Ever-more sophisticated technologies and products, climate change and the rise of cybercrime 3/8  BIS central bankers' speeches  increasingly require a highly coordinated European approach and a governance and accountability structure for the European Securities and Markets Authority (ESMA) that is more consistent with its status as a fully-fledged supervisory body.
Consider Facebook’s plan to launch a new global digital currency, the implications of which are now being scrutinised by a G7 working group, which I chair. Such initiatives naturally require a global response, including a harmonised pan-European position.