Goldilocks and Seeds of Wisdom
Collaboration Between Regional Financing Arrangements and the IMF recently met to discuss Global Economic Reforms.
“The staff of the International Monetary Fund (IMF) and the heads of RFAs (the Arab Monetary Fund, the ASEAN+3 Macroeconomic Research Office cum the Chiang Mai Initiative Multilateralisation, represented by Bank Indonesia as its 2023 Co-chair, the BRICS Contingent Reserve Arrangement, represented by the South African Reserve Bank, the Eurasian Fund for Stabilization and Development, the European Commission, the European Stability Mechanism, and the Latin American Reserve Fund) discussed economic developments” over the last few years.
They discussed the changing landscape of the new Digital Economy along with new Economic Mechanisms currently being put into place to facilitate financial change and growth in the coming years.
The overall meeting appeared to have a solemn tone to it from the view of this author, but encouragement to stay the course was a pervading theme of this gathering.
No mention of a divisive opinion took place by any Global entity present at this meeting. Their movement forward appears to be in agreement.
There was an agreement to move forward with the following. “On October 4, 2023, the Executive Board of the International Monetary Fund (IMF) completed the review of the Policy Coordination Instrument (PCI) and endorsed the proposal to eliminate the Policy Support Instrument (PSI).”
The PSI instrument will eliminate money offered by the IMF to low-income countries who feel they do not need that tool any longer. A quiet confidence in the new Financial framework was the pervading theme.
This meeting represented major Global entities from around the world to discuss and implement new policies regarding global economic reforms.
When reading past scripts on this annual meeting, there were great concerns. This meeting was filled with anxious anticipation and cautious hope, but movement forward with these new global reforms was encouraged.
The Smart Contract “Kill Switch” is a regulatory mechanism introduced by the EU to address specific concerns related to smart contracts. Essentially, it allows authorities to intervene in a smart contract under certain predefined circumstances.
The primary purpose of this kill switch is to mitigate potential risks associated with smart contracts. While smart contracts are designed to be self-executing and irreversible, intervention becomes necessary in some situations. For instance, in fraud, illegal activities, or contracts that violate legal requirements, the kill switch allows regulatory bodies to halt or modify the smart contract.
This mechanism, although controversial, is viewed as a means to ensure that smart contracts comply with existing legal frameworks and ethical standards. It provides a safety net for situations where the decentralized nature of blockchain technology could potentially be exploited for malicious purposes.
Administrators often use this mechanism to deactivate a device or software in response to a security threat. In the context of smart contracts, the kill switch can perform two functions: it can either terminate the contract entirely or initiate a pause, patch, and subsequent re-release of the contract, especially in cases involving significant bugs or security breaches.
The International Monetary Fund is warning that around 5% of banks GLOBALLY are vulnerable to stress if central bank interest rates remain high.
The IMF also said that 30% of banks would be vulnerable if the global economy entered stagflation.
Source: Dinar Recaps
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