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On May 9th, according to Spanish national television, European Central Bank President Christine Lagarde stated that the ECB is carefully weighing its response to the war with Iran and its impact on inflation to ensure it doesnt act too soon or too late. In an interview, Lagarde said policymakers face "enormous uncertainty" and need "more data" to understand the impact of the conflict. She declined to comment on whether the ECB would raise interest rates next month as many expect. She said, "We have been torn between the risks of acting too quickly and acting too late, and we must find the right path to guide our economy toward our 2% medium-term inflation target – that is our goal."On May 9th, the State Administration for Market Regulation issued the "Implementation Plan for the Special Action to Raise the Threshold for Certification Bodies," deciding to organize a nationwide special action to raise the threshold for certification bodies from now until December. According to the plan, the special action deploys 15 specific measures in four aspects: strictly controlling institutional access, standardizing certification activities, improving certification capabilities, and strengthening supervision. These measures include: strictly controlling access and licensing in accordance with the law through measures such as improving the certification body qualification licensing review system, strictly reviewing certification body qualifications, strengthening expert technical review support, and implementing on-site verification of qualification compliance; standardizing certification activities through measures such as improving certification management methods, improving nationally unified certification rules, strengthening the filing and review of certification rules, and reinforcing the main responsibilities of institutions and personnel; promoting certification capabilities through measures such as increasing efforts to cultivate brand certification bodies, strengthening special supervision of accreditation, and enhancing the innovation capabilities of certification bodies; and strengthening supervision to promote the healthy and orderly development of the certification service industry through measures such as strengthening risk monitoring and early warning of certification activities, strengthening "random inspections and public disclosure," improving the effectiveness of intelligent supervision, and improving the institutional exit mechanism.On May 9th, the Ministry of Industry and Information Technology issued a notice to officially launch the Pilot Program for Ethical Review and Services of Artificial Intelligence Technology. Based in the provinces where the National Artificial Intelligence Industry Innovation and Application Pilot Zones are located, the program will explore the implementation path of ethical review and services for artificial intelligence technology, improve the multi-party participation and efficient governance mechanism, and support responsible innovation and high-quality development of the artificial intelligence industry.May 9 - According to Irans Mehr News Agency, the Iranian Islamic Parliament will hold its first meeting since the outbreak of hostilities on May 10 via video conference. A spokesperson for the parliaments presidium stated that the parliament will focus on issues such as inflation.On May 9, 2026, Pan Gongsheng, Governor of the Peoples Bank of China, met with Bonne, Foreign Affairs Advisor to the President of France, on May 7. The two sides conducted practical communication and exchanges on the economic and financial situation in China and globally, as well as cooperation between China and France in the economic and financial fields under multilateral and bilateral mechanisms. Xuan Changneng, Vice Governor of the Peoples Bank of China, also attended the meeting.

Fed’s Barr: Concerned about blowback to financial system from crypto

Florala Chen

Nov 16, 2022 17:14

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The chief financial regulator at the Federal Reserve, Michael Barr, expressed concern about threats coming from the non-bank sector, particularly cryptocurrencies, for which the U.S. central bank and other authorities have limited sight, on Tuesday.


Barr responded to a query when testifying before the Senate Banking Committee by saying, "We're concerned about the hazards that we don't know about in the non-bank sector. "That obviously involves cryptocurrency activity, but it also broadly refers to dangers in areas of the financial system where we lack excellent sight, good openness, and good data. Risks resulting from that could affect the financial system that we do regulate.


Barr's comments, which supplemented his prepared remarks to the committee that he was keeping a watchful eye out for vulnerabilities in the financial system amid a weakening economy, were made during his first congressional testimony since taking over as the Fed's top Wall Street cop over the summer.