financial industry, you are all aware that french national regulators are recognised for their credible action and for being at the cutting edge of technological developments. i would also like to highlight one course of action at the banque de france. we have been a pioneer in central bank digital currency ( cbdc ) : in addition to taking an active part in the work on a potential euro retail cbdc, as early as 2020 we launched a series of twelve experiments on a wholesale cbdc, both for payments and securities settlement. the first nine experiments have been very valuable, and the three experiments underway focus on cross - border payments and tokenised asset settlement. 5 we are keen to pursue our long - standing partnership with commercial banks, to reconcile innovation and security ; and we now look forward to taking part in the eurosystem - wide experiments that the ecb has just announced6. as regards sustainable finance, without going too much into the subject, paris has stood as a pioneer for many years now. french banks, asset managers, and insurance companies are key players in sustainable finance, a segment that should further grow within the next few years. and we central banks are playing our role, in the very name of their primary mission of price stability. however, let us beware of the " magic wand " temptation7 : central banks – and green finance – cannot be the only green game in town, they cannot replace sound public policies and corporate transition plans. one necessary step for public policies is to put a price on carbon : it is the only way to make more green projects profitable ; and green finance without enough green projects would amount to idling our engine. i thank you for your attention, and wish you a good forum. 2 / 3 bis - central bankers'speeches 1 bloomberg, banks betting on paris say there is life after london, 18 april 2023 2 bloomberg, london losing to paris in battle of equity markets, 22 march 2023 3 insee, first estimate published on 28 april 2023 4 villeroy de galhau, f., banking turmoil : three blessings and a funeral, speech, 28 april 5 an updated report will be published by the banque de france within next months. you can already refer to our report published in november 2021 for the key findings from our first nine experiments. 6 ecb, eurosystem to explore new technologies for wholesale central bank money settlement, press release, 28 april 2023 7 villeroy de galhau, f., the role

. some crypto - asset projects aim to compete with – rather than supplement – this system by offering alternative settlement assets, “ coins ", whose value is not necessarily linked and fixed to central bank or commercial bank money. the implementation of these projects has shown that it is not easy to create the conditions for confidence in these alternative settlement assets and their use remains marginal to date. however, if their use were to grow significantly, their impact on the global economy could pose a major challenge to our current monetary order with major concerns for stability and sovereignty. the second consequence that deserves particular attention is the processing and storage of payment data. both the applicable law and the ability of private and public players to ensure the proper management of their data depend on location of servers. yet a growing share of data storage services is being outsourced to cloud providers, most of which are foreign. in addition, the use of public cloud services, where data from multiple customers are aggregated on a single server, raises issues of data security and auditability. several recent episodes such as the us sanctions in crimea ( 2014 ) or the amazon web services failure ( 2017 ) have illustrated the real risks to and impacts on the economy of a destabilisation of payment activities. they thus stressed the need for the community to maintain end - to - end control over an activity that is essential to industry, commerce and public services. 2. faced with these challenges, what roles should central banks play? in this perspective, the public authorities responsible for the development of the regulatory framework applicable to financial services and european private players obviously have a major role to play. the future of europe ’ s sovereignty over its payments system will be all the more secure if it can rely in particular on the ability of its private and industrial players, fintechs and financial intermediaries to adapt and innovate continuously in order to reap the benefits for themselves and their customers of an open, competitive and highly integrated payments market at european and international level. 2 / 4 bis central bankers'speeches in the exercise of their supervisory mandate, central banks can contribute to this by reconciling the need for openness and support for innovation, which is inherent to an economy integrated into world trade for the benefit of consumers, with their fundamental mission as guarantors and promoters of sound risk management. but they can also contribute through their two other traditional channels, namely as a catalyst and a provider of settlement services in central bank money. a - i believe that