Also, inflation levels would be overestimated because of the improved quality of goods and services, not taken into consideration in their calculation. Another field where major changes are induced by this revolution is data production and use. Big data generated by new technologies are at the heart of the strategies of economic and social actors, both public and private. Their exploitation takes many forms such as customizing services and targeting messages to guide the behavior of the consumers or of the public opinion in general… The case of Facebook-Cambridge Analytica during the last US presidential elections offers an uplifting illustration in this regard. 4  Conversely, the impact of this revolution turns out to be rather positive on the administrative procedures, such as tax payment. In fact, benefits are multiple: reduced costs, increased transparency, and the fight against tax evasion and corruption reinforced. To sum up, I will recall one of the main conclusions of the 2016 World Bank's World Development Report on “the digital dividend”. Digital technologies and innovations have undoubtedly helped improve growth and services supply by substantially reducing the costs of economic and financial transactions, but the aggregate impact is still limited and unevenly distributed. Ladies and Gentlemen, I think that we all agree that one of the areas where technological innovation is growing rapidly is the financial sector, with a new term being even dedicated to it, the Fintech. The latter is revolutionizing the financial landscape, by expanding products and services, improving their quality, and making them more accessible and less expensive.

Here again, estimates vary from one study to the other, and all agree on the same finding: a huge potential is still there to exploit. This being said, risks in the financial sector are the most varied and most important, especially in terms of money laundering, financing terrorism, cyber security, as well as protecting customers and personal data. Such risks have become major concerns both at the national and international level. For us, central banks in particular, the changes brought by the Fintech challenge us in several aspects, namely in our core functions. Now, even the monopoly of issuing currency is exposed, leading some central banks to consider the option of issuing a digital currency, and therefore reduce the costs related to conventional banknotes’ production and use, and minimize the insecurity risks involved. 6  Among the other fields concerned is financial supervision. This area is now gradually expanding as new actors and financial products have emerged, which can certainly affect monetary policy transmission. Ladies and gentlemen, The digital transformation we are facing today is primarily driven by operators and private companies that continue to invest heavily in this area and seize the opportunities and the potential it offers. Considering the important economic, financial and social implications of such a revolution, public authorities are compelled to set an adequate legal framework and provide an environment  conducive  to  technological  innovations  and  Fintech  development.