requirements for good governance of the information system, institutions will have to carry out regular operational resilience tests and report major incidents. 1 / 4 bis - central bankers'speeches despite many new elements, dora reinforces a principle that is as old as it is fundamental : financial institutions remain responsible for their risks. they therefore need to remain in control of the entire subcontracting chain, regularly audit their it service providers, and establish exit strategies. the adaptation period for dora is short, so we need to work together to prepare ourselves. for institutions, this means reviewing all existing service contracts, renegotiating some of them, and undertaking as quickly as possible the work required to produce the new reports, in order to finalise compliance with dora before january 2025. for its part, the acpr will continue to interact with the financial community in order to identify any operational difficulties that may arise. in this respect, i would encourage you to take part in the new public consultation on the dora implementing texts, which is due to be held before the end of the year. 2 / as regards digital assets, the gradual entry into force between december 2023 and december 2024 of the markets in crypto - assets regulation ( mica ) will naturally steer the necessary consolidation work. my main message here is that we need to anticipate the entry into force of mica. for players planning to issue stablecoins, anticipating means contacting the acpr, and i invite them to do so now. you can apply for electronic money institution ( emi ) status, which will allow you to start issuing digital assets as soon as mica comes into force, within a secure framework. this is especially important as there will be no transitional phase here : as of 30 june 2024, the provisions of the regulation relating to token issuance will apply immediately. second, to current crypto - asset service providers ( casps ) and to those planning to provide such services in the future, i say that it is time to apply for authorisation. this would enable most of the mica provisions to be met in advance. above all, in a context recently affected by increased bankruptcies, this is the best way to restore consumer and investor confidence. 3 / also with regard to crypto - assets, we need to consolidate measures to combat money laundering and the financing of terrorism ( aml / cft ), particularly in view of the entry into force of the european transfer of funds regulation ( t

christian noyer : the euro area perspectives keynote speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the paris europlace international financial forum, paris, 10 july 2013. * * * ladies and gentlemen, i am very pleased to have this opportunity to speak to such a distinguished audience and i thank paris europlace for the invitation. as arnaud de bresson just mentioned it, i take this opportunity to express, again, my strong support to the ongoing development of financial activities in off shore rmb out of paris. in that regard, let me also commend the work undertaken by paris europlace to federate and coordinate the variety of initiatives that we have seen develop over the recent months. we are lucky, here in paris, to benefit from the presence and the dynamism of the major chinese banks, which are among the main international banks. this is an asset for paris. similarly, the main french banks are active on the chinese markets, out of hong kong and out of mainland china. this is another major asset for paris as a financial center. both will benefit chinese corporates in france, and french corporates in the chinese markets. both these assets will guarantee that liquidity in rmb does and will flow smoothly from china to paris. furthermore, paris ambitions to serve as a hub for the development of yuan denominated business throughout the euro area. paris has the potential, the expertise and the infrastructures to do so. to introduce your two - days forum on “ growth and investment opportunities in europe ”, i wish to first give you an overview of the current economic and financial situation in the euro area and then discuss the major changes currently underway that are considerably strengthening our monetary union. 1. overview of the current economic and financial situation in the euro area before i start this overview, i would like to quote a famous sentence by jean monnet, one of the founding fathers of europe : “ what matters is neither to be optimistic nor pessimistic, what matters is to be determined ”. in other words, what the euro area needs is neither euro - bashing nor celebration, but awareness and action. as you all know, overall growth in the euro area has been very weak for a few years. the most recent figure is a 0. 3 % contraction in gdp in the first quarter of 2013, following a decline of 0. 6 % in the