, together with the public authorities, imagine new long - term products : at the price of less liquidity, they would combine capital protection and higher yields of shares. their success also implies a form of tax neutrality. successfully complete the digital transformation. the digital revolution creates many opportunities for financial players, as for consumers : an increasing number of more accessible financial services, more complete customer satisfaction. but it also requires examining ways of adapting business models : diversifying services and adjusting their pricing, on the income side ; anticipating changes in employment and skills, in the social dialogue. the banque de france and the acpr are mobilised to support innovation : creation of the “ fintech forum ” and a dedicated fintech unit with the amf ; appointment of a “ chief digital officer ". the banque de france is also changing. pursue efforts to combat money laundering and the financing of terrorism. further progress will be made in 2017 with the full implementation of the urvoas act of june 2016 ( including its anti - money laundering and financing of terrorism component ) and the transposition of the 4th european directive. i urge you to pay close attention to their effective implementation. with all these prospects, challenges and promises in mind, i renew to each and every one of you my best wishes for 2017. thank you for your attention. 3 / 3 bis central bankers'speeches

been used so far, access to the sli should not be conditional on the implementation of an adjustment program. its design would be such that it does not involve a stigma for member states. the issue of governance brings me to a broader reflection on the idea of a european monetary fund ( emf ). an emf would only make sense if its scope of action and its governance went beyond those of the current esm. otherwise, why would we give it a different name? the scope of action of a potential emf should not be limited to crisis management. we should entrust it with the role of crisis prevention in a broad sense, including contingent lending through the sli. this would require decision - making processes that would not be tied up by veto - based governance. 2 / 4 bis central bankers'speeches as president of the eurogroup and member of the european commission, the finance minister of the euro area would logically chair the board of governors of an emf and play a stronger role in situations that require board level judgement. in due course, it would be beneficial to bring an emf into the fold of the community method, which means anchoring this institution in the framework of union law [ the commission has suggested proceeding on the basis of art. 352 of the tfeu ]. within this framework – and only within it – it would make sense to entrust an emf with a broader surveillance mission, including the task of monitoring compliance with the common rules, a role that is today assigned to the european commission. ii. a micro accelerator, including the completion of the banking union let me now turn to the micro accelerator for the economic union : a financing union for investment and innovation. the aim is to better steer the euro area ’ s eur 350 billion annual savings surplus towards productive investment, notably by shoring up equity which is the key to an innovation economy. thanks to unified governance, this financing union would help circumvent bureaucratic barriers and foster synergies between the existing building blocks : the juncker investment plan, the capital markets union and the banking union. yet, for this financing union to be effective, progress is still needed in four key areas : first, providing incentives for cross - border investments – mainly in equity – through accounting, taxes and insolvency laws ; second, developing pan - european long - term saving products – with a key role for the insurance sector – and investment vehicles like european venture capital funds ; third, completing