it is crucial that the zero interest rate policy does not remain in place for longer than is really needed to restore price stability, and that the benefits and costs of monetary accommodation are carefully weighed against each other against the background of our price stability mandate. in the meantime, monetary policymakers need to take care of their independence. and they should avoid being taken hostage by financial markets or fiscal policies. of course, monetary policy has contributed to the unusually low level of long - term interest rates. not only the forward guidance, but also the purchase of long - term bonds – issued by sovereigns, banks or enterprises – aimed at lowering long - term rates. but long - term interest rates are not only determined by monetary policymakers. they are also a reflection of nominal growth expectations, and if potential growth is slowing, it has a depressing impact on the real rate of return. making our economies more prosperous would therefore pave the way for higher real interest rates. there are plenty of growth - enhancing measures – like strengthening competition in product markets or making labour markets more flexible – and all of these measures go beyond the central bank ’ s sphere of influence. blaming savers for saving too much is therefore, in my view, just as mistaken as blaming investors for investing too little. both accusations have been levelled at this country very frequently indeed : germans invest too little, it is claimed, and they save too much. and sometimes, the conclusion is drawn that germans themselves are to blame for the low level of interest rates. the high current account surplus and the purportedly too low investment ratio in germany would appear to back up this accusation. however, while it is true that a current account surplus of more than 8 % of gdp is certainly not sustainable, let us not forget that its most see stephen morris and hyun song shin, risk premium shifts and monetary policy : a coordination approach, princeton university – william s. dietrich ii economic theory center research paper no. 075 _ 2016, 2015. bis central bankers ’ speeches recent rise owes a great deal to the depreciation of the euro and the strong decline in oil prices. moreover, germany is an ageing society, so it has good reason to engage in precautionary savings. if those savings were invested in other euro - area economies – or even outside the euro area – everyone would benefit – provided the funds were invested in projects generating an adequate return. should more funds be invested in germany? that ’ s something i would wholeheartedly

key role in this process, with a blueprint expected to be published by the end of the year. at european level, the framework proposed by the pilot programme can support this common vision by enabling the use of new distributed registry technologies to be tested in regulated and secure environments. this framework is an opportunity for market participants to start anticipating and adapting their businesses. nevertheless, regardless of whether we are talking about multilateral trading facilities ( mtf ), securities settlement systems ( sss ) or a combined solution ( trading and settlement systems ), obtaining a licence is both a medium - and a long - term commitment. many players seem reluctant to take this step because of the uncertainty surrounding the future of a central bank digital currency settlement solution for tokenised assets. this uncertainty needs to be resolved and the authorities are working together to provide a clear perspective on what the central bank settlement solution will look like. in my view, a secure and liquid settlement asset available on the dlt is one of the keys to the success of the pilot programme. a cbdc - based solution would provide an important lever in supporting the transition enabled by the pilot programme, and we have already developed our own blockchain, dl3s, for this purpose. but trials are in progress and we shall see which solution is chosen. this european challenge is rounded out by an international challenge. it is vital that the french and european financial sectors are well represented in the experiments being conducted on a global scale, such as the work being carried out by the bank for international settlements. i am thinking in particular of the agora project, which focuses on cbdc and commercial bank money for cross - border payments. adequate representation of national players in these different projects page 4 of 5 is essential for defending our interests and ensuring that the international standards developed are in line with both our interests and our needs. b. setting priorities : maintaining the two - tier monetary system and modernising the market segments that are currently least well served [ slide 4 ] in this phase of the transformation, it is vital not only to cooperate but also to define clear priorities to guide the modernisation of our market infrastructures. the most important of these priorities is to retain the two - tier monetary system, in which central bank and commercial bank money each play a distinct but complementary role. this model has proved its worth in ensuring the stability and resilience of the financial system and must be preserved to help with the adoption of technological innovations without upsetting fundamental balances. at