plan on the financial sector are high and it will have a major impact on the innovative ecosystems of the french and european financial sectors. that is why the banque de france and the acprwill be particularly attentive, in the coming weeks and months, to your feedback, suggestions and 3 / 4 bis central bankers'speeches questions on this “ digital finance package ", which is closely in line with the rationale of the ecosystem that i have just outlined. in other words, we have the opportunity to demonstrate today that the discussions held in recent years between the banque de france, the different players in the innovative financial ecosystem and other supervisory authorities, the relationships of trust established between us, the complementary expertise, the shared experiments and knowledge, have a concrete and tangible effect : that of further strengthening the dynamics of an ecosystem that is destined to count in the future of the european financial sector. * thank you for your attention. 4 / 4 bis central bankers'speeches

for a moment on the contribution that we can make, as a central bank and supervisory authority, to the development of the regulatory framework. in this area, i think it is important to recall a few principles that underpin our vision as a supervisor and central banker with regard to the changes in the regulatory framework of the financial system. first of all, i would like to stress that no regulatory framework is set in stone. we must keep an open mind, and have the necessary understanding and lucidity to adapt frameworks to technological evolutions - or even revolutions -, as well as to their challenges and associated risks. secondly, this adaptation must, in my view, preserve and consolidate two fundamentals of financial sector regulation : the financial stability objective and the principle of monetary sovereignty. in this respect, i would like to commend the ambitiousness of the european commission ’ s recent digital finance package and its priorities, in particular those to fight against the fragmentation of the digital single market for financial services and to address the new challenges and risks associated with the digital transformation. with regard to these risks, i think it would be appropriate for the commission to address the complex but currently unavoidable issue of the oversight framework to be applied to critical it service providers, including cloud service providers, and the equally important matter of the supervision of issuers and distributors of stablecoins, whether they be single or multi - currency coins. i will not go into detail on the commission ’ s proposed legislation, which still requires careful examination on our part and which will, of course, have to be improved by the negotiations that are about to get underway. i simply want to say here that the regulations ’ proposals aimed at critical it service providers and stablecoins include promising provisions : for the former, a dedicated framework that does not exempt financial intermediaries from their responsibilities and their obligation to use european service providers, and for the latter, a strict supervision that involves and associates national and european authorities. i would also like to stress here that the two points for attention i have just mentioned do not, in my view, overshadow any of the following : the many other initiatives announced in the action plan, the work to facilitate remote access and promote an interoperable digital identity, the provisions on cybersecurity, or the forthcoming discussions on artificial intelligence or data sharing in financial services - open finance after open banking. the message that i think is important today is the following : the stakes of this action