Overall, the risks to this scenario in the coming quarters now appear to be balanced. Over longer horizons, some risks to the sustainability of economic growth at the global level remain. This is due, primarily, to unresolved structural problems, the sustainability of public finances and to external imbalances in some parts of the world economy.
Second, there are well-documented concerns around the energy consumption used in the creation of some types of crypto. And third, there are also concerns around financial stability and consumer protection, which I will discuss in greater detail in a moment. As things stand today, the negatives surrounding crypto far outweigh any benefits. But we shouldn't ignore the positive elements of the underlying technology.