra,Isaidvery,verysimply,“Wehaveamandatewhichispricestability.”Secondpoint,wedonable,still,thatcreditgrowthisquiterobustsowhatexactlyareyouhopingforwhenthinkingaboutfurthereasingmonetarypolicyWhatdoyouhaveinmindoneconomicimpactsontherealeconomy,notonassetprice,nongertermDoyoualreadyseethecredibilityoftheECBandofthe2%targetatriskatthemomentI,ourcredibilityisnottestedvis-à-visthe2%sbeentestedsofartoanobjectiveofclosetobutbelow2%.Andthemainanswertoyouisthis:wedonnflationandthatsexactlywhatweareseeing:%ssomethingaboutwhichtheGoverningCouncilsaidtodayintheintroductorystatement:wedonswhytheintroductionofth:asIsaidbefore,thetransmissionchannelisthesameasbeforeandwedoexpectallthiswillaffectbothdirectlyinflat,atthispointitsnotclearyetwhetheritsgoingtobewhatsbeencalledasag,namelyaveryprotractedperiodoftimeatlowergrowth,buthowmuchloweristhisgrowthgoingtobeHowlongisthisperiodgoingtobeWewanttodoeverythingthatspossibletoavoidthatmonetarypolicymightbeahindrance,inotherwords,highlyaccommodativemonetarypolicyistheretostayforalongperiodoftime.[1]Referstocompensationperemployee(%%onaverage)

山上情事广州万隆:增量没持续性 震荡整理

.Servicespri,whichimpliesachangingspeedintheevolutionofrelativeprices,indicatethataggregateinflationdevelopmentstypica,thisboxreviewssomeofthefeaturesandsourcesofthegapbetweenservicespriceinflationandnon-energyindustrialgoodspriceinflationintheeuroarea.[]Thegapbetweenservicespriceinflationandgoods,HICPservicespriceinflationintheeuroareahasbeen,onaverage,%,%.Thegapbetweenthetworateshasbeenpositiveatalltimesduringthepast20years(seeChartA).However,tion(%%)thaninaveragenon-energyindustrialgoodspriceinflation(%%),ahigherlevelofdemandtypicallybenefithaninnon-energyindustrialgoodspriceinflationhastosomeexte,however,isontheroleofunitlabourcostsandimportpricesinexplainingrela(annualpercentagechangesandpercentagepoints)Sources::Theservices/goodspriceinflationgapisthedifferencebetweentheannualrates’smetgyindustrialgoodspriceinflationrespectively,withthechangesfromthefirstperiodtothesecondlargelyreflectingchangesininflationratesratherthanchangesintheweightsofcomponents.[]Withtheexceptionofcommunicationservices,allsub-componentshaverecordedloweraveragecontributionstoservicesandnon-energyindustrialgoodspriceinflationinthepost-crisisperiodthanpreviously(seeChartB).Thelessnegativeaverageinflationrateforcommunicationservicesis,toalargeextent,accountedforbyalessrmimpactoflarge-scaleliberalisationoservicespriceinflationislargelyduetodevelopmentsinmedicalandeducationservices,includingtheabolitionofmedicndpersonalserviceshasbeentheslowdowninrestaurantservicespricesgrowth;thislikelyreflectedadropindemandinsomecountriowerpriceincreasesforcarmaintenanceandrepair,whichwerelikelylinkedtothecarscrappingschemesintroducedfollowingthecrisisandtheassociatedrtionfromhousingservicesinflation.[]Thedeclinesinthecontributionsfromthenon-energyindcedevelopmentsindifferentgoods,,thelatterparticularlyrelevantincountriesthatexperiencedthepre-crisishousingboom,ofnon-energyindustrialgoodsisanincreaseincompetition,,thisgranularperspectivesuggeststhatthechangesintheinflationgapbetweenservicesandnon-energyindustrialgoodsmayreflectbothgeneralfactorsandtheaccumulationofidioesandgoodspriceinflationrates(percentagepoints)Sources::Redbarsshowservicessub-crstionbetweenmanufacturingandtheproductionofnon-energyindustrialgoodsontheonehand,andbetwee,productivitygrowthintheeuroareahasbeenmuchstrongerinthemanufacturingsectorthaninthemarketservicessector,sinlinewiththeBalassa-Samuelsoneffect,wherebytherelativelyhighwagegrowthinthemanufacturingandtradablegoodssec%ofthecoststructureinservicesandabout20%inindustryexcludingenergyandconstructioninboth2008and2016.[]Lookingatthesynthesisofwagesandproductivityintermsofunitlabourcostgrowth,thedeclineinthegapbetweenservicespriceinflationandgoodspriceinflationinthepost-crisisperiodhascoincidedwiththecorrespond(ofaboutone-halfofapercentagepoint)inaverageunitlabourcostgrowthintheservicessectorinthepost-crisisperiod,whileaverageunitlabo(compensationperemployee)andproductivitydeclinedinbothsectors,thedeclineinwagegrowthhasbeenmuchlargerthanthatofproductivityintheservicessector(seeChartC).ChartCUnitlabourcostgrowth–sectoraldevelopments(averageannualpercentagechanges)Sources::,education,onandgoo%,comparedwithabout1%[]AcomparisonoftheGDPdeflator(abroadmeasureofdomesticpricedevelopments)withtheimportdeflator(abroadmeasureofforeignpricedevelopments)showsthatthelatterhasgenerallybeenmoresubduedandsawastrongerdeclinebetweenthepre-andpost-crisisperiods(%%,%%).[]Thesubduedforeigncostgrowthhasthuslikelyhadaconsiderablylargerdampeningimpactonnon-,onaverage,%,thesedevelopmentshavecontributedtoawideningratherthananarrowingofthegapbetweensnentsoftheHICP,ergyinthepost-crisisperiodhasthuscontributedtothedeclineinthegapbetweenservicespriceinflationandgoodspriceinflation(%since2009,%duringtheperiod2001-08).[]Overall,thenarrowinggapbetweenservicespriceinflationandgoodspriceinfclineinunitlabo%%,HICPinflationexcludingfoodandenergywouldhvicesthanfornon-energygoods,ndfood,fromanaverageof57%intheperiod1999-2008toanaverageof61%intheperiod2009-19,thusgavemoreprominencetothehigherinflationrateofservicesinunderlyinginflationdevelopments.[1]Forananalysisoftheinflationgapintheeuroareaupto2008,seetheboxentitled“”,MonthlyBulletin,ECB,é,B.,“”,speechgivenatthe21stGenevaConferenceontheWorldEconomy,16May2019.[2],,,[3]Foradiscussion,seetheboxentitled“”,EconomicBulletin,ECB,Issue4,2019.[4]Theseestimatesareobtainedfromtheeuroareainput-outputtablesprovidedbyEurostatbydividingcompensationofemployeesbythetotalcostsofthesectors(wheretotalcostscomprise:foreignanddomesticinputsofgoodsandservices;taxeslesssubsidies;andcompensationofemployees).[5]TheseestimatesarebasedonEurostat’sinput-outputtables,whichprovidethebreakdownacrosssectorsforprivateconsumpleriftheindirectimportcontent–whichrepresentsintermediateimportedinputsusedfortheproductionofdomesticgoodsandservices–werealsoincluded,asittendstobelargerforservicesthanforgoods.[6]Developmentsintheeffectiveexchangerateoftheeurodonotsupportthenarrowingoftheinflationgapsince,onthewhole,thesecondperiodhasseenadepreciationoftheexchangerate,althoughthesecondperiodhasbeenmarked–likethefirstone–,%,onaverage,since2009,%,onaverage,intheperiod2006-08(nodataareavailablebefore2006).[7]Theimpactofchangesinindirecttaxeshasbeensimilaronservicespriceinflationandnon-energyindustrialgoodspriceinflation.,ItisapleasuretowelcomeallofyoutotheECBforthisconference.