the acpr, we applied the same principles. take the case of artificial intelligence ( ai ). how do we concretely define the conditions for a controlled development of artificial intelligence and define the principles of its control? it is in this spirit that we designed our ia workshops : the acpr fintech experts and the banque de france data scientists met established players to understand their perception of these technologies and assess their level of maturity. in the areas of aml - cft, internal models and consumer protection, the lessons learned from these meetings and tests under production conditions will provide us with crucial information for building a future framework conducive to controlling the development of artificial intelligence. ( iii ) aware of the importance of the issues and clairvoyant as to their complexity, ready to change our regulation and the exercise of our missions, we must also be bold, that is to say, innovative. to conclude this speech, i would like to stress two important elements. first, european financial sovereignty does not depend solely on the authorities of its member states or on the regulations drawn up by the european commission ; it depends first and foremost on the vitality of the european ecosystem and on the innovation effort of all players, be they established or new. in this regard, the europe of payments should seize the opportunity offered by the digital revolution to develop a pan european payment 3 / 4 bis central bankers'speeches solution. our institutions are an integral component of this european ecosystem and intend to play their full part in it : the banque de france lab, the acpr fintech - innovation unit, with its joint acpr - amf fintech forum, and all public authorities, are fully mobilised to support the expansion and growth of this ecosystem. second, we also apply this injunction to innovate to ourselves : we can only achieve our objectives and truly support the market if we ourselves are innovative. in this respect, our projects are and must remain numerous. i have already mentioned madre, i would like to make a special mention of our analysis of “ weak signals ” by artificial intelligence, to detect fragile companies. this project is remarkable by the cooperation that it involves between a wide variety of public players : the direction generale des entreprises ( dge ), the delegation generale a l ’ emploi et a la formation professionnelle ( dgefp ), the agence centrale des organismes de securite sociale ( acoss ) and the

denis beau : what european financial sovereignty in a digital world speech by mr denis beau, first deputy governor of the bank of france, at the conference " assises de la technologie financiere ", paris, 17 october 2019. * * * ladies and gentlemen, i would like to thank ms. de la raudiere for her invitation to this conference, which reflects the financial community ’ s ever growing interest in the ongoing evolution of the banking and financial system. the organisers of this conference asked me to give you my perspective as central banker and supervisor on the complex issues involved in the boom of digitisation in the financial sector. i will attempt to meet this challenge, by first observing that, for some years now, europe has entered a world where digital technology is profoundly changing the business models of many economic sectors. the banking and financial sector is no exception. new players are entering the market with new proposals, more suited to the uses and requirements of the “ digital ” consumer. they challenge established players by fragmenting a traditionally highly integrated value chain. the first of these new entrants are fintechs. these start - ups are able to outperform the historical players on a link in the value chain, providing new services to consumers or reducing costs. the second are bigtechs. they rely on huge amounts of data and their experience of how to deal with them ; by taking advantage of network effects, they are starting to attack strategic links in this value chain ( services with high technological added value and sometimes customer relations ) in order to be able to offer new profit generating activities. thanks to their dominance of certain sectors – let us take the example of cloud computing – and to their ability to expand – their cash reserves enable them to penetrate a market, to dominate it and to use technology to set up barriers to entry – these new entrants are giving rise to a significant risk of dependency, or even captivity, for established financial players. while bigtechs today are, at least in europe, subcontractors of banks and insurance companies, we cannot rule out a reversal of business models which would confine financial institutions to the role of specialised service providers : credit origination, middle and back office, compliance. these prospects raise several questions in terms of european sovereignty : how can we effectively protect citizens ’ data ( be they payment or personal data ) and offer them real control over their use? how, in a global ecosystem with ever more open architectures, can