While progressing towards this objective, we should thus also focus our efforts on “upgrading” the credit quality of outstanding liabilities, which can only be achieved if governments make public debt more sustainable by committing to credible fiscal rules. The need for deeper and more liquid capital markets The second, and related, shortcoming of EMU is the segmentation of its capital markets.
In the case of Europe, neither the Commission nor the ECB intend to make Europe a no-fly zone for stablecoins. But stablecoins will have to meet the highest regulatory standards and adhere to broader public policy goals. When we talk about people’s money, there is no trade-off between innovation and safety. We want to see both, as we do for any payment instrument.