[]Asacentralbank,understandingthemyriadimplicationsofdigitalisationfortheeconomyisahighpriority:thepresentationsatthisconferencewillprovideuswiththelatestthinkingandnewinsights,,digitalisationisalsoreshapingfinancialsystemsandpaymentsystems,whileatthesametimestimulatingintenseinter,thefocusofthiseventisontherealeconomy,,s,accordingtonationalaccountsdata,theshareofinvestmentdev,however,isboundtounderestimatetheactualimportanceofintangiblecapital,sincemanyofitscomponentsarenotincludedinthenationalaccounts.[]Thereissomeevidencethattheweaknessofphysicalcapitalinvestmentoverthepastfewyears,ifnotlonger,cantoalargeextentbeexplainedbyintangibles.[]Atthesametime,thedifficultyofmeasuringinvestmentinintangiblespointstoamo,theglobalmobilityofintangibleassetsmeansthatitisalsodifficulttoattributetheproductionanduseofsuchassetstoparticularjurisdictions.[]ThebalanceofevidencesuggeststhatEuropeissomewha,accordingtoOECDestimates,theshareoftheinformationandcommunicationstechnology(ICT)sectorinvalueaddedislessthan5%formosteuroareacountries,whichcompareswitharound7%fortheUnitedStatesand8%forJapan.[]Similarly,whenitcomestoresearchanddevelopment(RD)spending,theEUisnowtrailingbothChinaandtheUnitedStates,,intangibleinvestmentisdifficulttocollateraliseandthereforehardertofinanceinaconventionalban(togetherwithprogressindevelopingasinglepan-Europeanmarketfordigitalproducts)couldsupportthedevelopmentofthetechecosystemintheeuroarea,underliningtheimpor,thestructuralchangesassociatedwithdigitalisationimplythecontraction,orelimination,,,mostadvancedeconomiesarecurrentlyenjoyingthehighestemploymentratesofthepastthreedecades.[]Inaddition,digitalautomationcanspurproductivity,asIwilldiscussshortly,,digitalisationoffersthepossibilityofreducingsearchcostsint,intrackinglabourmarketconditions,centralbankscanalsobenefitfromthehigh-frequencydatageneratedbyonlinejobsearches[].Aboveall,theongo,arecentECBsurveyoflargeeuroareacompanieshighlightedthatfirmsseethepotentialfordigitaltechnologiestoincreaseproductivitygrowth,inparticularbypromotingknowledgesharingandenablingmoreefficientproductionprocesses.[]Pro,higherproductivitygrowthspursinvestment,andexp,higherproductivitygrowthincreasestheequilibriumrealrateofinterest,,however,despitethepromiseofincreasedefficienciesthankstodigitaltechnologies,theproductivitygrowththatwehaveseeninEurope,andindeedmostadvancedeconomies,,however,isthatinthelightoftheoveralldisappointingproductivitygrowthwehaveseeninrecentyears,thecontributionthatdigitalisationismakingtoproductivityappears,forthetimebeing,,togetherwithtradeliberalisation,flation[],resultsfortheeuroareaarelessconclusive.[]Inaddition,digitalis,,bytakingintoaccountshiftsindemandandsupplymorereadily,suchalgorithmsmayacceleratetheresponsivenessofpricestoshocks.[]Theexpansioninonli,theimpactismuchbroaderthanjustactualonlinesales,sinceonlinepricesalsoaffectbrick-and-mortarprices.[]Atthesame,digitalisationmayfostertheriseof“superstar”firmsthatacquireadominantmarketpositiononthebackoftheconstellationofhig,however,[]Thisdoesnotprecludethepossibilitythatwewillseelargereffectsinthefuture,odays:Ilookforwardtolearningfromyourcontributions.[1]IwouldliketothankFilipposPetroulakisforhiscontributiontothisspeech.[2]Humancapital,knowledgeindatabases,organisationalcap,MalinandSaiz,Lorena(2018),“”,EconomicBulletin,Issue7,ECB,November;andspeechbyLuisDeGuindos(2018),“”.[3]SeeCrouzet,NicholasandEberly,Janice(2018),“”,JacksonHoleEconomicPolicySymposium.[4]SeeAvdjiev,Stefan,Everett,Mary,Lane,,HyunSong(2018),“Trackingtheinternationalfootprintsofglobalfirms”,BISQuarterlyReview,March2018.[5]Source:OECDFactbook,(%oftotalvalueadded).[6]Source:OECDLabourForceStatistics.[7]SeeAdrjan,PawelandLydon,Reamonn(2019),“Clicksandjobs:measuringlabourmarkettightnessusingonlinedata”,CentralBankofIrelandEconomicLetter,,No6.[8]SeeElding,CatherineandMorris,Richard(2018),“”,EconomicBulletin,Issue7,ECB,November.[9]Auer,Raphael,Levchenko,AndreiandSauré,Philip(2017),“Internationalinflationspilloversthroughinputlinkages”,NBERWorkingPaper,No23246.[10]SeeAndrews,Dan,Gal,PeterandWitheridge,William(2018),“AGenieinaBottleGlobalisation,CompetitionandInflation”,OECDEconomicsDepartmentWorkingPaper,,andECB(2017),“Domesticandglobaldriversofinflationintheeuroarea”,EconomicBulletin,Issue4,June.[11]SeeCavallo,Alberto(2018),“MoreAmazonEffects:OnlineCompetitionandPricingBehaviors”,NBERWorkingPaperNo25138.[12]Ibid.[13]Fortheeuroarea,seeCicarelli,MatteoandOsbat,Chiara(2017),“Lowinflationintheeuroarea:causesandconsequences”,OccasionalPaperSeries,No181,Box3,ECB;forCanada,seeCharbonneau,Karyne,Evans,Alexa,Sarker,SubrataandSuchanek,Lena(2017),“Digitalizationandinflation:areviewoftheliterature”,BankofCanadaStaffAnalyticalNote,2017-20;forSweden,seeSverigesRiksbank(2015),“Digitisationandinflation”,MonetaryPolicyReport,February,,Understandingthecrypto-assetphenomenon,itsrisksandmeasurementissuesPreparedbyMariaTeresaChimienti,,itdescribesthecharacteristicsofthecrypto-assetphenomenon,in,itidentifiestheprimaryrisksofcrypto-assetsthatwarrantcontinuousmonitoring–theseriskscouldaffectthestabilityandefficiencyofthefinancialsystemandtheeconomy–,thearticlediscusseshow,andtowhatextent,publiclyavailabledataallowtheidentifiedmonitoringneedstobemetand,byprovidingsomeexamplesofindicatorsonmarketdevelopments,offersinsightsintoselectedissues,,itcoversselectedshaviewtoidentifyingandmonitoringpotentialimplicationsformonetarypolicyandtheriskscrypto-assetsmayposetothesmoothfunctioningofmarketinfrastructuresandpayments,aswellasforthestabilityofthefinancialsystem.