This is why we have taken an ambitious experimental approach to a CBDC: we are currently in the process of finalising our programme of experiments on an “interbank” or “wholesale” CBDC, to test whether and how it could improve the performance, speed, transparency and security of transactions between major financial players, especially for crossborder payments. In parallel, the Banque de France is closely involved in the investigation phase launched by the Eurosystem in July for the retail digital euro, which would be used by the general public in everyday payments. However, a CBDC is not the only, or indeed the most urgent instrument we need to use. 2/5  BIS central bankers' speeches  We also regard regulation as a priority, because the smooth functioning of our payment system depends, first and foremost, on a regulatory framework that is clear, fair (“same activity, same risk, same rule”) and balanced – in other words capable of encouraging innovation and at the same time maintaining the stability of our payment system. This is why we have welcomed and are supporting the proposed Markets in Crypto-Assets (MiCA) regulation and the Digital Operational Resilience Act (DORA), presented in September 2020 – even though there is still room for progress on these texts in order to reconcile pragmatism and flexibility with the necessary requirements in terms of risk control and the prevention of regulatory arbitrage. Moreover, other regulatory changes will have to be introduced which are also very important.

Zeti Akhtar Aziz: Islamic finance – a central bank's perspective Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Seminar on Islamic Finance "Islamic Finance: A Central Bank's Perspective", Bank of Italy, Rome, 11 November 2009. *  *  *  While not being here in person, most certainly I am here in the commitment to this conference on Islamic finance, organised by Banca d'Italia, to speak on the subject of Islamic finance from the perspective of a Central Bank. As the international financial markets and the global economy recover from the repercussions of the financial disruptions and dislocations that have occurred in the major financial systems, there have been wide ranging proposals to strengthen the foundations for financial stability, and reviews of the existing institutional arrangements in the international financial system. Despite this more challenging environment, the expansion of Islamic finance as a viable form of financial intermediation has gained momentum demonstrating its viability and resilience. The rapid growth and development of Islamic finance essentially reflects its ability to meet the changing pattern of demand by consumers and businesses, its ability to remain competitive and its ability to withstand a more challenging environment. More recently, the international dimension of Islamic finance has gained significance as it transitions from being domestic centric to becoming increasingly more internationalised. There is now increased international participation in Islamic financial markets in the different jurisdictions and more Islamic financial institutions are having presence or strategic interests in several jurisdictions.