need. let me be clear : we cannot allow ourselves to lag behind on cbdc. that may mean that we create if necessary a retail cbdc, in order to ensure the accessibility of central bank money for the general public, in particular in countries where the use of cash in payments is declining. and it may mean also that we decide to issue a wholesale cbdc, with the aim of improving the functioning of financial markets and institutions. within the eurosystem, the ecb has established a high - level task force ( hltf ) therefore, and just published its report. we will now in parallel ( i ) engage actively in a public consultation from next monday, ( ii ) study within the hltf all the regulatory, technical, financial stability issues, ( iii ) start experimentations within ncbs, of which the banque de france intends to be an active contributor including in retail cbdc. following this “ three - tracks approach ”, towards mid - 2021 the eurosystem will decide whether to launch a digital euro project, which would start with an investigation phase. whatever the decision, it would complement cash, not replace it. the eurosystem, the banque de france, will never abandon cash, as it is part citizen ’ s freedom in choosing their means of payments, and hence their trust in the currency. 3 / a european mobilisation on private payments infrastructure, thanks to the engagement of major european banks – including french ones – in the so - called “ european payments initiative ” ( epi ). we definitely need to go beyond existing national schemes, and offer crossborder solutions and a pan european brand. epi needs to be detailed, opened up to other banks and jurisdictions, and accelerated. but it definitely warrants the full support of the eurosystem. we should additionally ensure that efficient public infrastructure such as tips is compatible. let me stress that there is no contradiction between considering a euro - cbdc and supporting epi. we may probably need both, and we should in any case build them to be complementary. my preference would be to seek a renewed public / private partnership for the dissemination of central bank money in a retail form. possible impacts on the banking sector could be reduced with different tools : for instance, limiting the quantity of digital euro in circulation, and distributing it through commercial banks. validating such an intermediated model would provide enough customer proximity and value added to intermediaries ( like front - end solutions )

in the euro area, which i always supported. the ecb fostered it with its welcome proposal on the recognition of badwills. but beyond domestic consolidations in some jurisdictions where it is not yet entirely done, we need more cross - borders ones ; it should be part of a real banking union. on markets, let ’ s be clear : there will not be a single city for the continent, but rather an integrated polycentric network of financial centres, with specialisations based on areas of expertise. a polycentric system of this nature can clearly function, as illustrated by the united states : new york ’ s financial centre is favoured by corporate and investment banks, chicago ’ s financial centre handles futures, while boston specialises in asset management. likewise, paris is well qualified to become the “ market hub ” of this new european constellation. france will be the biggest capital market in the eu on the other side of brexit. according to a recent study by the british think tank new financial, it will take the lead in the eu in 14 of 30 sectors studied2. this polycentric structure would improve the circulation of the abundant savings in the euro area – a surplus amounting to eur 360 billion last year – channelling them towards financing needs on the continent. besides, euro area businesses have been lacking equity financing for many years now. the capital markets union – and what i more broadly call a “ financing union for investment and innovation ” – is even more essential given the prospect of brexit. european governments all agree in principle ; but so far it remains a blind spot in the recovery strategy. let us at last turn words into action. ii. preparing europe payments for the digital currency age payments are not a usual topic for europlace and distinguished financial forums. indeed, they used to be considered as technical, back - office and even boring stuff. but a revolution is underway, and if we collectively miss it, it would mean a massive disintermediation of banks in the two key assets linked to payments : daily customer relations, and personal data. and it would also mean a major loss of sovereignty for europe. to this day, the coexistence and complementarity of central bank and commercial bank money as settlement assets has structured the payment landscape. yet this structure is increasingly being questioned. the development of cheap and innovative digital payment solutions is leading to a decline of the use of cash in transactions, and an increase of cashless payments, which