, 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

are risks to taking this huge step. consumers could have an incentive to shift their assets out of bank accounts into central bank digital currency – either gradually over a long period or abruptly in the event of a crisis. in the long term, this could change how the banking system functions or interfere with financial stability. central banks will have to keep things on an even keel here. the digital euro needs to be designed such that it offers clear added value on the one hand and its risks remain under control on the other. to contain those risks, limitations will be necessary, which are likely to make the digital euro less attractive. for me, the crucial point is providing a greater variety of means of payment and payment options. that ’ s why the bundesbank is also working on other solutions, such as programmable payments. at 17. s. ( seite ), central banks andthe thefreedom new world of payments, speech the shin, end ofh. the day, people should have to choose how they wishdelivered to pay. on 30 june 2020. the end of the day, people should have the freedom to choose how they wish to pay. 18. king, m., monetary policy : theory in practice, speech delivered on 7 january 2000. the bank for international settlements also points out that central bank digital currency would potentially make central banks ’ footprint on the financial system much larger. [ 17 ] all the more reason, i believe, to have a clear allocation of roles in payment systems. central banks should provide modern and reliable infrastructures, forming the backbone of payment systems. private players can build on these infrastructures and develop new offerings, making payments secure, convenient, quick and cheap for consumers. mervyn king, who i already quoted earlier, once compared a central bank ’ s recipe for success with that of a referee, whose success is judged by how little his or her decisions intrude into the game itself. 7 concluding remarks ladies and gentlemen, it is possible that the coronavirus crisis will have a lasting impact on what people expect of the government, its institutions and also the central bank. it is already clear that central banks have to find a way out of the current crisis mode. but they also have to find answers to issues such as climate change and digitalisation. today, i outlined how this can be done without undermining the foundations on which the modern central bank is built. agustin carstens, general manager of the bank for international settlements,