I will start with that of promoting innovation without undermining the integration of the European market. 1- In the area of payments, we face a number of challenges, not least that of exchanges between financial intermediaries The development of the tokenisation of financial assets could lead to a proliferation of new infrastructures that would no longer be interoperable with each other, leading to a risk of market and liquidity fragmentation. 2- This trade-off between innovation and fragmentation risk is also reflected in the settlement asset itself used in payment chains. If we take the example of stablecoins, their use for the settlement of tokenised financial assets could undermine the stability and efficiency of settlement transactions for new assets by fragmenting the field of settlement assets. 2/5  BIS central bankers' speeches  B- To reduce this risk of fragmentation, we have two levers. 1- The first is cooperation between private players to support the efforts of the public authorities to establish a regulatory framework that is clear, proportionate and flexible enough to take account of rapid changes in the market and innovation. In this respect, there are certainly lessons to be learned from the framework developed for open banking. For example, the deployment of the APIs I mentioned earlier proved to be more complex than expected due to heterogeneous applications, late developments and the lack of an underlying business model. In this light, two key principles could guide us. On the one hand, institutional players can act as a catalyst for private initiatives on standardisation.

1- Indeed, with the platformisation of the digital economy, companies today aim to rapidly increase their market share in a specific segment and then extend the range of their services in order to build a captive customer base. Open finance could accelerate this trend, which can already be seen in the payments market, by allowing the exchange and cross-referencing of an ever-increasing volume of data. This may ultimately prove detrimental to competition. This challenge is particularly acute with the development of BigTechs in the financial services markets, which already have significant market power in the areas of cloud computing, mobile payments or digital identification. 2- Open finance also poses challenges in terms of sovereignty to which we must be attentive. They primarily occur at the individual level. The increasing volume of data in circulation and its cross-referencing is a considerable challenge for the protection of personal data. Cross-border data flows also complicate the enforcement of regulations and make it more difficult for authorities to act. 3/5  BIS central bankers' speeches  Secondly, at the industrial level. Mastering artificial intelligence technologies is now contingent on the quantity and quality of accessible data. It is therefore essential that access to data should not be monopolised by non-European players alone. Lastly, at the State level, because the concentration of data infrastructures raises concerns about their resilience in the event of an attack. Given the geopolitical risks, these aspects should not be underestimated.