Adrian, Tobias, and Hyun Song Shin (2009), “Financial Intermediaries and Monetary Economics”, in Friedman, Benjamin M., and Michael Woodford, eds., Handbook of Monetary Economics, Volume 3a and 3b, forthcoming. Bank for International Settlements (2009), 79th Annual Report, www.bis.org. Bean, Charles R. (2009), “The Great Moderation, the Great Panic and the Great Contraction”, Schumpeter Lecture, Annual Congress of the European Economic Association, www.bankofengland.co.uk. Bernanke, Ben S. (2010), “Monetary Policy and the Housing Bubble,” speech on January 3, 2010, www.federal.reserve. Blinder, Alan S. (2010), “How Central Should the Central Bank Be?” CEPS Working Paper No. 198. Borio, Claudio and Haibin Zhu (2008), “Capital Regulation, Risk-taking and Monetary Policy: A Missing Link in the Transmission Mechanism?” Bank for International Settlements Working Paper 268. Borio, Claudio and White, William R. (2003), “Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes”, in Monetary Policy and Uncertainty: Adapting to a Changing Economy, Federal Reserve Bank of Kansas City Jackson Hole Symposium, 131–212. BIS Review 16/2010  7  Carney, Mark (2009), “Some Considerations on Using Monetary Policy to Stabilize Economic Activity”, in Financial Stability and Macroeconomic Policy, Federal Reserve Bank of Kansas City Jackson Hole Symposium. Cecchetti, Stephen, Hans Genberg, and Sushil Wadhwani (2002), “Asset Prices in a Flexible Inflation Targeting Framework”, in Hunter, W., G. Kaufman, and M. Pomerleano, eds., Asset Price Bubbles: The Implications for Monetary, Regulatory and International Policies, Cambridge, 427–444. Curdia, Vasco, and Michael Woodford (2009), “Credit Frictions and Optimal Monetary Policy”, working paper.

We are also looking very seriously into the possibility of a wholesale central bank digital currency: it would play a key role as the safest settlement asset, and would thus continue to anchor the monetary and financial system, even as the latter becomes partially tokenised. This is why the Banque de France is going to add, alongside some of you, three more experiments to the nine already carried out; it is also with this in mind that the Bank organised a pioneering international conference on 27 September on the tokenisation of finance. On a regulatory level, France was one of the first to propose a new DASP status under its 2019 PACTE Law, which has since been attributed to 54 players. Europe has provided a pioneering regulatory framework for crypto-assets thanks to the MiCA regulation; following the agreement obtained under the French presidency, it is crucial that it be adopted, and as quickly as possible. In the meantime, we will remain extremely vigilant regarding the risk of regulatory arbitrage in Europe. On a global level, it is imperative that the other large jurisdictions – including the largest one – now implement the shared recommendations of the G20 and FSB on consumer protection, financial stability and the prevention of money laundering. We all confirmed our agreement last week in Washington: this is good news for “trusted innovation”, but we need to turn our words into action on everything, and quickly, following the examples of France and Europe.