The expertise we have gained through these experiments will be shared with the Eurosystem, which launched in July an investigative work on a retail digital Euro (the decision to enter in a realization phase will be made in 2023). CBDCs are indeed an area where international cooperation is a must, for cross-border efficiency as well as financial stability and monetary sovereignty reasons. In particular, interoperability between CBDCs is an objective of critical importance. Banque de France has explored those international aspects empirically in its experiments, by implementing various configurations for multi-CBDC arrangements. In particular with the Monetary Authority of Singapore, where we simulated cross-border transactions involving multiple CBDCs on a common network between Singapore and France. We have also been working with the Swiss National Bank, the BIS Innovation Hub or the Banque Centrale de Tunisie. 2/3  BIS central bankers' speeches  A lot of work is still necessary in this very promising field, and I am looking forward to strengthening our cooperation in that area with our partners worldwide. In particular, Banque de France will be keen to follow closely the very stimulating work conducted by the BIS Innovation Hub with MAS and our fellow central banks from Malaysia, Australia and South Africa on developing prototype-shared platforms for cross-border transactions using multiple CBDCs (“project Dunbar”). So we have much work to achieve together. I wish you an excellent Fintech Festival and I look forward to our common realizations. Thank you for your attention. 3/3  BIS central bankers' speeches

Population ageing, by increasing the relative supply of savings, explains most of the fall across several advanced economies. A low or even negative natural interest rate poses new challenges for stabilisation policies. The lower bound on the nominal policy interest rate may more frequently be binding, and not just in episodes of acute crisis. This leads to the conclusion 3/5  that non-conventional monetary measures may ultimately be used more frequently than originally expected. In addition, many emerging economies face the gradual tightening of global financial conditions in a context of slowdown in their economic activity. In particular, this context is especially challenging for the economies that receive capital flows. In these cases, economic authorities must foster a stable macroeconomic environment and sound institutions that attract permanent capital flows. The widespread scant room for manoeuvre for the traditional stabilisation tools we have witnessed calls for the development of other policies to relieve monetary policy of the excessive role it has played post-crisis in maintaining financial stability. One of the lessons of the crisis is the importance of including new instruments in the policy toolkit, namely macroprudential policy. Therefore, it is essential to identify risks and vulnerabilities to the economy that may stem from the financial system affecting the real economy or vice versa. In any event, it is of paramount importance to develop the appropriate macroprudential instruments covering both bank and non-bank financial intermediation to tackle these risks in order to have a stable financial system with countercyclical buffers that support sustained economic growth.