, competition impacts : the list of issues is quite long! i should also mention the systemic threats that large actors can represent if they use their huge consumer base and leverage on worldwide networks effects without sufficient regard for financial stability consequences. facing these changes, central banks and supervisors need to adopt the right mindset. in my view, they should not take the current regulatory framework for granted and operate under the assumption that this framework, which was mainly designed before the technological « disruptions » we see currently spreading through the financial system, does not need to evolve. on the contrary, to continue delivering well on their financial stability mandate, through their three classical roles, namely as catalyst, supervisor and service provider, they should aim first at 1 / 4 bis central bankers'speeches promoting the necessary regulatory adjustments so that the ultimate goal of financial stability is well preserved. in other words, we should contribute to providing the market with a sound, adapted and updated regulatory framework, which is, in my opinion, needed to support innovation, and even to foster it. to deliver on such a contribution, an open - minded approach and an in - depth understanding of innovation is required. to that end, we need to engage with innovators, observe the ecosystem, test and learn. i think it is fair to say that the global central bank and supervisory community is heading in that direction as testified by the recent launch of the bis innovation hub. in any case, at the acpr and the banque de france, it has been our motto for a while, according to our digitalization strategy. it is indeed in this spirit that we set up in 2016, within the supervisory authority ( the acpr ), a dedicated fintech - innovation hub to have a direct contact with innovators and anticipate the effects of innovation trends. in addition, banque de france has launched in june 2017 “ le lab ”. le lab is a genuine open innovation laboratory : its goal is to bring new practices and technologies into our activities, and to that end experiment where necessary within short and flexible cycles. to do so, it works in close collaboration with innovative firms. and, we launched this year our first “ suptech ” program to promote the use of artificial intelligence in the performance of supervisory tasks. to illustrate how we can leverage on the daily contact with innovators, to help changing regulation or defining supervisory expectations, i will take the example of the on - going work on artificial intelligence by the acpr fin

risk there is that such developments lead to disorderly approaches and heterogeneous adaptations of market infrastructures, in particular when it comes to the modalities of settlement. several initiatives or projects are in effect considered by the industry in the post - trade area, pointing to the role central banks could play in this regard, as they have done in the past. therefore, the eurosystem, as a major provider of critical wholesale clearing and settlement services in euro, should be open to experimenting these innovations in 3 / 4 bis central bankers'speeches order to revisit and possibly improve the conditions under which we make available central bank money as a settlement asset. we, at the banque de france, have started gaining exposure and experience with those innovations and in particular dlt. we were the first central bank to develop, regarding the specific use of sepa creditor credentials, a decentralised register system based on a blockchain infrastructure, the “ madre ” register. of course, this is only a first step, which does not exhaust an extremely vast and diversified field of experimentation. one possibility often mentioned would be for us to issue a central bank digital currency to support wholesale clearing and settlement services on a decentralised basis using dlt. we, at the banque de france, are therefore quite open for experiments in that direction, together with the ecb and other central banks of the eurosystem, in particular with regard to a wholesale central bank digital currency. another operational contribution, which could be worth considering – and experimenting – by central banks, is related to one of the major failings of the current payment systems, which is cross - border retail payments. one solution to the weaknesses of private initiatives in the field of cross - border payments could be to interconnect these systems. it is technically and legally feasible for a given area, for example, in the euro zone. however, at the global scale, between systems of different areas, it is more complex, in particular when several currencies are involved. central banks through their operational role could look for ways to contribute to the emergence of a solution to promote faster, more reliable and less costly payment solutions. conclusion to conclude, let me underline that technological innovations create opportunities and risks, and therefore challenges, not only for financial intermediares but also for public authorities. central bankers and supervisors can and should contribute to meet those challenges. to that end, we should have an open - minded approach