concerns the settlement in central bank money of securities issued on new distributed ledger platforms, which will be governed by the pilot scheme from 2023. new technologies offer opportunities to facilitate the trading of financial securities and improve the functioning of markets. however, central banks are careful to ensure that they do not lead to market and liquidity fragmentation. following the example of what has been done for target2 - securities, the eurosystem could therefore adjust the means of access to its settlement asset to secure trading of tokenised assets. - the second area concerns the improvement of cross - border payments, which international bodies have rightly made a priority. last year, we demonstrated the advantages of cbdm to optimise the payment chain by reducing the number of intermediaries and improving the security of settlements. alongside these discussions on interbank cbdm, the issuance of retail mnbc is being examined. the launch of a possible digital euro by the eurosystem would meet several objectives : 1 - reaffirm the anchoring role of central bank money in the digital world, much like the role that banknotes play today in the physical world. 2 - contribute to strengthening europe's strategic autonomy in the field of payments, in a publicprivate partnership approach. we are aware of the impact that a digital euro could have on financial intermediation and monetary and financial stability. this means that these issues must be addressed at the design stage of a digital euro, for example by introducing holding limits or by developing a model in which intermediaries will play a central role in the distribution of the digital euro and in the management of relations with users. this is why we are now initiating a dialogue with stakeholders, which should be stepped up in the coming weeks and months. but there should be no doubt that, besides regulators and central banks, the private sector also has a key role to play in digital innovation. from this point of view, i would like to highlight the strategic importance of the european payments initiative ( epi ) project, which currently represents the only project for a joint solution rather than an interoperability of heterogeneous domestic solutions. we, at the banque de france, therefore hope that the launch of the first epi solutions, scheduled for 2023, will convince other banks to join this initiative which offers europe a great opportunity to build an independent european payments market for the future. to conclude, in the face of the many short and medium - term risks and challenges, i would

agreement that is needed to move towards a more comprehensive and resilient banking union, but which remains dynamic and innovative. 3. challenges associated with climate change and the digitalisation of finance to conclude these remarks, i would like to say a few words about the role we can play as supervisors and central bankers to help banks on the path towards a sustainable economy and the digitalisation of finance. on the first point, the recent publication of the latest contribution to the ipcc ’ s1 6th assessment report reminds us of the urgent need for a transition to carbon neutrality. supervisors have already started to assess the exposure of financial institutions to the resulting transition risks, in order to encourage them to identify, assess and manage these risks in the contribution of working group iii of the ipcc published on 4 april 2022 same way as traditional risks - and the acpr has played a pioneering role with the first stress test on climate risks. climate risks will be gradually integrated into the prudential framework, starting with requirements under pillars 2 and 3. banks need to prepare for these future regulatory requirements, including those relating to climate risk stress tests and to transition plans. the latter are part of the crd6 proposal, which is currently under negotiation. as regards pillar 1, the integration of climate risks continues to be the subject of intense debate and i hope that the publication of an eba consultation paper will enable us to move forward. however, the many methodological and data limitations will need to be addressed before new requirements are implemented. in any case, i would like to stress that, from my perspective as a supervisor, pillar 1 should remain risk - based and that we should move beyond the somewhat artificial opposition between green and brown exposures, by assessing transition risk more on the basis of transition plans. as regards the digitalisation of finance, in addition to contributing to the development of regulations such as dora ( digital operational resilience act ) and mica ( markets in cryptoassets ), which aim to facilitate the development of innovations in a framework that improves confidence and financial stability, we can, as a central bank, play a positive role from an operational point of view by reviewing our offer of monetary services. in this perspective, the banque de france has successfully conducted nine experiments with central bank digital money ( cbdm ) for the purpose of interbank settlement, securities transactions and cross - border payments over the past two years. they will continue in 2022 in two major areas : - the first area