designed by the banque de france in order to meet the needs and expectations of market participants as a permissioned blockchain with efficient delivery and settlement services, using cbdc. an automated market maker ( amm ) platform inspired from the defi markets, which could serve as the basis of a multi - cbdc platform where different central banks come together to enable fast, automated and transparent settlement across currencies. page 6 sur 7 i announce today that we engage the second phase of our experimentations program with 4 or 5 additional ones starting this semester. we want to get closer to a viable prototype, testing it in practice with more private actors and more foreign central banks in the second half of 2022 and in 2023. this work ensures that we stand ready to bring central bank money as a settlement asset as early as 2023, with the implementation of the european pilot regime. this pilot regime will offer a regulatory framework to support the financial asset tokenisation trend. finally, these experiments conducted by the banque de france contribute directly to the eurosystem's existing task force, and future governing council ’ s decision, on improving our services to the wholesale market. this leads to the key outstanding issue of the articulation of a cbdc with existing infrastructures, such as target services in the eu. both must be made interoperable : on the one hand, distributed ledger technologies are still not mature enough to handle large volumes of transactions, and therefore will not replace conventional systems from one day to another ; they will rather complement them. centralised and distributed systems will thus have to coexist securely and efficiently. on the other hand, we must make a cbdc available on these infrastructures to match market demand for tokens, so that our settlement asset is not substituted by private assets – which would be riskier. * * * the two projects of a wholesale and retail cbdc are two faces of the same “ mountain ”, which is the ambition to offer a digital form of central bank money to combine innovation and trust in the payment system. i spoke at the start about the'existential'monetary partnership between central banks and commercial banks. the trust / innovation nexus is just as existential. it does not entirely coincide with the former : commercial banks can rightfully inspire confidence ; central banks are capable of innovation, the cbdc is proof of that. but one thing is for sure : it is together that we can succeed in strengthening europe's strategic autonomy

domestic activity collapsed. there are few institutional mechanisms within the economic and monetary union ( emu ) at present to offset the shock. in alberta ’ s case, a rising tide has lifted all boats. that is because the canadian monetary union has what europe does not : a single financial market ; a flexible, national labour market ; and significant fiscal transfers. these smooth the adjustments brought about by the large shifts in relative prices. fiscal federalism helps to share risks despite the equilibrating movement of real provincial exchange rates, shocks to our economy can still have a more significant impact on some regions than others. since monetary policy works at an aggregate level to support aggregate demand, it cannot easily deal with such distributional consequences. m. carney, “ dutch disease, ” a speech delivered at the spruce meadows round table, calgary, alberta, 7 september 2012. internal trade has been supported by the removal of interprovincial barriers following the implementation of canada ’ s agreement on internal trade in 1995. bis central bankers ’ speeches fiscal transfers are thus an important element of a successful monetary union. they are sizeable in canada, representing 8 per cent of gdp across all levels of government ( charts 6 and 7 ). canada ’ s equalization program helps stabilize the impact of asymmetric shocks. for example, between 2006 and 2011, federal support programs, including equalization payments and canadian social and health transfers, grew more rapidly for provinces whose economies were hardest hit by the crisis ( chart 8 ). 3 the employment insurance program also shares risk. through transfers to 2 per cent of the working - age population, the program particularly benefits provinces with higher unemployment rates ( chart 9 ). in the medium term, one of the building blocks of european fiscal federalism could be a paneuropean employment insurance scheme built on a common european labour market. this would reduce impediments for those looking across the continent for work, while providing a cross - country automatic stabilizer. labour market flexibility for canada and canadians to work, workers must be able to move to different jobs, and wages must adjust to help maintain full employment. by international standards, the canadian labour market is highly flexible, although there is still room for improvement. 4 our labour mobility as a whole is similar to that in the united states. by some estimates, the canadian labour market is almost four times as flexible as the european labour market. 5 an obvious example of this flexibility is the way that canadians have responded to the higher wages and