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Macroprudential Bulletin

Our Macroprudential Bulletin provides insight into the work we are currently doing in the field of macroprudential policy. Our goal is to raise awareness of macroprudential policy issues in the euro area by making our ongoing work and thinking in this field more transparent, and to encourage broader discussion on these key issues.

We aren’t trying to be transparent about our work just for the sake of it. This is also an opportunity to invite you to share your views with us by sending your feedback to ecb.macroprudential.bulletin@ecb.europa.eu. You can also send us an email if you want to be notified about future issues of the Macroprudential Bulletin.

July 2022

Issue 18

A closer look at the financial risks of crypto-assets

Financial stability risks from crypto-assets are increasing and the crypto-asset ecosystem has become more complex and interconnected. This Macroprudential Bulletin looks at the risks and policy implications of certain crypto-asset segments, as well as the potential impact of crypto-assets on climate transition risk.

Overview

Articles

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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

The role of stablecoins in crypto and beyond

Stablecoins are in the spotlight because of their rapid growth, expanding uses and the potential risks they pose to financial stability. Our analysis finds that while some stablecoins are critical to crypto-asset markets, so far they are inadequate for real economy payments.

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Is climate risk priced into crypto-assets?

The large carbon footprint of some crypto-assets makes their valuation vulnerable to countries’ climate policies, increasing the risks to the financial sector. We highlight actions that can be taken and point to the need for crypto-asset investors to consider climate-related risks more in their practices.

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In focus

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Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

Decentralised finance: a new unregulated system?

Decentralised finance represents a novel way of providing financial services which cuts out traditional centralised intermediaries and relies on automated protocols instead. We explain the financial stability risks and regulatory challenges stemming from this new method.

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