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Cipollone - Tokenisation of financial instruments and central bank money settlement

Slides by Piero Cipollone, Member of the Executive Board of the ECB, at a seminar organised by the Italian Companies and Exchange Commission (CONSOB) in Rome


In the speech by Piero Cipollone, the main insights regarding the monetary policy outlook are presented. The speech suggests a cautiously optimistic view and expects interest rates to remain unchanged in the near future. It emphasizes the expectation of subdued inflationary pressures, which opens up the possibility for maintaining an accommodative monetary policy. While acknowledging global economic uncertainties, the speech expresses confidence in proactive measures taken by the central bank to mitigate these risks.



- Positivity: 85
- Uncertainty: 70

Malaysia Policy Rate 3.0% (consensus 3.0%) in May-24

• The decision by Bank Negara Malaysia to maintain the OPR at 3.00% aims to balance the need to support economic growth while managing domestic inflation amid complex global economic challenges, including persistent inflation and geopolitical tensions.
• Moderate inflation levels in early 2024 and a positive economic growth outlook underscore the effectiveness of the current monetary policy—however, the policy trajectory links to developments in subsidy and price control measures and global economic conditions.
• The ringgit's valuation and stabilization are critical concerns for the MPC, influenced by external monetary policies and geopolitical factors, with ongoing strategic interventions to align the currency more closely with Malaysia's economic fundamentals.