peter praet : interview in financial times interview with mr peter praet, member of the executive board of the european central bank, in financial times, conducted by ms claire jones and published on 12 december 2013. * * * the european central bank has forecast inflation of 1. 3 per cent in 2015, which is usually seen as the policy - relevant horizon. how can you justify not doing more now when inflation is forecast to be almost a third below your target two years from now? we aim at an inflation rate of close but below 2 % over the medium term. given the subdued outlook for prices, we are already doing a lot. we have cut rates. since july 2012 our overnight rate has been in general lower than that controlled by any other major central bank. we have offered our forward guidance. we have extended the conduct of our main refinancing operations as fixed rate tender procedures full allotment until at least 7 july 2015. so, after a prolonged period of low inflation, we would expect inflation rates to return back to rates closer to 2 %. however, this will take some time given the nature of the shock, namely the unwinding of real and financial imbalances, and the possibly longer than normal transmission lag of monetary policy in such an environment. but we have also said that we are ready to act again should risks to the downside materialise. what matters, in particular, is that medium to long term inflation expectations remain firmly anchored in line with price stability. mr draghi said last thursday that there had been a brief discussion of negative interest rates and that any further ltro would have to involve an extension of lending to the real economy. are these two policies for which you feel as though you could build a strong consensus of support on the governing council should economic – or financial – conditions disappoint? what is important here is to remember that the governing council unanimously – and i ’ d like to emphasise this – shares the same assessment of economic conditions. there is unanimity on the outlook ; the view on the economy is very much shared in the governing council. price pressures are going to be subdued for a prolonged period of time as a result, we all agree to have an accommodative monetary policy for as long as needed. and even take more measures, if needed. that ’ s why we can say : we are ready to act and able to act. under what conditions would you act? we

denis beau : for a contribution from our fintech ecosystem to a more efficient and stable financial system speech by mr denis beau, first deputy governor of the bank of france, at the fintech r : evolution 2020, paris, 15 october 2020. * * * ladies and gentlemen, i am delighted to take part in this 5th edition of fintech r : evolution and i would like to warmly thank the france fintech association and its chairman alain clot for their invitation to speak today. this event, organised against the backdrop of the ongoing health crisis, is proof of the drive, determination and adaptability not only of the organising association, france fintech, but also of the entire innovative french ecosystem of the financial sector, which is now represented here as widely as possible. the french fintech ecosystem, like any ecosystem made up of start - ups, is fragile but it is promising and, i believe, vital to the financial sector. the economic crisis associated with the health crisis highlights these contrasting characteristics : on the one hand, start - ups may be weakened or innovative projects delayed by the economic situation ; and on the other hand, the health crisis has accelerated the adoption of new digital habits by the entire population. more generally, 2020 has only served to underscore the challenges facing the financial ecosystem as a whole as a result of the digitisation of our economy. in order to meet these challenges, it is imperative that this ecosystem transforms to accommodate changes in demand for financial products and services, the increased competition that is driving down profitability and the fast - growing need for operational resilience. in this context, a thriving, creative and efficient fintech ecosystem may be a key element in the transformation of the financial system towards greater efficiency and resilience to shocks. this is why, as central banker and supervisor in charge of ensuring monetary and financial stability, i feel it is important to support this fintech ecosystem and facilitate its smooth integration into the broader financial ecosystem. naturally, i would like to make it clear that this integration does not, in my opinion, mean a convergence of players, a “ harmonious ” cooperation or a coordinated approach : the various players have different, sometimes even opposing goals, and that is how competition works. however, we should not systematically pit fintechs against established players : there is a great variety of relationships between these two worlds, as we see every day. the potential for enriching the financial ecosystem and making it more efficient and resilient lies in