Europe has already made good progress on this with the fifth EU anti-money laundering directive, which obliges providers of cryptocurrencies platforms and wallets to report conspicuous transactions to the authorities. When it comes to the use of new technologies such as blockchain, we need to weigh things up carefully. On the one hand, similar 1/3  BIS central bankers' speeches  activities should be regulated in a similar way, so the requirements for (say) blockchain transactions need to be similarly stringent to those for traditional transfers. On the other hand, we should be careful not to stifle new, innovative technologies. Some central banks are thinking about developing their own cryptocurrencies. The ECB as well? Whether central banks should develop their own digital currencies is a relevant question in countries where people are turning away from cash. There is then a case for offering them a digital alternative safer than commercial money. This is why we are seeing such initiatives in Scandinavia, for example. But in the euro area, cash remains a popular means of payment and the question does not arise. To be clear: the ECB is not developing a crypto currency. That said, as all central banks, we are studying in depth the underlying technologies, such as blockchain. Cyber security is just one of the risks currently facing the economy. Another is the escalating trade dispute. How well prepared is Europe on this front? The euro area economy is proving very robust at the moment. There have been five years of uninterrupted growth.
Benoît Cœuré: Interview in Der Tagesspiegel Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, in Der Tagesspiegel, conducted by Ms Carla Neuhaus on 19 September 2018 and published on 1 October 2018. * * *  Mr Cœuré, the financial crisis erupted 10 years ago. Is the eurozone now better prepared for a crisis? As central bankers we always need to be prepared for the next crisis. It is our job to make the financial system as resilient as possible. And a lot has been done on that front. The financial system is now much safer than it was 10 years ago. We have better regulation and higher capital and liquidity buffers in banks. Good progress has been made, but we are not there yet. Why not? There are still parts of the financial system that are not nearly as well regulated as we would like them to be. I’m thinking of the shadow banking sector, for example, meaning financial institutions that conduct activities similar to those of banks but don’t have a banking licence. Regulators still don’t have proper instruments to adequately monitor and control risks in these institutions. It would be up to politicians to change that. But are they still ready to do so, 10 years after the start of the crisis? There is indeed a risk of complacency. After all, the economy is doing well, memories of the crisis are fading, and bankers have been trying again and again to soften regulation.