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ECB Governing Council member Nagel: The fight against inflation is not yet over, and I feel we need to do more.According to Japans Kyodo News, sources revealed that raising corporate tax rates may be one of the options for Japan to increase defense spending.On October 17th, European Central Bank President Christine Lagarde emphasized the importance of maintaining sound public finances. In a statement submitted to the International Monetary and Financial Committee, Lagarde stated that fiscal sustainability remains a “key pillar” for overall economic stability. “Maintaining sound fiscal policy is crucial, including adherence to fiscal rules; for countries with high debt levels, fiscal consolidation, a re-prioritization of spending, and improved efficiency and effectiveness of public finances are necessary to rebuild fiscal buffers. Governments should strive to ensure that any fiscal measures to address the energy shock are temporary, targeted, and tailored to specific circumstances.” Regarding the Eurozone economy, Lagarde reiterated the ECB’s latest analysis, namely that the risks to the economic outlook are tilted to the downside, while the risks to inflation are tilted to the upside. Lagarde stated, “The scale of this energy shock is too large to ‘ignore,’ but taking prudent and moderate measures remains the appropriate approach to controlling inflation.”October 17th - European Central Bank Governing Council member Rehn said on Saturday that policymakers will remain vigilant about the risk of a second round of inflation triggered by rising energy prices, as this effect could gradually emerge unnoticed. Speaking at an event in Bangkok, Rehn said, "There are currently no signs of a second round of inflation, but we will remain vigilant because this effect could quietly emerge without us even noticing."IMF Managing Director Kristalina Georgieva: We are working with Lebanon, but more work needs to be done. We are confident that we can successfully reach an agreement on a solution regarding Lebanon.

Britain proposes regulation of all cryptoassets

Skylar Shaw

Oct 28, 2022 15:15



Under a proposal the UK financial services minister has added to a draft bill that is now before parliament and is virtually surely going to pass, Britain would have the authority to regulate all cryptoassets.


The modification to the financial services and markets law was proposed by Andrew Griffith, who was re-appointed as City Minister by Britain's new Prime Minister Rishi Sunak on Thursday. The proposal is now being approved by parliament.


The Financial Conduct Authority is only given authority to regulate stablecoins under the law as it was initially written, but the change expands that authority to include marketing for all cryptoassets.


In a parliamentary document dated Thursday, the amendment states that "this new clause amends the Financial Services and Markets Act 2000 to clarify that the powers relating to financial promotion and regulated activities can be relied upon to regulate cryptoassets and activities relating to cryptoassets."

If the administration proposes an amendment, it will very probably become law.


It would bring Britain closer to parity with the markets of the European Union in the cryptoassets legislation that is currently being finalized and is regarded as the first complete set of regulations for the nascent cryptocurrency industry.


Separately on Thursday, Sam Woods, the deputy governor of the Bank of England, said that the institution is advancing with the development of a regulatory framework for systemic stablecoins. This will enable both non-banks and banks governed by the BoE to innovate, and according to Woods, a public consultation document on the new system will be released the following year.

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