On 3 September 2025, Christine Lagarde, the President of the European Central Bank, conducted a welcome address at the opening of the annual conference of the European Systemic Risk Board (ESRB). In it, she presented the ESRB’s approach towards safeguarding financial stability and highlighted the increasing complexity of services offered by financial entities, which blurs the line between traditional entities, such as banks and those from the FinTech sector.
In her speech, Lagarde pointed towards stablecoins as an example of the implementation of new technologies, presenting the risks posed by crypto-assets through analogies to traditional financial systems. Furthermore, Christine Lagarde showed what solutions and measures were introduced by the MiCA Regulation in order to eliminate those risks, and where further changes are needed to ensure continued safety improvements.
The full text of the speech is available at the following link:
https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250903~10647505c7.en.html