05 September 2019 11:31, UTC

Christine LAGARDE, Chairwoman of the International Monetary Fund, called for support for new technologies, including digital assets, and emphasized the need for their open development. This is a part of her statement, prepared today for theEconomic and Monetary Affairs Committee of the European Parliament. In particular, the Chairperson noted the following:



“In this environment, central banks and supervisors need to ensure the safety of the financial sector, but also to be open to the opportunities provided by change.



In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”



“There is much we can learn from those who see the different aspects of monetary policy in their daily lives, be they trade unions, consumer groups, NGOs or other civil society partners. Beyond the regular accountability hearings in front of this assembly, listening to their voices can only make the ECB’s policymaking stronger.”

According to Lagarde, the wind of change will require central banks to cooperate and prepare for the future through the exchange of information and experience. It will also require a way out of the enclosed space in order to listen to different opinions:

Lagarde's remarks follow her previous rhetoric when she called Ripple and Circle “useful.” The chairman resigns from the IMF after being appointed president of the European Central Bank, which she is expected to take on November 1.

Image courtesy of DEvex

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