what information can be conveyed to counterparties and other market participants. while it is clear ( or at least should be ) that disclosing the details of a client ’ s order book to a counterparty is not acceptable, market participants have noted that there is much less clarity around what level of aggregation, say, is necessary in order to convey market colour appropriately. 2 / 5 bis central bankers'speeches as a result, it appears some market participants are being very conservative in sharing information, which can have implications for the effective functioning of the market. this is notwithstanding the guidance provided in this area in the global preamble put out by the global fxcs, in march 2015. 5 the global code takes the material in the global preamble and fleshes it out a bit more, including with some examples of what is, and isn ’ t, appropriate communication, and why. similarly, there have been diverse opinions around what is appropriate behaviour in terms of order handling. there have been some very public instances of inappropriate behaviour around order handling that have come to light in recent years. the market is seeking greater guidance as to what principles should be followed, including the different standards that may apply depending on whether an intermediary is functioning as principal or agent. this is one area that was not adequately covered in the pre - existing codes that the various fxcs had endorsed for the fx market. it is an area where we have provided the sought - after guidance. but we are not writing a procedures manual for order handling. rather we are articulating principles that need to be taken into account. individual firms may then take these principles and reflect them in their own procedures manual. our aim in articulating these principles is to provide market participants with the framework in which to think about how they handle stop - loss orders. the emphasis here is very much on the word ‘ think ’. the global code will not provide the answers to all your questions, but it should help you ask the right questions. adherence to the code alongside drafting the code, we have also been devoting considerable time and effort to thinking about how to ensure widespread adoption of the code by market participants. clearly, that has been an issue with the various existing codes that have been in place in a number of markets over many years. it is evident that they were ignored on occasion, wilfully or otherwise. one of our central aims in drafting the code is for it to be principles - based rather than rulesbased.

conference " the internationalisation of the euro and the creation of the eu capital markets union " - paris, 16 june 2023 the euro as a complementary asset in a more multilateral system speech by francois villeroy de galhau, governor of the banque de france page 1 sur 6 ladies and gentlemen, it is a great pleasure for me to be with you today for this conference on the internationalisation of the euro and the creation of the eu capital markets union. i would like to warmly thank the robert triffin international ( rti ) association and the european league for economic cooperation, and more particularly bernard snoy, for their invitation. i will begin by discussing the monetary policy decisions taken yesterday by the governing council ( i ), before getting to the heart of the matter of today's conference. powerful forces are pushing for greater diversification within the international monetary system ( ii ). the euro must now play its full international role, in order to assert itself as a complementary anchor towards the " creative frontier " that a truly multilateral international monetary system ( ims ) would one day represent ( iii ). i. monetary policy we decided yesterday a 25 basis point increase, in line with the slower pace adopted early may. and our future decisions will be data driven, meeting by meeting. hence nobody should rush to a premature conclusion about our calendar nor about our terminal rate, and the latest market volatility seems somewhat excessive. let me stress two elements in this direction : • we are data driven, we are not forecasts driven. and recent data show that even if we are obviously still far from the inflation target, our monetary policy is at work, and is working : inflation has peaked in the euro area, core inflation has declined for the second consecutive month, and there are several other signs that underlying price pressures are softening. according to yesterday ’ s inflation forecast, which is a rather cautious one, inflation should be at 3 % in the euro area by the end of this year, and at 2 % by 2025 : we are confident that we will deliver on our inflation target in the next two years. • we have already shown our determination on interest rates through this overall 400 basis point increase. we obviously covered most of the page 2 sur 6 ground, and we are clearly in restrictive territory on all maturities : the key issue now is the transmission of our past monetary decisions, which is proceeding forcefully to financial conditions but could take up to two years for its full