concerns the settlement in central bank money of securities issued on new distributed ledger platforms, which will be governed by the pilot scheme from 2023. new technologies offer opportunities to facilitate the trading of financial securities and improve the functioning of markets. however, central banks are careful to ensure that they do not lead to market and liquidity fragmentation. following the example of what has been done for target2 - securities, the eurosystem could therefore adjust the means of access to its settlement asset to secure trading of tokenised assets. - the second area concerns the improvement of cross - border payments, which international bodies have rightly made a priority. last year, we demonstrated the advantages of cbdm to optimise the payment chain by reducing the number of intermediaries and improving the security of settlements. alongside these discussions on interbank cbdm, the issuance of retail mnbc is being examined. the launch of a possible digital euro by the eurosystem would meet several objectives : 1 - reaffirm the anchoring role of central bank money in the digital world, much like the role that banknotes play today in the physical world. 2 - contribute to strengthening europe's strategic autonomy in the field of payments, in a publicprivate partnership approach. we are aware of the impact that a digital euro could have on financial intermediation and monetary and financial stability. this means that these issues must be addressed at the design stage of a digital euro, for example by introducing holding limits or by developing a model in which intermediaries will play a central role in the distribution of the digital euro and in the management of relations with users. this is why we are now initiating a dialogue with stakeholders, which should be stepped up in the coming weeks and months. but there should be no doubt that, besides regulators and central banks, the private sector also has a key role to play in digital innovation. from this point of view, i would like to highlight the strategic importance of the european payments initiative ( epi ) project, which currently represents the only project for a joint solution rather than an interoperability of heterogeneous domestic solutions. we, at the banque de france, therefore hope that the launch of the first epi solutions, scheduled for 2023, will convince other banks to join this initiative which offers europe a great opportunity to build an independent european payments market for the future. to conclude, in the face of the many short and medium - term risks and challenges, i would

spending. i think it is a very sensible move, having a minimum income requirement and also making sure that once you have a credit card, you can ’ t spend too much compared to your monthly income. this is something we have strengthened recently. as some of you may know, we have a total limit on what individuals can borrow on all their credit cards and unsecured facilities combined, with all the banks. the total limit will be capped at 12 months ’ of income, which is still a very high borrowing on an unsecured basis. but mas started with this limit because we are aware that some singaporeans ’ borrowings currently exceed 12 months of income, and we have to give them time to bring their borrowings down. mas will monitor the situation, and tighten the credit limits further, if necessary. 9. for insurance, our main challenge is to ensure that all singaporeans have access to the right products, at an affordable rate. that is our main priority for insurance. we must help consumers to meet their insurance needs for themselves and their families without paying for something they do not need. 10. that ’ s why we have the financial advisory industry review or fair over the last year. two of the initiatives of fair will help consumers by making insurance products more affordable and their pricing more transparent. first, consumers will be able to buy basic life insurance products directly from the insurer, without paying commission. second, consumers will be able to use the internet to use a web aggregator to compare prices and coverage of similar insurance products offered by different insurance companies. so they can choose what is suitable to their needs, and at the most affordable rate. the competition that comes about because of this transparency will also help keep costs low for consumers. financial education 11. the second approach is reaching out to singaporeans through moneysense. this is the work of our partners, not just the mas – including the community, the media, financial industry associations, advocacy groups like case and sias, our educational institutions which will play a larger role in the future, and a whole set of government agencies, all working with mas to propagate financial education to as many singaporeans as possible. over the last 10 years, moneysense has reached out to singaporeans through many prelec and simester, “ always leave home without it : a further investigation of the credit card effect on willingness to pay ”, marketing letters 12, no. 1, february 2001. bis central bankers ’