consumers new digital uses have resulted in new models that benefit consumers. open source, open data, and so on : the desire for openness resides in the name. european regulation has helped to drive this dynamic, the second payment services directive ( psd 2 ) being a prime example. viii for financial services, this openness is set to intensify in the near future with the draft financial data access regulation ( fida ). ix a gradual approach to openness and data sharing – contingent on the degree of standardisation and digitisation – should enable existing players and fintechs to reach a consensus and jointly develop guidelines and technical arrangements for sharing, while avoiding the risks of exclusion and demutualisation. this should be done as part of “ schemes ”, outside of which data sharing should not be possible, and access to which should be restricted to entities established within the eu. it is in nobody's interest for openness to turn into anarchy, or to exacerbate cyber risks. 2. in a more open world, more prone to cyber risk, a major component of systemic trust : dora bigtechs have established a dominant position in the it sphere in areas such as the cloud, to which the financial sector is increasingly turning. x by the way, the acpr has published just today a study on this topic xi and possible regulatory responses. faced with these dominant players, fintechs are even more welcome as factors that “ dilute ” risks. speaking more generally, it is obvious that cyber page 5 of 5 risks are growing in line with the increasing “ interconnectedness ” of the digital sphere – and even more so with rising geopolitical tensions. the eu regulation concerning digital operational resilience for the financial sector ( dora ), due to be applied from next january, will enable the three european authorities to directly oversee all critical it service providers. i would like to take this opportunity to welcome the recent appointment of marc andries, inspector general of the banque de france and a recognised expert in it and cybersecurity, to head up this new mission. dora will provide a major component of systemic trust thanks to a state - of - the - art regulatory framework. it bolsters third - party risk management and incident reporting for more effective cyber threat analysis, introduces mandatory penetration testing, and fosters a collective defence culture by enabling financial entities to exchange information on cyber threats within trust - based communities. dora's rigorous standards provide a guarantee

francois villeroy de galhau : present challenges for france ’ s central bank hearing of mr francois villeroy de galhau, governor of the bank of france, by the senate finance committee, paris, 30 march 2016. * * * madam president, general rapporteur, senators, thank you for receiving me this morning, just a few months after your vote of confidence. i attach great importance to these regular exchanges in order to inform you of matters essential to the banque de france. in 2016, the world in general, and europe in particular, are experiencing a period of uncertainty : uncertainties relating to our security, with the threat of terrorist attacks still real ; political uncertainties, with the risk of “ brexit ” and the refugee crisis ; as well as economic uncertainties, with lower economic growth in emerging economies, including china, and excess market volatility in january and february. faced with this turmoil, the eurosystem, of which the banque de france is a member, is acting decisively. its monetary policy is supporting the economy and creating a favourable environment for taking all the other actions necessary to return to strong, sustainable and job - creating growth : france, and europe, must seize this opportunity to regain confidence. 1. monetary policy, first of all, is doing its fair share of the work. the eurosystem is determined to fight the low inflation that we are facing today and thus underpin economic activity. this is our mandate and we are striving vigorously to achieve it. the new comprehensive package of measures that we adopted on 10 march 2016 reflects two main objectives : first, to return to inflation rates below, but close to, 2 % over the medium term. this is not the case at present since inflation stood at – 0. 2 % in the euro area in february, taking account of the sharp decline in oil prices, but it should return to positive territory in the second half of 2016. the other objective is to bolster the financing of the real economy and to protect it from the pressures related to market volatility. the new series of targeted refinancing operations extension of the asset purchase programme, for its part, will be of particular benefit to large french corporations. we are convinced that these additional measures will deliver concrete results, as did the successive measures we have implemented since june 2014. the latter have indeed boosted lending to businesses, while lowering the cost of credit, and made a 0. 3 % contribution