[]Thistaskbeginswiththedevelopmentofamonitoringframeworktoprovidethedataandinsightsthatarenecessarytocontinuallygaugetheextentandmaterialityofevolvingcrypto-,theECBr,whichcanprovide,forinstance,metricsforcrypto-assetnetworks,estimatesofmarketcapitalisation,pricesandtradingvolumesoncrypto-exchangesandtheamountoffundsraisedwhenacrypto-assetisofferedtothepublicin“initialcoinofferings”(ICOs).Thesesourcesdifferwithregardtothemethodologiestheyuse,thecompletenessofdatacoverageandaccesstotheunderlyingrawinformation,(whenavailable)bringswithitconsiderableuncertaintyaboutdataavailabilityandqualityowing,inpart,toalackofregulationofsomeplayersalongthecrypto-assetvaluechain,whoseunsupervisedactivityrypto-assets().Buildingacrypto-assetmonitoringframeworkonthisbasisrequirescautiononaccountofthedataissues,,itisimportanttoidentifymonitoringneedsbasedonanaccuratechar,oncetherelevantdatasourceshavebeenidentified,datacanbecollectedandqualitychecksappliedto,theECBcomplementsaggregateddatawit,importantgapsremainunaddressedinthecurrentframework,suchasdataonfinancialinstitutions’,in,Section3aimstoidentifytherelevantcrypto-assetrisksandtheeconomicconnections,“gateway”functionsandotherchannelsthroughw,basedonpubliclyavailabledata,theavailabilityandreliabilityofdata(includingexamplesbasedonselectedindicatorsformonitoringmarketdevelopments),datagapsandongoings,thearticleoffersanumberetscanbedefinedandanalysedfromdifferentperspectives,namelytheirunderlyingtechnology,theirfeaturesandtheeconomicimplicationsthatsuchassets[]“crypto”-asset,traditionalassetssuchasmoneyandfinancialinstrumentscanalsoberecordedbymeansofthesametechnology–typicallydistributedledgertechnology(DLT).Therefore,DLTisnotafactorindifferentiatingthenewphenomenonfromot,theissuerofanydigitallyrecordedassetis,inprinciple,dhampes,theECBhaschosentodefinecrypto-assets[]as“anewtypeofassetrecordedindigitalformandenabledbytheuseofcryptographythatisnotanddoesnotrepresentafinancialclaimon,oraliabilityof,anyidentifiableentity.”Thefocusisthereforeontheregulatory,economicandbusinessdimensionofcrypto-assetsasanewassetclass,ratherthanontheuseoftechnoleentitymeansthatitsvalueissupportedonlybytheexpectationthatotheruserswillbewillingtopayforitinthefuture,,itsusersattachvaluetoitbecausetheybelievethat:i)itssupplywillremainlimited,andii)marketpartiachofitsunitsallowtheexistenceofacrypto-assetmarket,whereusersonthesupplysideralrecordofhow,whosecounterfeitingrequiresspecificskillsandphysicalresourcesandcantypicallybevettedbyexperts,,,inthecaseofassetsindigitalform,atrustedcentralpartyisusuallytaskedwithcontrollingthenumberofunits(notaryfunction)andisresponsibleforkeepingtrackofwhoownswhat(bookkeepingfunction).Cryptographictechniquesareusedtoreplacethetrustedbookkeeperintherecordingofcrypto-assets,withaviewto:i)rulingoutanyunexpectedincreaseincrypto-assetsissuedonadistributedledger,andii)gettingthenetworkofuserstoagreeonwhoownswhat(furthereliminatingtheneedforatrustedbookkeeper).Adistributedledgerisessentiallyarecordofinformation–ordatabase–thatissharedacrossanetworkofusers,eonoftherecordingofnewassets,andoftheirsubsequenttransfer,amongasetofuserswhnvalidation,withnoproofofidentityrequired,,whoseindividualvotingpowerdependsonthespecificprotocolusedandsho,whicharegenerallyusedforrecordingcrypto-assets,,distributedvalidationistypically(orarelativelysmallcoalitionofusers)frombeingabletomodifythecontentandfunctioningofadistributedledger,,otherusersar,a“fork”willemerge,wherebytwosetsofusersrelyondifferentsets,withoutnecessarilydifferingfromitsnon-DLTequivalentsintermsofeconomicimpactandlegalnature–rachedefinitionandanalysisofcrypto-assetsinthispaper,cialinstrumentsandfundsintheformofelectronicmoney,’reserves,cash,orthewidelyystemmaybesubjecttorisksfromcrypto-assetstotheextentthatbothareinterconnected;,crypto-assetsmayhaveimplicationsforfinancialstabilityandinterferewiththefunctioningofpaymentsandmarketinfrastructures,[]showsthat,whiletheserisksarecurrentlycontainedand/ormanageablewithintheexistingregulatoryandoversightframeworks,linkswiththeregulatedfinanc’sresponsibilities,namelytodefineandimplementmonetarypolicyandtopromotethesmoothoperationofpaymentsystems,aswellastheEurosystem’stasksintheareasofbankingsupervisionandfinancialstability,,theanalysisconcludesthattheECBshouldcontinuemonitoringcrypto-assets,raiseawarene:i)provideanoverviewofrisksstemmingfromcrypto-assets,andii)identifythemainconnectionsthatmayfacilitatethetransmissionoftheseriskstothefinancialsystemandtheeconomy,:i)thelackofanunderlyingclaim,ii)their(partially)unregulatednature,andiii))Sincecrypto-assetshavenounderlyingclaim,suchastherighttoafuturecashflowortodischargeanypaymentobligation,,crypto-assetsmayexperienceextremepricemovements(volatilityrisk),,theeffectsmaybepassedontothecreditorsoftheholders(ifthepositionsinvolveleverage))Crypto-assets,asdefinedinthisarticle,canhardlyfulfilthecharacteristicsofpaymentandfinancialinstruments[]and,assuch,falloutsidethescopeofcurrentregulation.[]Giventhattheyareunregulated,theirholdersdonot,intheeventofbankruptcyorhackingofacrypto-assetserviceproviderthatcontrolsaccesstocustomers’holdingsofcrypto-assets(),theholdingswouldneitherbesubjecttopreventivemeasures()n,thereislimitedscopeforpublicauthoritiestoregulatecrypto-assets.[]Anysuchinterventionmaybefurthercomplicatedbythelackofgovernanceanddistributedarchitectureofcrypto-assets(seebelow),)AstheuseofDLTallowscrypto-assetstodispensewithanaccountableparty,therolesandresponsibilitiesforidentifying,mitigatingandmanagingtherisksborneinthecrypto-assetnetworkcannotbe(clearly),amongothers,heightenedmoneylaunderingandterroristfinancingrisks,totheextentthatthereisnocentraloversightbodyresponsibleformonitoringandidentifyingsuspicioustransactionpatterns,norcanlawenforcementagenciestargetonecentrallocationorentity(administrator)forinvestigativepurposesorassetseizure.[]Inviewofthelackofformalisedgovernance,itmayalsobedifficulttoaddressoperationalrisks,includingcybersecurityrisks,,inthebroadercrypto-assetecosystem,theprovisionofcertainservices(),,thisisnotalwayspossibleindecentralisedmodels,,i)holdingsofcrypto-assets,ii)investmentvehicles,andiii)retailpaymentsrepresentthemainlinkagesbetweenthecrypto-assetmarketonthe)Individualsandfinancialinstitutions,includingcreditinstitutions/investmentfirms,paymentinstitutionsande-moneyinstitutions,arenotprohibitedbyEUlawfromholdingorinvestingincrypto-assets.[]Crypto-assetscanbeaccessedbyanyonewithaninternetconnection,/assetsorloanscollateralisedwithcrypto-assets,,financialinstitutionscanprovideothercrypto-asset-relatedservices()thatmayresultinenhancingtheaccessibilityandfosteringtheuseofcrypto-assets,,amongotherthings,byfinancialinstitutions’)Derivativesandinvestmentvehiclesconnectinvestorswithth(ETPs)andcontractsfordifference(CFDs),ICOs–alargelyunregulatedwayforfirmstoraisecapitalbygeneratingnewcrypto-assetsinawaysimilartoinitialpublicofferings–havestartedtoraiseinterestamonginvestorssince2017,,though,thatthese“coins”mayvarysignificantlyintermsoftheircharacteristicsandfunctions:forinstance,theymayofferformsofinvestmentinacompanythatmaybelinkedtosecurities,ormerelygrantaccessto(future)products/,forourpurposes,thatthese“coins”maynotqualifyascrypto-assetsasdefinedinSection2,)Undercertaincircumstances,,internationalremittancesandbusiness-to-business(B2B)cross-borderpayments,tomicro-paymentsandmachine-to-machine(M2M)payments,[]andmaybedrivenbyDLT-drivenefficiencygainsast,whileholdersofcrypto-assetscantransfercrypto-assetunitswithoutanintermediarybyaccessingdirectlythedecentralisedcrypto-assetnetwork,userconveniencehasledtotheemergenceofserviceprovidersthatfacilitatetheuseofcrypto-assetsforpayments,,though,end-usersstillmakeand/orreceivepaymentsinnationalcurrency(ies)andarenotrequiredtoholdcrypto-assetbalances,whereastheroleofcrypto-assetsislimitedtoenablingaback-endchannelforthetransaction,particularlyincross-borderpayments.