In this respect, I would like to commend the ambitiousness of the European Commission’s recent Digital Finance Package and its priorities, in particular those to fight against the fragmentation of the digital single market for financial services and to address the new challenges and risks associated with the digital transformation. With regard to these risks, I think it would be appropriate for the Commission to address the complex but currently unavoidable issue of the oversight framework to be applied to critical IT service providers, including cloud service providers, and the equally important matter of the supervision of issuers and distributors of stablecoins, whether they be single or multi-currency coins. I will not go into detail on the Commission’s proposed legislation, which still requires careful examination on our part and which will, of course, have to be improved by the negotiations that are about to get underway. I simply want to say here that the regulations’ proposals aimed at critical IT service providers and stablecoins include promising provisions: for the former, a dedicated framework that does not exempt financial intermediaries from their responsibilities and their obligation to use European service providers, and for the latter, a strict supervision that involves and associates national and European authorities.
Chile)  2.8 -0.6 1.9 7.7 5.1 3.8 2.7  1.9 -0.4 1.1 8.1 6.3 4.3 3.3  1.5 -0.5 1.7 7.5 5.4 3.8 2.7  1.7 -0.4 1.8 7.6 4.1 3.8 2.6  LME copper price $ Brent oil price $  361 112  350 108  330 108  Terms of trade  -4.1  -0.4  -5.2  Dec.13 Report  2.5 2.6 2.6 1.3 1.0 1.0 1.3 1.0 1.3 8.2 7.4 7.4 6.4 5.8 5.3 4.7 3.9 4.0 3.7 2.9 2.9 (levels) 332 340 305 310 109 101 108 106 (annual change, percent) -3.9 -1.6 0.1 0.2  2.7 2.1 0.8 7.5 6.3 4.1 3.7  2.7 1.4 1.0 7.2 6.3 4.5 3.4  290 97  290 100  -1.2  -1.5  (f) Forecast. Sources: Central Bank of Chile based on a sample of investment banks, Consensus Forecasts, IMF, and respective statistics bureaus.