In particular, markets for crypto-assets are fast evolving and could reach a point where they represent a threat to global financial stability. It is critical that we address risks in crypto-asset markets holistically and avoid fragmented policy 1/4  BIS central bankers' speeches  approaches that could give rise to regulatory gaps and arbitrage.
To illustrate the point, for each of the countries in the region, exhibit 4 shows industrial production (the solid blue bars) and exports (the striped red bars) measured relative to the pre-crisis peak.