[]Newandexistingintermediariesprovidethe“gateway”functionsthatfacilitatetheinterconnectionsbetweencrypto-a,gatewayfunctionsdescribetheactivitiesthatenabletheinflowsandoutflowsofcrypto-assetsfromthecrypto-assetmarkettothefinancialsystemsandtheeconomy,/()orservices()areoutofscope,,inturn,relyonthe-assets[]’tradingactivityand,bydoingso,ldcrypto-assetsonbehalfoftheirclients,andexecutetradesontheirbooksasopposedtotheDLTnetwork(s).Somecentralisedplatformsmayprovidecustodyservicesbeyondwhatisneededtoexecute/settleatrade,inwhichcasetheyalsoactascustodianwalletproviders(seebelow)rypto-assetinvestorsbecauseofitsconvenienceandonthepremisetha(alsocalled“hotwallets”,entailingthestorageofkeysonadevicethatisconnectedtotheinternetthatallowstheinitialisationoftransactionsatanytime)oroffline(alsocalled“coldwallets”,entailingthestorageofkeyswithnoconnectiontotheinternetuntiltheuserneedstoauthoriseatransaction).,ontheotherhand,arelessconvenienttousefrequentlybutareprotectedfromha,thecustodiandirectlyholdsayhaveimplicationsforthestabilityofthefinancialsystem,monetarypolicyandthesafetyandefficiencyofpaymentsandmarketinfrastructures:[]4Currentissuesinmeasuringthecrypto-assetphenomenonToproperlyassesscrypto-assetrisksandtheirpotentialimpactonthefinancialsystemandtheeconomy,itisnecessarytocomplementthequalitativeanalysisonthelinkagesdescribed(seeSection3),thepublicnatureofcrypto-assetDLTnetworksgenerallyensurestransparency,,thedecentralisedand(partially)unregulatednatureofcrypto-assetactivitiesmakesitdifficulttoobtainspecificdata(),publicwebsitesthatt,availabledataoncrypto-assetsareneithercompletenorfullyreliableforthepurposesofmoni,theyonlyalanalysis,providingconcreteexamples,yavailableaggregateddataalreadyprovidesometoolsformeasuringc,subjecttopassingqualitychecksandbeingcomplementedwithotherdatafromcommercialsources,providedthebasisofacrypto-asset(APIs)[]andbigdatatechnologies,ithasbeenpossibletocreateanautomatedsetofproceduresforcollecting,handlingandintegratiersconsideringavailabledocumentation,,coupledwithapplieddataqualitycontrolmeasures,enabledthdtheharmonisationofinformation.[]Crypto-assetindicatorstailoredtothismonitoringexercisehavebeengroupedinfourcategoriescoveringi)markets,ii)gatekeepers,iii)linkages,andiv))Marketindicatorscoverpricingandtradinginformation,-assetsfromapoolofover2,000assetscurrentlytradedandconstructingindicatorsonprices,tradedvol,itincludesindicatorsfocusingontradingvis-à-,theindicatorsofferadetailedoverviewofbitcoinfuturescontractstradedontheinstitutionalisedexchangesoftheChicagoMercantileExchange(CME)andtheChicagoBoardOptionsExchange(CBOE).ii)Theindicatorsongatekeeperscovertradingplatformsandwallets,lectedplatformorasetofplatformsgroupedaccordingtotheircountryofincorporation,feesoption,,,informationontheclassificationofwalletsbytype,ssupportingcrypto-assets,whicharethosethatenable,,)Animportantcategoryofindicatorsaimstocovertotheextentpossiblethelinkagesofthecrypto-estocrypto-assetsandindicatorsbasedonstatisticsonholdingsofsecurities[].iv)ThefinalpartconcernstheindicatorsforICOs,,,,therearestillimportantgapsinthedata,particularlyrelatingtocertaininterlinkagesandtopaymenttransactions,includingtheuseoflayeredprotocols().First,amajordatagapexistswithrespecttotheinterlinkageswiththerealandfinancialsectors,includingtheamountofbanks’orfinancialcorporations’directholdingsofcrypto-ass,salesofmerchantsacceptingcrypt,ananalysisoftheinformationontransactionsusinglayeredprotocolsisrequiredtocaptur,bydefinition,aconstantlyevolvingproduct,asithastokeepupwithchangingmonitoringneeds,reflectingrapidchangesinthemarket,whileremainsets,,thefirststepinthedataprocessingcyclehasbeencompleted,pavingthewayforthenextstepscoveringfurtherworkonindicatorsanddata,datafromtradingplatforms,blockchainsandofficialdatacollectionsandstatisticsonthecrypto-assetmarket,consistentwiththemoni,off-chainandlayeredprotocoltransactionsToassesstheavailabilityandreliabilityofdataoncrypto-assets,itisimportanttodifferentiatebetween“on-chain”and“off-chain”,forinstanceinthecaseoftradingplatforms,orinaprivatenetworkofusersthatusethedistributedledgerofacrypto-asliclyavailable,cialaccountssystems,whereanamountofanassetistransferredbyreducingthesender’saccountbythatpreciseamountandbycreditingittothereceiver’sactions:whenauserreceivesaquantityofcrypto-assets,thoseunitsarenotdivisibleandhavetobesentalltogetherinafuturetransaction.[]Therefore,asenderneedstospecifywhatpartofthecrypto-assetunitsjointlyobtainedinaprevioustransactionshouldbetransferredtothereceiver(s)andwhatpartshouldcomebackas“change”.Identifyingthevalueofacrypto-assettransactionandwhetherdifferentcrypto-assetwalletsbelongtothesameindividual(orinstitution),noriginatedorberoutedtoanotherwalletcontrolledbythesender.[]Anumberofinitiativesarebeingdevelopedbythecommunityofcrypto-theircrypto-assettransactions.[]On-chaindatarecordedonthedistributedledgerofacrypto-assetcanrefertotransactionsinotherassets,whi“native”crypto-asset,,thistextcancontaintheconfirmationthatotherassetshavebeentransferredusingadistinctprotocol.[]Sinceasuperficialanalysisoftheon-chaintransactionwouldonlydiscloseanegligibletransactioninthenativecrypto-asset,oneneedstointerpretthetransactionknowingthedetailsofthelayeredprotocolinordertoconcnstructingandsupplyingtheveryrudimen,theaggregatedpriceinformationofacrypto-assetisdetermined,amongotherthings,bytheselectionoftradingplatforms,theunderlyingtradingvolumes,conventionsconcerningthe24-hourclose-of-businesstime,factorstoaddresslowliquiditylevels,failuresoftradingplatforms,,pricingofcrypto-assetsisverydisperse.[]Pricinginformationfeedsfurtherintothecalculationofthemarketcapitalisationindicator,together,thevalidationofnewtransactionshastobecostlytopreservetheintegrityofthesystemandrelativelyslowtoallowsufficienttimeforalluserstoagreeonthelatestvalidsetoftransactionsbeforeanewoneisvalidated.