Central Asian Nation's Crypto Boom Sparks International Alarm

Lord Mayor, thank you for inviting us back for a second time in your mayoralty. I am going to use my time to tackle two subjects. I’m probably breaking a rule of good speech making because the connection between the two is slender – I’m not going to overdo the connection. They are both topical and highly relevant, that’s my justification. The first is big picture – the world economic situation and the need to refocus and restore multilateral institutions. The second concerns payments here in the UK. To say that the state of the global economy and the impact of tariff announcements is in the news and significant is an understatement. The shifts we have witnessed – and continue to witness – mark a generational change in the system of trade amongst nations. They are by no means the first such shifts, even if they are the most sudden and fundamental in the post-war era. Recent events have exposed fault lines in the multilateral system of relations between nations, including in the global trading system, and a perceived failure to deal with what are seen as persistent global imbalances. What do I mean by the multilateral system? It’s the economic assessment and governance that comes from two areas. First are the multilateral institutions – the IMF, World Bank, OECD and WTO, and – to recognise a personal interest as I Chair it – the Financial Stability Board. The second area is the multi-country decision-making bodies that reinforce these institutions – with the G20 and G7 being important here, as the source of co-ordination and consensus building in a number of key areas including trade. MORE BOE'S BAILEY: RECENT EVENTS HAVE EXPOSED FAULT LINES IN MULTILATERAL RELATIONS AND A PERCEIVED FAILURE TO DEAL WITH PERCEIVED IMBALANCES #bankofengland #boe #ukeconomy #trade #tariffs #andrewbailey #mansionhousespeech #digitalpayments BOE’S BAILEY: LARGE DEFICIT NATIONS FACE GREATEST MARKET PRESSURE || SAYS NOT YET CONVINCED ON NECESSITY OF RETAIL CENTRAL BANK DIGITAL CURRENCY BANK OF ENGLAND GOVERNOR ANDREW BAILEY MANSION HOUSE SPEECH: TARIFF ANNOUNCEMENTS MARK A GENERATIONAL CHANGE IN THE GLOBAL TRADING SYSTEM #bankofengland #boe #ukeconomy #trade #tariffs #andrewbailey #mansionhousespeech #digitalpayments BOE’S BAILEY: MULTILATERAL INSTITUTIONS KEY TO SOUND POLICYMAKING || SAYS FINANCIAL STABILITY RISKS ARE BEING CLOSELY MONITORED

TRUMP SAYS WILL BE FIGHTING CHINA 'IN A VERY FRIENDLY FASHION' TRUMP: NATIONS THAT DON'T OPEN UP WILL PAY A SUBSTANTIAL TARIFF TRUMP ON AI: U.S. IS WAY AHEAD OF CHINA Trump: More investments will be announced in the coming weeks.

TRUMP SAYS TARIFF PAYMENTS START AUGUST 1 *TRUMP: WILL PROBABLY MAKE 2 OR 3 TRADE DEALS BEFORE AUG 1 Trump: i will deviate from trade letters ‘on occasion’ Trump: working on 5 or 6 trade arrangements TRUMP: BESSENT IS AN OPTION TO REPLACE FED CHAIR BUT I LIKE THE JOB HE IS DOING AS TREASURY CHIEF