christian noyer : financial stability review “ otc derivatives : new rules, new actors, new risks ” speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the launch of the latest issue of bank of france ’ s financial stability review on “ otc derivatives : new rules, new actors, new risks ”, new york, 22 april 2013. * * * i am very happy to be with you today to launch the latest issue of banque de france's financial stability review on “ otc derivatives, new rules, new actors, new risks ”. as you know, every year since 2002, our review has brought together contributions from prominent academics, practitioners and policy - makers from all over the world on a topical issue. i warmly thank all the contributors who have enabled us to produce a review, of great interest, thanks to their papers of exceptional quality and density. i cannot mention all of them and only some authors are with me today ; [ but you can find all articles in the online and paper versions of the review, copies of which are available on tables at the back ]. those contributions are very diverse, or even divergent, in their analysis and proposals. that ’ s how we want it. it is clear we don ’ t necessarily share the views expressed in the articles but we all believe in the exchange of ideas. for introducing this fsr, we are extremely fortunate to gather an exceptional panel : • an outstanding us lawmaker : senator dodd, thank you, it ’ s a privilege to welcome you today ; • a prominent regulator : paul tucker, deputy governor of the bank of england, in charge of financial stability. paul, you also chair the basel committee on payment and settlement systems and co - chair the cpss / iosco steering group on central counterparties : your views on the subject are particularly sharp ; • two top market practitioners : michael bodson, president and ceo of dtcc and craig overlander, ceo of societe generale americas. you will provide us with the “ insider ” vision. • a distinguished academic, who specialized notably on counterparty risk and otc derivatives : manmohan singh, from the imfthank you all for being with us today. as you know, for our fsr issues, we always try to pick up topics which are both analytically complex and relevant to current policymaking. this is clearly the case with this issue

, by making payments more convenient, faster, and more innovative. however, in europe, it also creates challenges, particularly if we become increasingly reliant on a few dominant non - eu players, such as international card schemes and global tech giants. these companies leverage network effects and control proprietary standards in retail payments, hampering competition and innovation in payments. ultimately, this increased reliance on non - eu providers raises concerns about the operational resilience and strategic autonomy of the european payment ecosystem. to help address those challenges, the eurosystem is preparing an important evolution in the central bank money services it provides to the general public, in the form of what 2 / 3 bis - central bankers'speeches is called the " digital euro " – a retail cbdc. and the banque de france is actively contributing to the preparatory work for what is intended to be akin to a " digital banknote " that will be available across the euro area, have legal tender status, be governed by european standards, and be distributed by banks and other financial institutions, to highlight just a few of its key foreseen characteristics, in addition to privacy. let me just stress here that in this retail space our action goes well beyond adapting our central bank money services. it also includes supporting the development of paneuropean payment solutions, such as epi's digital wallet, the wero, and pushing for an ongoing adaptation of regulatory and supervisory frameworks to support innovation. to conclude, let me share two convictions regarding the conditions under which the path towards the digitalisation of payments, including settlement assets, may lead to sustainable benefits. first we need a regulatory framework that does not stifle innovation but that is sufficiently demanding to ensure that stakeholders are protected and that the stability of the payment system, and the financial system more broadly, is guaranteed. second, we must complement this " confidence - prone " framework with central bank money services adapted to the coming digital age of payments, built on strong dialogue and comprehensive experimentation with other central banks – as we are doing with the mas – and with market participants. in the wholesale space, our objective at the banque de france is to adapt those services to ensure that central bank money remains at the heart of settlement processes. in the retail space, our objective is to widen the payment solutions and choices available to include a " digital banknote ". 3 / 3 bis - central bankers'speeches