“Channels”havebeenintroducedasasolutionforclustersofuserstosettletransactionsfasteramongthemselvesand,asinnetdeferredsettlementtypicalofsomemarketinfrastructures,onlyusetheunrestricteddistributedledgerforthe“ultimate”setsiscoveredbyregulation,asshouldbethecasewithcrypto-assettradingplatforms,“decentralised”,,tradesagreedondecentralisedtradingplatformstypicallyinvolvethemutualtransferoftwoassets,whicharesettledastwoindividualsandther,thosewithzero-feeortransaction-feeminingfeaturesmightbe,tradersareabletotradefreelywithoutfees,regardlessofhowmanytradestheymake,,tradingplatformswithatransaction-feemiokeningandbuyingthesameassettocreatemisleadingandartificialmarketactivity,,unusualpricespikesanderratictradingbehaviourintheround-the-,thecrypto-assetmarketoperates24hoursperday,withnostandardised“closeofbusiness”,,inlinewiththeirpreferredtimeframeconvention,,dataprovidersadjustthecontributionsofthepricesachievedonthendariesorotherexclusioncriteriabasedonbenchmarkssupportedby,forexample,lsotheladbytechnicalissuesrelatedtothesubstantialrisksofcyberattack,fraudandhacking.[]Incyberattacks,suchasdenial-of-serviceattacks,theperpetratorsseektomakeamachineornetworkresourceunavailabletoitsingplatforms,especiallythosewithunsuitabletechnologicalinfr,cybercrimeandothercriminalactivitieshaveaffectedanestimated6%ofthetotalsupplyofbitcoinanddonotinc,typicalissuesthatdataaggregatorsorexchangesexperiencetaketheformofserviceoutages,sationthepriceofacrypto-assethastobecomplementedwithinformationontheaggregatesupply,,fourmainmeasuresofsupplycanbedistinguished:i)circulatingsupply,ii)totalsupply,iii)maximumsupply,andiv)variationsofinflation-adjustedsupply,whichtakeintoaccountfuturesupplywithinaspecifictimehorizon(usuallyfiveyears).Circulatingsupplyisthebestapproximationoftheunitsofacrypto-asse,totalsupplyincludesthoseunitsthatarelocked,reservedorcannotbesolleverexistinth,anadditionalsupplyscheduled,forexample,,forsomecrypto-assets,maximumsupplydoesnotexist,ormationprovidedbyreliablesources,suchasinstitutionalisedexchangestradingbitcoinfuturesorETPs,maynotbefullycomparableduetodifferen,suchasBitMEXandBitflyerFX,aswellasontheinstitutionalisedexchanges,ocontractunits,pricelimits,marginratesandticksizes,therebyrenderingthepricesquotedbythetwoexchangesnotstrictlycomparable.[]Furtherdifferencesstemfromdifferentsettlementbasesandunderlyingcut-offtimes.[]ETPstradedontheinstitutionalisedexchanges,forinstancetheSIXSwissExchange[]orNasdaqNordic[]inEurope,offerexposurestobitcoinandEthereumandarepricedbasedonvarioussources.[]Aggregatedindicatorsoncrypto-assetsAwide[]ornon-commercialwebsites,whichsupplycrypto-asset-relatedinformation,fundsinvestingincrypto-assets,[]orresearchgroups[]andacademics.[]Forsuchindicators,themostimportantmethodologicalchoicesincludethecoverageofcrypto-assetsandpricingsources,,,reliabilityandfulfilmentofvariousselectioncriteria,,,typicallyonamonthlyfrequency,,twoaspectsforfutureworkemergefrom,giventhemanymethodologicaloptions,furtheranalysisshouldfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingmetadata,etmarketdevelopmentsWhileoneofthebasicindicatorsofthesizeofthecrypto-assetmarketthatisoftenusedisthegrowingnumberofcrypto-assetscreatedovertime,,around35%havebeenrecentlytradedontradingplatforms(seeChart1)and5%()recoveredfromlowsofaround1,300attheturnof2018and2019toreachjustover2,,456crypto-assetstradedonadailybasis,,around700crypto-assetshavebeentradedeverydaysincethebeginningof2019,,recentnumberspointtomorethan5,100pairstradedonadailybasis,upfromthe3,,1,603pairshavebeentraded,(April2019;thousands)Sources:,marketcapitalisation,isusedforgaugingthesizeofthecrypto-assetmarket,thesizevariesby20%,dependingonwhethertheci(estimatedatUSD165billion)hasreturnedto2017levels,havingpeakedattheendof2018,stronglymirroringdevelopmentsinthepricingofcrypto-assetsasmeasured,forexample,bytheCRIXindex[](seeChart2).Three-quartersofthetotalmarketcapitalisationisaccountedforbyfivecrypto-assets,whichalsomakeuphalfofthetotalcirculatingsupplyofcrypto-assets(seeChart3).Marketcapitalisationofbitcoinaloneconstitutes50%ofthetotal,whileitstotalcirculatingsupisationwouldmeana20%increaseintheindicatorvalue,,(April2019)Sources:Cryptocompare,CRIX,:,marketcapitalisationandcirculatingsupplyofselectedcrypto-assets(April2019;USD)Sources:Cryptocompare,hapedbytheaggregatepricesofeachofthefiveaforementionedcrypto-assets,whichonalatforms,aswellastransactionprocessingtimesandpotentialpricemovementsbetweentransactions,thepriceheterogeneityforcrypto-assetsissignificant(seeChart4).Thenormalisedinterquartilerangesofthepricesoffivemajorcrypto-assetstradedversustheUSdollarpickedupinApril2019,althoughtheydidnotreachend-2018levelsofaround5%and9%(thelatterforbitcoincash).Thedispersionofthepricesofeachofthesecrypto-assetsacrosstradingplatformshavedecreasedin2019,(April2019)Sources::Theinterquartilerangesofpricesofcrypto-assetsacrosstradingplatformsarenorà-visfiatcurrenciesonthecrypto-assetplatformshasremainedbuoyant,albeitatlowerlevelshistorically,,itisimportanttomonitorthevol%ofalltradesvis-à-visfiatcurrencies,comparedwithanincreasingshareofupto81%à-,byandlarge,,activityondecentralisedtradingplatformsseemstobepickingupbutstillaccountsforlessthan1%,tradesonplatformslocatedinEuropeamountedto24%ofalltrading,withthehighesttradingvolumesrecordedonplatformsinMaltaandtheUnitedKingdom,whiletradesonplatformsnotattributedtoacountryaccountedfor30%,someanalyses[]pà-visUSD,euroandotherfiatcurrencies(April2019)Sources:,tradingactivityofbitcoinfuturesandETPswithunderlyingcrypto-assetspeakedinApril2019;however,CBOEsuspendedtradingofbitcoinfutures,,though,ontheCMEexchangeinApril2019,followingtheCBOEannouncementofthesuspensionoftheupcomingfuturecontracts,citingimprovementsintheapproachtowardscrypto-currencyderivativesasareason(seeChart6).TurningtotradingactivityforETPsonEuropeanexchanges,asmeasuredbythenumberoftrades,whileactivityisbuoyantontheNasdaqNordic,reachingmorethan17,000tradesinApril,tradingontheSIXSwissExchangeisweak(seeChart7).Chart6Tradingvolumesandopeninterestofbitcoinfutures(April2019)Sources::Tradingvolumes(April2019;numberoftrades)Sources:iceswithsettlementincrypto-assets,someindi,anincreaseintheoptionsofcardswithcrypto-assetfeatures,newwalletswithexpandedcoverageofcryp,withthelargestnumbersintheUnitedStatesandCanada(2,643and625respectively).ThenumberofsimilarATMsinEuropeisapproaching1,000,whichconstitutesa20%shareoftheseATMsworldwide,,thereareafewnewoptionsofcardsinEuropethatcanbeloadedwithmajorcrypto-assets,,,themajorityaretargetingthemajorcrypto-assetsandarebecomingmoremulti-asset-oriented,,userscontroltheirprivatekeysasop-assetsasaformofpayment,[],purchasetransactionsofgoodsorserviceswit,butitonlygivesapartialviewoftotalcrypto-,nd,from4,000to38,,transactionsonthelitecoinblockchainremainedratherstableataround25,ththetradingvaluesontradingplatforms,theon-chaintransactionsaccountforasmallfractionofthevalueofoff-chaintransactions(seeChart8).Chart8On-chaintransactionsforselectedcrypto-assets(April2019;leftpanel:millions/day;rightpanel:percentages)Sources:Bitinfocharts,,selectedindicatorsshowthatthecrypto-assetmarketisresilient,butanalysisshouldbeinterpretedwithcautiononaccountofuncertaintiesrelatedespeciallytosignificantpricedispersion,,followingapeakattheendof2018,inthecrypto-assetmarketahighnumberofcrypto-assetscontinuetobetradedeverydayonthetrad,pricedispersionofcrypto-assetsacrosstradingplatformsissubstantial,,thelacsticalissuesrelatedtocrypto-assets,alsowithinthebroadertopicoffintech,havebeenfollowedbythecentralbankcommunity,forexampletheIrvingFisherCommittee(IFC)onCentralBankingStatistics.[]Specifically,theIFChassetupaworkinggrouponfintechdataissues[]whoseobjectiveis’,itistotakestockofexistingdatasourcesandassesscentralbanks’additionalinformationneeds,w,itistoinvestigatekeydatagaps,togetherwiththecostsandbenefitsofinitiativestoaddressthem,,thestatisticscommunity[]hasstartedtoinvestigatethestatisticalclassificationofcrypto-assetsintheSystemofNationalAccounts(SNA),whichmayhavesignificantimplicationsonthemeasurementofGDPandotherkeyindi,suchasGDPanditscomponentsandderivedindicators,whichprovideinsight,forexample,theSNAmaysignificantlyimpactkeyindicators,includingtheGDPforsomecountries,dependingonthemethodchosen.[]Complexityinthestatisticalclassificationofcrypto-assetsderivesfromtheverycharacteristicofcrypto-assetsnotrepresentingafinancialclaimon,oraliabilityof,ththegeneralnationalaccountsguidanceforincome,valuegeneration,assetcreationandaccumulationwouldprovidefu(ESCB),theECBhasestablishedaninformalnetworkoncryp,aninformalnetworkofrepresentativesfromtheESCBwascreatendicators,investigationintonewsourcesforanalysis,thenetworkplanstoreflectalsoontheissuesrn,centralbankscanprovideinputwithrespecttot,centralbankscouldcontributetoclosingdatagapsviainitiativestowardsincreasedavailabilityandtransparencyofdata,indicatorsandmethodologies,bestpractices,iencyofthefinancialsystemandtheeconomy,andalsoforthefulfilmentoftheEurosystem’sfunctions,,theECBhassetupadatasetbasedonhigh-qualitypubliclyavailableaggregateddatacomplementedwitho,importantgapsandchallengesremain:exposuresoffinancialinstitutionstocrypto-assets,interlinkageswiththeregulatedfinancialsectorsandpaymenttransactionsthatincludetheus,itishardtoretrievepublicdataonsegmentsofthecrypto-assetmarketthatremainofftheradarofpublicauthorities;somerelativelyilliquidtradingplatformsmaybeaffectedbywashtrading;andthereisnoconsistencyinthemethodologyandconven,newandunexpecteddataneedsmaywellxpectedtoprovideavaluableinp,theECBwillcontinuetoworkonindicatorsanddatabydealingwiththecomplexityandgrowingchallen,investigationwillcontinueregardi,amidamultitudeofmethodologicaloptions,furtherworkwillfocusonincreasingtheavailabilityandtransparencyofthereporteddataandthemethodologiesused,harmonisingandenrichingthemetadataanddevelopingbestpracticesforindicatorsoncrypto-assets.[1]In2018theECBestablishedtheInternalCrypto-AssetsTaskForce(ICA-TF),’sanalysis,see,OccasionalPaperSeries,No223,ECB,FrankfurtamMain,May2019.[2]Inthisarticletheterm“asset”[3]See,ibid.[4]See,ibid.[5]Inits“”(January2019),theEuropeanBankingAuthority(EBA)statesthat,toqualifyase-money,assetsmustsatisfythedefinitionofelectronicmoneyassetoutinthesecondElectronicMoneyDirective().Inparticular,theassetsmustrepresentaclaimontheissuer(therebyexcludingcrypto-assetsasdefinedinthisarticle).Inparallel,theEuropeanSecuritiesandMarketsAuthority(ESMA)considersthatassetslikebitcoinareunlikelytoqualifyasfinancialinstruments(seeESMA’s“”,paragraph80,January2019).[6]Withtheexceptionofanti-moneylaunderingandcounteringthefinancingofterrorism(AML/CFT)requirementsunderthefifthEUanti-moneylaunderingdirective,Directive(EU)2018/843oftheEuropeanParliamentandoftheCouncilof30May2018amendingDirective(EU)2015/849onthepreventionoftheuseofthefinancialsystemforthepurposesofmoneylaunderingorterroristfinancing,andamendingDirectives2009/138/ECand2013/36/EU(OJL156,,).[7]FollowingtheEBA’sandESMA’sadvice(seefootnote5),theEuropeanCommission’sVice-PresidentDombrovskisannouncedinhisinBucharest,Romania,thattheCommissionhadinitiatedafeasibilitystudyonapossiblecommonregulatoryapproachattheEUlevel.[8]See“”,FinancialActionTaskForce,,theFinancialActionTaskForceupdatedtheInternationalStandardstoclarifytheirapplicationtovirtualassetsandvirtualassetserviceprovidersbyamendingRecommendation15,“NewTechnologies”,andbyaddingtwonewdefinitionstotheFATFGlossary.[9]See“”,ibid.[10]See“”,CambridgeCentreforAlternativeFinance,2019.[11]The“”bytheCambridgeCentreforAlternativeFinance(2017)reportedthat86%ofparticipatingpaymentcompanieswereusingbitcoinastheirprimary“paymentrail”forcross-bordertransactions.[12]See“2ndGlobalCryptoassetBenchmarkingStudy”,ibid.[13]Foranassessmentoftheseimplications,see“”,,crypto-assetsmayhavebroaderriskimplications–forexample,theymayweakenfinancialsystemintegrityandlendthemselvestomoneylaunderingandthefinancingofterrorism–andraiseconsumer/’sanalysis.[14]See“”,BaselCommitteeonBankingSupervision,13March2019.[15]See“”,ibid.[16]In,ibid,“Potentialimplicationsformonetarypolicy”.[17]Inparticular,crypto-assetsarenotonthelistofcentralcounterparties’eligiblecollateraloftheCommissionDelegatedRegulation(EU)2016/2251of4October2016supplementingRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilonOTCderivatives,centralcounterpartiesandtraderepositorieswithregardtoregulatorytechnicalstandardsforrisk-mitigationtechniquesforOTCderivativecontractsnotclearedbyacentralcounterparty(C/2016/6329)(OJL340,,–46).Similarly,permittedcentralcounterparties’investmentsdonotcontemplatecrypto-assetsunderRegulation(EU)No648/2012oftheEuropeanParliamentandoftheCouncilof4July2012onOTCderivatives,centralcounterpartiesandtraderepositories(OJL201,,–59).In“”,“Riskstofinancialmarketinfrastructures”.[18]APIsenableuserstoaccessdataproviders’databasesbymeansofanautomatedsetofqueriesprovidedviaHypertextTransferProtocol(HTTP–theprotocolunderlyinginternetwebsites)andreturndata.