In September, five EU Member States (Germany, Spain, France, Italy and the Netherlands) issued a joint statement which maintained that no global stablecoin[17] project should begin operation until the relevant legal, regulatory and oversight requirements have been addressed and met by the project. And in October, the G7 Statement on Digital Payments[18] recognised the regulatory and public policy issues arising from global stablecoins.
In preparing and deciding upon the various operations, the Eurosystem remained, as usual, in close contact with other central banks, including in particular, but not exclusively, the Federal Reserve, the Bank of Japan, the Bank of England, the Bank of Canada and the Swiss National Bank. These other central banks also took steps, each within the parameters of their own operational framework.