cbdc must be sufficiently well understood and anticipated before the introduction of cbdc for retail purposes can be considered. motivations for a wholesale cbdc are of a different nature. we already begin to observe a tokenization of financial assets ( securities or means of settlement ) exchanged between financial actors. the risk there is that such a trend leads to disorderly approaches and heterogeneous adaptations of market infrastructures, in particular when it comes to the modalities of settlement. several initiatives or projects are in effect considered by the industry in the post - trade area, pointing to the role central banks could play in this regard, as they have done in the past. against this background, the potential role of a wholesale cbdc is in my view worth considering if not desirable. 5 / 6 bis central bankers'speeches but all in all, i would say that, whatever the final orientations taken, we shouldn ’ t refrain from experimenting the different forms of cbdc. another contribution for central banks could be to help address one the major failings of the current payment systems which is cross - border retail payments, which is one of the drivers of the development of crypto - assets. one solution to the weaknesses of private initiatives in the field of cross - border payments could be to interconnect these systems. it is technically and legally feasible for a given area, for example, in the euro zone. however, at the global scale, between systems of different areas, it is more complex, in particular when several currencies are involved. another domain where progress can be made is promoting the adoption of common international industry standards facilitating the interoperability of payment systems at global scale. in particular, it would be necessary to foster the harmonization of domestic and international regulations with respect to aml / ctf, kyc. developing support programs for countries with underdeveloped payment infrastructures could also enhance financial inclusion by strengthening the development of local domestic and cross - border payment systems. we need to work further on these important issues – and will do so. in conclusion, it is hard to anticipate the role that crypto - assets might play in the payment system of the future, especially since the characteristics and features of these assets look set to change considerably. while it is clear that crypto - assets undergoing technical and economic trials bring about opportunities to improve our payment systems, they can also bring material risks to our payment systems which, if unaddressed, might introduce new sources

project working paper wp - 15. businesses. working at the grassroots level, through consumer - oriented programmes, we managed over 110, 000 overindebtedness cases in 2022, finding solutions to help households get out of challenging financial situations. we further ensure that all consumers can exercise their right to open a bank account and have access to associated means of payment. in 2022, we set up a one - stop consumer helpline, which can be reached by dialling 3414, to make it easier to access our services. for companies, we offer support to help very small, small and medium - sized enterprises get set up and run their business. in 2022, around 9, 000 entrepreneurs benefited from this service. we support companies through credit mediation, which helped to save around 8, 000 jobs in 2022. we also provide a rating system that scores businesses according to their financial health, on top of digital diagnostic tools for business leaders, designed to support the digital transformation of our economy. finally, the war in ukraine was a stark reminder of the urgent need to reduce our reliance on fossil fuels and therefore make a successful energy transition. to support the economy in this transformation, we are developing a climate indicator to measure the progress made by companies in the climate transition. our work to support the regions extends to high schools and post - secondary institutions, as we execute france ’ s national economic and financial literacy strategy. we aim to offer young people a useful decision - making framework, ensuring that they have access to reliable, unbiased economic and financial information. we also provide services for local decision makers, notably by providing research analysing cyclical and structural conditions in the regional economies. * * * * let me now turn to the current economic situation and explain how monetary policy helps to improve it. 10 the fact is, it is not enough to merely set up a framework within which households and economic agents can operate and regions can grow. serving the economy and society also means guaranteeing monetary stability. today, inflation is having a severe and unequal impact on many french people, generating costs that they are unable to pay, which is why the eurosystem ’ s primary goal is to bring inflation down towards 2 %. for a more in - depth presentation of the causes and symptoms of inflation and how it can and will be tamed, see the letter from the governor of the banque de france to the president of the republic published on 24 / 04 / 23. since