presented in september 2020 – even though there is still room for progress on these texts in order to reconcile pragmatism and flexibility with the necessary requirements in terms of risk control and the prevention of regulatory arbitrage. moreover, other regulatory changes will have to be introduced which are also very important. i ’ m referring in particular to the supervision of the development of decentralised finance, where the usual regulatory frameworks are constrained by the fact that issuers and service providers are not easily identifiable in an environment where protocols are automatically executed without intermediaries, and there is no fixed jurisdiction for the services offered. lastly, in order to be effective, regulation must be multidimensional and coordinated at national and international level. at the banque de france, we are very attached to coordination with other national and european regulators, which seems all the more essential given the increasingly cross - cutting nature of the issues. this is also a priority for us, to limit regulatory arbitrage or indeed prevent it altogether. for this reason, we are closely involved in the work of multilateral fora ( g7, g20, fsb, cpmi ), especially on crypto - assets and the improvement of cross - border payments. another action we see as a short - term priority is to facilitate and accompany initiatives by regulated players, which can help to foster a diverse and competitive market for efficient solutions, tailored to user needs. our institutions – such as the banque de france ’ s lab, its infrastructure, innovation and payments directorate ( diip ), the acpr ’ s fintech - innovation unit, with its acpr - amf fintech forum – are fully mobilised to facilitate these initiatives and help them grow. among these initiatives, three in particular are worth highlighting. first, those in the field of instant payments, which open a new chapter in the payments industry. second, the continuing development of open banking, thanks to the european financial sector ’ s work on apis. and last but not least, the european payments initiative ( epi ). some major decisions on the effective launch of epi are due to be taken in the next few weeks. but i would just like to remind you here that the banque de france fully supports this initiative, as do the other eurosystem national central banks and the european commission, and currently seven eu member states, including france, that publicly announced their support for the initiative in a statement published on 9 november. 2.

the preparation of consolidated financial statements – while the sharing of information between jurisdictions will be essential to understanding their overall organisation as well as interdependencies between entities. the second deficiency concerns the ecosystem of what is often erroneously referred to as " decentralised " finance ( defi ) – what we prefer to call " disintermediated ” finance. the acpr is pioneering thinking in this area with the publication in april of a document that outlines possible regulatory frameworks for defi. the very successful public consultation process ended at the beginning of june. it was widely reported upon and generated almost 40 responses of high technical quality from both french and international players, including " established " players and new entrants. we will be publishing a summary of these responses in the autumn. overall, these contributions confirm our understanding of this topic and the regulatory avenues taking shape on each of the three defi'floors': ( 1 ) ensuring the resilience of the blockchain infrastructure – albeit a public one – through security standards ( 2 ) certifying smart contracts, even if this raises a number of operational issues, and ( 3 ) regulating defi entry points to protect users. so yes to the innovation brought by digital assets and defi - which is, let me repeat, very welcome in paris - but not at the cost of less regulation, which would - as we have seen elsewhere - work against the interests of the players themselves. ii. digitalisation of currency and payments : illustration of innovation partnership approach this brings me to the more forward - looking recipe, which provides a second insight into the dynamic interdependence between regulation and innovation, and between the public and private sector. private innovation is both crucial and irreplaceable but central banks also have creative dna, and many innovations page 4 of 6 are deployed within a partnership framework. money is a perfect illustration. for centuries, the coexistence of central bank and commercial bank money has structured the retail payment landscape. we can all physically pay with central bank money, using cash, or with commercial bank money, using non - cash payment instruments such as cards. however, the rapid digitalisation of payments is leading to a rethink : as we become fully digital societies, should central bank currency be the only thing to remain in paper format? i imagine that two centuries ago, certain people had major doubts about issuing banknotes - a major innovation at the time - alongside gold and silver coins. essentially