for retail payments is a stark reminder that if we don ’ t take the initiative, someone else will. page 2 sur 6 the need for a safe settlement asset has therefore become apparent. to date, tokenised finance has indeed lacked the anchor provided by central bank money, which reduces counterparty and liquidity risks, and crucially ensures the finality of payments. as a monetary anchor, tokenised central bank money would ensure convertibility between tokenised assets, exactly as central banks currently ensure the convertibility between commercial bank monies. in short, tokenised central bank money would provide a “ safety pivot ”, and serve as a reliable basis of trust on which these new technologies could realise their full potential. this is why it is in the interest of both european commercial banks and the public sector to work together towards a tokenised european framework. on the public side, this means advancing on the front of a wholesale cbdc. since last april, the eurosystem has started exploring new technologies for the settlement in central bank money ii, including the issuance of a first type of tokenised cbdc. the eligibility criteria and the call of interest be published in the coming weeks, and experiments will be rolled out over the course of 2024, including trials with real transactions. commercial banks and other financial actors will have a key role in the success of the exploratory work of the eurosystem. in this regard, the bis has made a strong case for the concept of “ tokenised deposits ” : recorded as a liability on the issuer ’ s balance sheet, they differ from stablecoins, which are backed by a specific pool of assets and issued mainly by bigtechs, not by banks. i invite european commercial banks to take ownership of “ tokenised deposits ” and experiment with its implementation. european players cannot lag behind : on the one hand, remaining a spectator of the surge of stablecoins issued by bigtechs, none of which are european ; on the other hand, not investigating the front of tokenised deposits, where american and asian banks seem to be innovating faster. private tokenised money providers could complement a wholesale cbdc ; such a framework would replicate the two - tier monetary system, thereby ensuring a key role for commercial banks in the tokenised world. page 3 sur 6 b. enhancing cross - border payments improving cross - border payments has been identified as one of the g20 ’ s priorities : the dedicated 2020 roadmap

g20 and the financial stability board ( fsb ) in particular have been instrumental in efforts aimed at enlarging the scope of financial regulation to make sure that the systemic importance and interconnectedness of institutions, markets, instruments no longer escape our vigilance. naturally, the necessary reform of otc derivatives markets has gained traction and the g20 has set a very clear roadmap on these matters. efforts aimed at integrating these markets into regulated and supervised market infrastructures are indeed an essential policy response to risks accumulated in these markets. however, the crisis has not just shown us that we should expand the scope of regulation and supervision. in fact, two clear trends have emerged and are greatly affecting the very nature of regulation. the first observable trend is that we must complement micro - supervision with macrofinancial supervision : this macroprudential approach has in fact developed in many countries. the second trend is that regulation needs to become more global in response to the globalization of finance. in that respect, the commitment by all g20 jurisdictions to implement basel ii by 2011 and to finalize this year a new package aimed at strengthening bank capital and liquidity standards is a great achievement. we are confident that making tangible progress on each of these fronts is an essential response from policy makers to the roots of the global financial crisis. to some extent, the ultimate aim of financial regulation has to do with financing the real economy. sound regulation should enable the stable provision of financial services to economic agents as they strive to finance their productive investments and consumption, which constitute the fuel for growth. banks are central to the financing of economic activity because they perform maturity and liquidity transformation as well as a credit risk screening function. this is especially true in continental europe, where they are responsible for more than 80 % of financial intermediation. this is why the current focus on enhancing banking regulation is right and progress on key reforms to strengthen bank capital and liquidity standards remains a top priority. the recent reform package of the basel committee will lead to a much more robust and resilient banking system in the future, with both a stronger capital and liquidity base than before the crisis. the challenge, now, is to calibrate and phase in the new framework in a way that does not impede the recovery and does not contradict our macroeconomic objectives. the macroeconomic assessment of the reforms underway will help us strike the optimal balance. we must also reduce procyclicality. some of