[19]Forexample,thecalculationofthemarketcapitalisationrequiredtocross-mapandharmoniseidentifiersandnamingconventionsforcrypto-assetsasdatafromdifferentprovidersneededtobeintegratedino,asitrequiredsyntheticexchangeratestobecalculatedforallcrypto-assetscoveredinthedataset.[20]SeeontheECB’swebsiteformoreinformation.[21]Theseindivisibleunitsaresometimescalled“unspenttransactionoutputs”(UTXOs).[22]Understandingwhichpartoftheoutputsofatransactionisthei,S.,Parashkevov,I.,Sarukkai,,J.,“”,WorkingPaper,No3469,StanfordGraduateSchoolofBusiness,August2016.[23]Seeandinitiatives.[24]Thesameapproachcouldbeusedtorecordandtransfereithertraditionalassetsorcrypto-assets.[25]SeeMakarov,,A.,“”,May2018.[26],N.,“”,in:Sadeghi,(ed.)FinancialCryptographyandDataSecurity,LectureNotesinComputerScience,,Springer,Berlin,Heidelberg,,averagetransactionvolumeisnegativelycorrelatedwiththeprobabilitythatatradingplatformwillcloseprematurely.[27]Forexample,forbitcoinfuturestradedatthecontractunitsandsettlementdatearefivebitcoinandmid-month,comparedwithonebitcoinandend-monthinthecaseof.[28]ContractstradedontheCMEaresettledbasedontheBitcoinReferenceRate(BRR)index,whichaggregatesbitcointradingactivityacrossarepresentativesampleofbitcoinexchangesbetween15:00and16:miniexchangeat16:00GMTonthefinalsettlementdate.[29]FormoreinformationontheETPstraded,see.[30]See.[31]Forexample,,issuerofcrypto-assettrackers,followspricingonspecifiedplatforms,,Kraken,Bitstamp,Bitfinex,ItBit,GeminiandGDAXforbitcoin,andPoloniex,Kraken,Bitfinex,GDAXandGeminiforEthereum,whichalsofulfilseveralselectioncriteria((i)topublish,onacontinuousandregularbasis,bid-askspreadsandthelastpriceinUSD;(ii)nottobedeclaredunlawful;(iii)torepresentatleast5%ofthetotal30-daycumulativevolumeforalltheplatforms;and(iv)tosettlefiatcurrencyandtransferswithinsevenandtwolocalbusinessdaysrespectively).[32]See,forexample,or(CCCAGG).[33]See,forexample,.[34]See,forexample,.[35]Forexample,,IndexforCryptocurrencies,SimonTrimborn,WolfgangKarlHrdle,JournalofEmpiricalFinance,Volume49,December2018,[36]CRIX,IndexforCryptocurrencies,ibid.[37]See,forexample,.[38]“”,WorkingPaper,No585,DeNederlandscheBank,2018.[39]Formoreinformationseethe.[40]See“”,IrvingFisherCommitteeonCentralBankStatistics,BankforInternationalSettlements,March2019.[41]Forexample,withintheExpertGrouponNationalAccountsoftheUnitedNationsStatisticalCommission.[42]See,forexample,“”,OECD,2018and“”,IMF,2018.

山上情事南昌青山湖区选先进牵出个“瘾君子”干部

HowyoucanjoinusIfyoujointheECB,youllbeworkinginamulticulturalenvironment,estlevelsofintegrity,teamspirit,,backgroundsanddisciplineswithexpertisenotonlyineconomicsandstatistics,butalsoHRspecialists,financeexperts,legalcounsels,linguists,ITprofessionals,,explorevariedopportunitiesandexperienceapeople-centeredworkingculturethatgivesyouavoice,influenceandtheremittomakeanimpact–jobsthatmatchyourexperience,,’thavethequalificationstatedinthevacancynotice,youcanstillapplyifyouhaveanotherqualificationplusacertainamountofrelevantworkexperience,oranequivalentdegreeaccordingtothedegreeequivalences,asdescribedbelow.,Hello,MrLane,itseemsthatmarketisconfidentthatECBwillcutinterestrateandrestarttheQE,what‘syourviewonthestimuluspackageLane:pinflationonapathtoouraimDoalltheECBmacromodelsofinflationrelyonthePhillipscurveIfnot,whatdoyouuseinstead(perhapsaPhilipscurve*:)Alsoandrelated,areyouconfidentthatmacromodelsincludethefinancesectorinausefulwayLane:ThePhillipsCurveisausefulframework:itcombinesthedualinfluencesofactiv,welookatmanyspecificationsofthePhillipsCurve,:Whiletheeuroareaisdoingwellalongsomedimensions,inflat,wehavethetoolsDoesn’textremyaccomodativepolicycreateproblemsinthefuture(egassetbubbles;lowerreturnsforfuturepensioneers)Doesn’titprovideroomforgovernmentstopostponestructuralreformsDoesn’titpushupsavingsrateanddepressdemandLane:Ourpoliciessupporthigherconsumptionandinvestment,tnegativeinterestratescombinedwithinflationgreaterthan1%lowerconsumerspendingbecausepeoplehavetosavemoreforretirementLane:Whilesomehouseholdsmaysavemore,otherswillavailoflowratestoincreaseconsumptionandhouseholdinvestment(homerenovationsetc.)Doesthecontinuationofnegativerates(andinflationconsistentlybelowtarget)suggestthattheEurozoneisenteringadefinitive“Japanification”eraLane:Pro-activemeasures(includingnegativerates)arethesurestwaytoensureinflationclimbstoouraim:atempo:Wedonotseearecession,althoughtheprolongationofuncertaintiesisweighingonourgrowthoutlookNowthatFacebookislaunchingitsowncryptocurrency,whatareyourfurtherplansfortheregulationofcryptocurrenciesLane:BenotCuré,mycolleagueontheECB’sExecutiveBoard,advances/robotics/automation,costofmanufacturing/,istheolderaideaofinflation/inflationtargettingstillrelevantOris(lackof)inflationnowaconvenientexcuseformoreQELane:IthasalwaysbeenthecasethattechnologicalprogressisassociatedwithatinflationwhichEUbanksareusingTIPSLane:You’llfindthelistofbanksparticipatinginourinstantpaymentssystemhereDoyouthinkStructuredCryptoCurrencyInvestments-Debtguaranteedsecurities,offeredbyInvestmentbanks,linkedtoCryptoCurrencyindices,hedgedwithcryptocurrencyfutures,areacrediblewaytoinvestinthecrypto-paymentspaceLane:Wearenotheretogiveinvestmentadvice–remember,,i“thealternativescenarioinwhichthesingleEuropeancurrencyimplodesisnolongerunthinkable”Sevenyearslater,wouldyouconfirmthisconclusionAndwhatcanthedotoavoiditLane:Thefirsthalfof2012sawmuchdebateaboutthefutureoftheeurobutmuchhappenedinSummer2012,includingthefamous"whateverittakes":HereisthelinktothepapersDuringaperiodofprolongedzero/negativeinterestrates,doesitmakesensetostickwithITasthemainmonetarypolicytoolAlternatively,theECBcoulddirectlyuseinjectionsofbasemoney,themoneysupply,asanintermediatetargettohitits2%:Whilewecertainlyfinditusefultoexaminemonetaryaggregates,shiftsinmoneydemandmeanthatitisnotagoodideatooverlyfocusonmonetaryvolumesasanintermediatepolic,ifhighlyindebtedmemberstatesoftheEuropeanMonetaryUnionaredependentonthecentralbankkeepingtheinterestratesartificiallylowLane:TheECBis,andwillremain,fullyindependentandsetsitspoliciesinpursuitofitsmandateofmaintainingpricestabilityCouldmonetarypolicyincludethebuyingofbondsfromtheEIBAsfarasIcanseethiswouldkeepthemoneyfromleakingoutoftheEurozone(ashappenedwithQE):WearealreadybuyingEIBbonds,!Inyouropinion,isthelowinterestratecontextahindrancetorestoringcounter-cyclicalbuffersincaseoffuturesevereeconomicdownturnLane:Thecounter-cyclical(CCyB)i,:Thelink–monetaryfinancingisprohibitedbytheEUTreatyIstheECBsprimaryeasingtoolratecutsatthispointThemessagehasgottenratherblurredasthediscus:,wewillchoosetheonemostsuitableforthesituationDoesECBhaveplanstoaddtoitsreservesLane:,itratherisanassetanditisveryvolatiledoestheECBplanondoingsomethingtoeffectivelyhelpEurozoneBanksconsolidationandwilltheECBhelptopavethewayforsomeprofitabilityreliefinthemediumtermLane:Bankingunionandthecreationofalevelplayingfield-includingakeyroleforthesinglesupervisorymechanism(SSM)-prsdisparities/ConcernsSector/relatedissues,besidesrelatedmatters-wondering,ifsadequatelypreparedw/ContingencyPlans-tobetternavigatethe(future)ChallengesLane:Yes,wearepfwrongforecastsandmonetarymadnesshaveyouanyclueofwhatareyoudoingLane:Since2014,ourpolicieshavebeensuccessfulineliminafmoreQEwhen3trillionfailedtoboosttheeconomylasttimeandonlywidenedthewealthgapLane:Ourassetpurchaseshavebeenverysuccessfulbyloweringfinancingconditionsforfirmsandhous...whatdoyoureallythinkofLagardereplacingDraghiLane:tprudenttomakeriskassessmentspublicwhenconsideringeasingmeasuresWouldpublicationexposetheweaknessesofEUfiscalandintegrationpoliciesandpressureEUleadersLane::pleasetakealookattheaccountsofGoverningCouncrticipantsnowbelieveCBswillkeeponprovidingthemwithcheapliquidityIstheECBnowforeverbeholdentostockmktsLane:Ourgoalisnottomakemarketshappy,butrathertoprovidefavourablefinancingconditionsthatcanstimulatetherealecocessLane:Theoptimalcurrencyarea(OCA),:Eurobanknotesalreadydo:theycomeindifferentsizes-thehigherthevalue,thebiggerthebanknote,:What’syourfavouritebirdofpreyand/orpeaceLane:Definitelytheliverbird,Hello,MrLane,itseemsthatmarketisconfidentthatECBwillcutinterestrateandrestarttheQE,what‘syourviewonthestimuluspackageLane:pinflationonapathtoouraimDoalltheECBmacromodelsofinflationrelyonthePhillipscurveIfnot,whatdoyouuseinstead(perhapsaPhilipscurve*:)Alsoandrelated,areyouconfidentthatmacromodelsincludethefinancesectorinausefulwayLane:ThePhillipsCurveisausefulframework:itcombinesthedualinfluencesofactiv,welookatmanyspecificationsofthePhillipsCurve,:Whiletheeuroareaisdoingwellalongsomedimensions,inflat,wehavethetoolsDoesn’textremyaccomodativepolicycreateproblemsinthefuture(egassetbubbles;lowerreturnsforfuturepensioneers)Doesn’titprovideroomforgovernmentstopostponestructuralreformsDoesn’titpushupsavingsrateanddepressdemandLane:Ourpoliciessupporthigherconsumptionandinvestment,tnegativeinterestratescombinedwithinflationgreaterthan1%lowerconsumerspendingbecausepeoplehavetosavemoreforretirementLane:Whilesomehouseholdsmaysavemore,otherswillavailoflowratestoincreaseconsumptionandhouseholdinvestment(homerenovationsetc.)Doesthecontinuationofnegativerates(andinflationconsistentlybelowtarget)suggestthattheEurozoneisenteringadefinitive“Japanification”eraLane:Pro-activemeasures(includingnegativerates)arethesurestwaytoensureinflationclimbstoouraim:atempo:Wedonotseearecession,althoughtheprolongationofuncertaintiesisweighingonourgrowthoutlookNowthatFacebookislaunchingitsowncryptocurrency,whatareyourfurtherplansfortheregulationofcryptocurrenciesLane:BenotCuré,mycolleagueontheECB’sExecutiveBoard,advances/robotics/automation,costofmanufacturing/,istheolderaideaofinflation/inflationtargettingstillrelevantOris(lackof)inflationnowaconvenientexcuseformoreQELane:IthasalwaysbeenthecasethattechnologicalprogressisassociatedwithatinflationwhichEUbanksareusingTIPSLane:You’llfindthelistofbanksparticipatinginourinstantpaymentssystemhereDoyouthinkStructuredCryptoCurrencyInvestments-Debtguaranteedsecurities,offeredbyInvestmentbanks,linkedtoCryptoCurrencyindices,hedgedwithcryptocurrencyfutures,areacrediblewaytoinvestinthecrypto-paymentspaceLane:Wearenotheretogiveinvestmentadvice–remember,,i“thealternativescenarioinwhichthesingleEuropeancurrencyimplodesisnolongerunthinkable”Sevenyearslater,wouldyouconfirmthisconclusionAndwhatcanthedotoavoiditLane:Thefirsthalfof2012sawmuchdebateaboutthefutureoftheeurobutmuchhappenedinSummer2012,includingthefamous"whateverittakes":HereisthelinktothepapersDuringaperiodofprolongedzero/negativeinterestrates,doesitmakesensetostickwithITasthemainmonetarypolicytoolAlternatively,theECBcoulddirectlyuseinjectionsofbasemoney,themoneysupply,asanintermediatetargettohitits2%:Whilewecertainlyfinditusefultoexaminemonetaryaggregates,shiftsinmoneydemandmeanthatitisnotagoodideatooverlyfocusonmonetaryvolumesasanintermediatepolic,ifhighlyindebtedmemberstatesoftheEuropeanMonetaryUnionaredependentonthecentralbankkeepingtheinterestratesartificiallylowLane:TheECBis,andwillremain,fullyindependentandsetsitspoliciesinpursuitofitsmandateofmaintainingpricestabilityCouldmonetarypolicyincludethebuyingofbondsfromtheEIBAsfarasIcanseethiswouldkeepthemoneyfromleakingoutoftheEurozone(ashappenedwithQE):WearealreadybuyingEIBbonds,!Inyouropinion,isthelowinterestratecontextahindrancetorestoringcounter-cyclicalbuffersincaseoffuturesevereeconomicdownturnLane:Thecounter-cyclical(CCyB)i,:Thelink–monetaryfinancingisprohibitedbytheEUTreatyIstheECBsprimaryeasingtoolratecutsatthispointThemessagehasgottenratherblurredasthediscus:,wewillchoosetheonemostsuitableforthesituationDoesECBhaveplanstoaddtoitsreservesLane:,itratherisanassetanditisveryvolatiledoestheECBplanondoingsomethingtoeffectivelyhelpEurozoneBanksconsolidationandwilltheECBhelptopavethewayforsomeprofitabilityreliefinthemediumtermLane:Bankingunionandthecreationofalevelplayingfield-includingakeyroleforthesinglesupervisorymechanism(SSM)-prsdisparities/ConcernsSector/relatedissues,besidesrelatedmatters-wondering,ifsadequatelypreparedw/ContingencyPlans-tobetternavigatethe(future)ChallengesLane:Yes,wearepfwrongforecastsandmonetarymadnesshaveyouanyclueofwhatareyoudoingLane:Since2014,ourpolicieshavebeensuccessfulineliminafmoreQEwhen3trillionfailedtoboosttheeconomylasttimeandonlywidenedthewealthgapLane:Ourassetpurchaseshavebeenverysuccessfulbyloweringfinancingconditionsforfirmsandhous...whatdoyoureallythinkofLagardereplacingDraghiLane:tprudenttomakeriskassessmentspublicwhenconsideringeasingmeasuresWouldpublicationexposetheweaknessesofEUfiscalandintegrationpoliciesandpressureEUleadersLane::pleasetakealookattheaccountsofGoverningCouncrticipantsnowbelieveCBswillkeeponprovidingthemwithcheapliquidityIstheECBnowforeverbeholdentostockmktsLane:Ourgoalisnottomakemarketshappy,butrathertoprovidefavourablefinancingconditionsthatcanstimulatetherealecocessLane:Theoptimalcurrencyarea(OCA),:Eurobanknotesalreadydo:theycomeindifferentsizes-thehigherthevalue,thebiggerthebanknote,:What’syourfavouritebirdofpreyand/orpeaceLane:Definitelytheliverbird

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