Netherlands' De Nederlandsche Bank published a speech by Olaf Sleijpen on how central banks should safeguard monetary and financial stability amid a more fragmented geopolitical environment. He argued that Europe needs greater unity to strengthen resilience, lift growth potential and maintain financial, monetary and fiscal stability. On resilience, he pointed to reducing dependence on foreign suppliers of critical infrastructure such as digital services, energy and defence while also diversifying through new partnerships, citing free trade agreements with India and the Mercosur countries. On growth, he called for deepening the European single market and integrating capital markets, noting an European Central Bank analysis that remaining barriers are equivalent to tariffs of almost 70% for goods and almost 100% for services, and an International Monetary Fund study suggesting reforms could raise European productivity growth by up to 20%, with less ambitious programmes still delivering around 10%. On stability, he described cyber resilience as a top priority, including preparing for system-wide response and recovery if an attack succeeds and testing firms through supervisory exercises such as ethical hacking, and referenced a Hong Kong deepfake-enabled fraud involving a USD 25 million transfer. He also supported simplifying complex banking rules but warned that simplification should not mean deregulation, and said lowering buffers would weaken the system as risks rise. On crypto-assets, he characterised most as highly speculative and highlighted stablecoins as a particular concern due to reserve management and links to the broader crypto ecosystem, contrasting Europe’s rulemaking with what he described as largely absent US regulation; he also said DNB has assessed its readiness for extreme scenarios and is taking follow-up action, including learning from the National Bank of Ukraine’s experience.
De Nederlandsche Bank 2026-03-03
Netherlands' De Nederlandsche Bank speech by Olaf Sleijpen highlights cyberattack preparedness and cautions against deregulation and stablecoin risks
De Nederlandsche Bank published a speech by Olaf Sleijpen emphasizing Europe's need to enhance resilience, growth, and stability amid geopolitical fragmentation. Key points include reducing foreign dependency on critical infrastructure, deepening the European single market, and prioritizing cyber resilience. Sleijpen also highlighted concerns over crypto-assets, particularly stablecoins, and advocated simplifying banking rules without deregulation.