and most liquid settlement asset of all. however, while central bank money is currently available to commercial banks in digital form in our centralised payment systems ( in the euro area this means the target2 system ), it is not currently available on blockchain. in other words, central bank money cannot be used to buy and settle tokenised assets directly on blockchain ( equities, bonds, units in funds recorded on a blockchain ). but if we do not adapt central bank money to the tokenised world, players could turn to other, less secure settlement assets, generating both counterparty and liquidity risk and, ultimately, financial stability risk. if this were to happen, it would be a real step back in terms of financial stability. indeed, these other settlement assets – first - generation crypto - assets such as bitcoin, or secondgeneration assets, also known as stablecoins – do not possess the three attributes of a currency ( i. e. a unit of account, instrument of exchange and store of value ) and cannot therefore be characterised as one. they also represent specific money laundering, liquidity, market and operational risks that may turn out to be systemic and raise monetary sovereignty issues for global stablecoins such as the one launched by paypal. to deal with these risks and ensure financial stability, it is vital to establish a clear and appropriate regulatory framework : the european mica regulation, which came into force in june 2023, covers the issuance of and provision of financial services on crypto - assets and stablecoins and is a major step forward. however, regulation is only one building block : central banks need understand these new technologies and innovate to be able to provide central bank money services adapted to a financial system in digital transition, both for exchanges between financial intermediaries, which have the greatest impact on financial stability, and for day - to - day payments made by citizens, both domestically and across borders. the ecb and eurosystem ncbs have made a major commitment in this area with the digital euro project, which has just entered a new preparatory phase with experiments in " wholesale ” central bank digital currency exchanges between financial intermediaries ( slide 8 ) the banque de france is playing a highly proactive role in this quest to pave the way for the issuance of a central bank digital currency. this is especially the case for uses between financial intermediaries, on which we have been conducting experiments

measures its degree of awareness of climate issues and its preparedness, or even implementation, of decarbonisation and adaptation measures. [ slide 12 ] following an initial testing phase, the climate indicator will be rolled out progressively, with priority given to sectors facing major decarbonisation challenges. " it will be deployed in liaison with all the players and sector - based initiatives, with the aim of not overburdening our businesses and smes " ( f. villeroy de galhau ). to devise a reliable and useful assessment for companies and in order to avoid any'greenwashing ', it is necessary to collect certain data from businesses, including information on tangible decarbonisation initiatives either undertaken or planned. naturally, to avoid overburdening companies, the banque de france will capitalise on existing reporting, especially csrd data and efrag standards. to perform this mission, the banque de france relies on its local branches, which are present in each departement, together with its existing relations with hundreds of thousands of companies forged through its traditional business of providing company ratings. data collection will be facilitated by " manager portals ", the banque de france's new online channel for communicating with businesses. the amendment to the french green industry act in respect of the climate indicator provides for the creation of a monitoring committee by the french ministry for the economy and finance, bringing together all players with an interest in the climate indicator ( i. e. public institutions, businesses, financiers, qualified individuals ) and tasked specifically with assessing the climate indicator methodology, its consistency with european standards and the reporting workload for companies. to ensure that our methodology is transparent, the banque de france regularly meets with businesses, professional federations, financial players and public authorities and keeps them informed of developments. between now and 2027, the banque de france climate indicator should become the most accurate tool for assessing the transition achieved by companies, their exposure to climate hazards and the degree to which they have incorporated climate issues. for france, this approach is an essential component in the success of the paris agreements. conclusion 5 / 6 bis - central bankers'speeches i hope i have clearly explained both the foundations and the reality of the central bank's pro - climate actions and convinced you that we are striving to make a full and fair contribution in line with the mandates with which we have been entrusted. but central banks cannot be the only players involved in greening