are doubtless aware, the authorisation and labelling schemes mentioned in the pacte bill are optional. but there is an exception when it comes to anti - money laundering and terrorist financing ( aml / tf ) mechanisms. european regulators have been firm in their resolve not to compromise in any way on this matter. accordingly, the fifth european anti - money laundering directive makes all participants handling digital assets subject to applicable aml / tf provisions. this is consistent with the system in place since 2014 in france, which states that an exchange of crypto - assets in euro requires a payment services provider authorisation, and, accordingly, compliance with aml / tf rules. to take account of the experimental phase that crypto - assets are presently in and to satisfy the key requirements of ensuring payment security while encouraging innovation in the area, a possible alternative to the optional approach currently favoured by the pacte bill would be to maintain a proportional approach. this has been the basis for the european regulation of payment services up to now and consists in setting a mandatory framework whose requirements are adjusted according to the nature, development stage and risk of the associated services. this approach was employed under the second payment services directive ( psd2 ) to regulate the market development of account aggregators and payment initiators. 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. right now, there are major limitations to their everyday use in retail payments, and crypto - assets still have to prove their attractiveness in this regard, particularly since an extensive range of payment solutions is available, and these solutions continue to modernise to address the need for instant exchanges, with, for example, 4 / 5 bis central bankers'speeches the introduction of mobile payment solutions and instant transfers. that said, the underlying technologies that i mentioned, and especially blockchain, open up interesting development prospects for major payment and market infrastructures. uncertainty over the future of crypto - assets in the world of payments does not relieve us of the need to regulate their development, given the attendant risks. adopting a framework that protects participants in the real economy will help to increase their confidence in the mechanisms associated with crypto - assets, thereby promoting growth in the new assets. the intrinsically digital and global nature of crypto - assets means however that a coordinated international approach must be taken to avoid

jean - claude trichet : the euro and the monetary union speech by mr jean - claude trichet, governor of the banque de france, at the society of business economists annual dinner, london, 12 february 2002 * * * ladies and gentlemen, it is a great pleasure and an honour to be with you today, in the occasion of the annual dinner of the society of business economists, in front of such a distinguished audience. i am particularly pleased to express my views on the euro and its prospects following the successful launch st of the notes and coins on 1 january 2002. i am happy to have an opportunity to present my views on the successful set - up of the euro, on the economic and financial integration of europe and on the challenges that the euro - zone has to cope with. the euro : built on a successful set - up set - up of the eurosystem the single monetary policy is formulated and implemented within a sound institutional framework, the eurosystem, comprising the european central bank and the twelve national central banks of the euro area. three principles are shaping up the eurosystem : independence, transparency and decentralisation. the independence of the european central bank and national central banks is enshrined in the treaty. when exercising their powers and carrying out their tasks and duties, neither the central banks of the eurosystem nor any member of its decision making bodies shall seek or take instructions from community institutions, from any government of a member state or from any other body. independence means institutional, operational and financial independence. we consider that comprehensive concept as an essential contribution to the clarity and the credibility of the single monetary policy. transparency and communication : elected authorities, key economic players, as well as all citizens must be fully informed on the conduct of the single monetary policy. at the european level, the ecb maintains a permanent dialogue with the european council and the european parliament, as national central banks do with national institutions. the ecb was maybe the first central bank in the world to st introduce, on 1 january 1999, the concept of regular, frequent, real - time communication in the domain of monetary policy. indeed, once a month, immediately after the meeting of the governing council, the president of the ecb holds a press conferences. the independence of a central bank and its democratic accountability are two sides of the same coin. in this respect, both public speeches and testimonies by the president of the european central bank and by the governors of national central banks,