The Italian Presidency is also engaged to achieve more efficient and secure crossborder payment systems, building upon the Roadmap for enhancing cross-border payment arrangements and infrastructures developed under the Saudi Presidency and facilitating the achievement of its 2021 committed deliverables. Related to this, we will continue the review of regulatory, supervisory and oversight challenges of global stablecoins and of remaining financial stability concerns.
Unfortunately, this added uncertainty is not likely to be resolved anytime soon; Gulf Coast residents--both households and businesses--are assessing the damage; rebuilding plans and supporting government programs are just beginning to be put in place; large portions of the energy infrastructure remains shut down; and we are only starting to see the range of possible reactions to higher energy prices.