Overview

• Savona likened cryptocurrencies to 2008 subprime derivatives, warning they pose systemic risks to financial stability.
• He urged nation-state cooperation to regulate crypto markets, rejecting reliance on private interests alone.
• He proposed a decentralised ledger digital euro under authority control to serve as a European safe-asset and govern liquidity.
• He highlighted stalled Consob-ECB dialogue on public offer reviews and noted 52 complaints from six takeover bids since late 2024.
• He warned that rising protectionism, including US curbs on a digital dollar, undermines the international cooperation needed for stable markets.