euroclear “ cmu and innovation ” conference 3 october 2024 opening address by denis beau, first deputy governor what will tomorrow ’ s post - trading industry look like and what forms of cooperation will it deploy? ladies and gentlemen, in a tougher and more fragmented world, an increasing body of analyses and reports are identifying europe's vulnerabilities – especially in the economic and financial sphere – and proposing ways of remedying these by leveraging and consolidating our key competitive advantages. these levers include europe's financial firepower, which is not currently commensurate with its economic heft, even though it has to contend with major investment requirements for two necessary transformations in the digital and climate spheres that hold immense promise for the future. from this perspective, the post - trading industry has a key role to play in harnessing these new digital technologies and processes which are developing before our eyes and transforming our financial system. from my perspective as a central banker, tasked with overseeing the efficiency and security of the post - trading infrastructures that are so crucial to the stability of our financial system, these innovations constitute both opportunities and risks. their deployment therefore raises strategic and operational questions that we need to answer collectively if we are to ensure that tomorrow's post - trading infrastructures safeguard the competitiveness and sovereignty of our financial system, while maintaining the stability that the legislator has tasked us with preserving. this raises the following two questions in particular : what will the post - trading services industry look like in the wake of these transformations? page 1 of 5 what path should we follow to transition to the post - trading environment of tomorrow, without jeopardizing security and efficiency? to help move the debate over the potential solutions forward, i would like to talk to you this evening about how we at the banque de france see both the development of our service offering in terms of assets used to settle transactions and infrastructure that can help to shape the posttrading environment of tomorrow, and the cooperation arrangements and priorities that need to be established to ensure a smooth transition to this new environment. i. the eurosystem's changing service offering to perform its financial stability mandate with regard to post - trading infrastructures, the eurosystem uses three instruments : the provision of services, supervision and boosting market initiatives. within this toolbox, the provision of services has long played a key role. this has meant that infrastructure services t2 and t2s and central bank money take centre

conference " the internationalisation of the euro and the creation of the eu capital markets union " - paris, 16 june 2023 the euro as a complementary asset in a more multilateral system speech by francois villeroy de galhau, governor of the banque de france page 1 sur 6 ladies and gentlemen, it is a great pleasure for me to be with you today for this conference on the internationalisation of the euro and the creation of the eu capital markets union. i would like to warmly thank the robert triffin international ( rti ) association and the european league for economic cooperation, and more particularly bernard snoy, for their invitation. i will begin by discussing the monetary policy decisions taken yesterday by the governing council ( i ), before getting to the heart of the matter of today's conference. powerful forces are pushing for greater diversification within the international monetary system ( ii ). the euro must now play its full international role, in order to assert itself as a complementary anchor towards the " creative frontier " that a truly multilateral international monetary system ( ims ) would one day represent ( iii ). i. monetary policy we decided yesterday a 25 basis point increase, in line with the slower pace adopted early may. and our future decisions will be data driven, meeting by meeting. hence nobody should rush to a premature conclusion about our calendar nor about our terminal rate, and the latest market volatility seems somewhat excessive. let me stress two elements in this direction : • we are data driven, we are not forecasts driven. and recent data show that even if we are obviously still far from the inflation target, our monetary policy is at work, and is working : inflation has peaked in the euro area, core inflation has declined for the second consecutive month, and there are several other signs that underlying price pressures are softening. according to yesterday ’ s inflation forecast, which is a rather cautious one, inflation should be at 3 % in the euro area by the end of this year, and at 2 % by 2025 : we are confident that we will deliver on our inflation target in the next two years. • we have already shown our determination on interest rates through this overall 400 basis point increase. we obviously covered most of the page 2 sur 6 ground, and we are clearly in restrictive territory on all maturities : the key issue now is the transmission of our past monetary decisions, which is proceeding forcefully to financial conditions but could take up to two years for its full