on financial intermediation may be very different, as they have substantial financial resources, a strong brand image, a global customer base and privileged access to cutting - edge technologies. 4. can they nevertheless eliminate bank intermediation, if we take a long term view? this question brings me to my prognosis to conclude my speech. it seems to me that instead of eliminating bank intermediation, the competition exerted on banks by non - bank financial players and by tech companies, as well as banks ’ reaction to this new competitive environment, will probably lead to a redistribution of the cards of financial intermediation, around a combination of several models that would include : 1 / 2 bis central bankers'speeches - the traditional bank intermediation model - the non - bank financial intermediation model implemented by the asset management sector a so - called “ re - intermediated ” model in which fintechs and bigtechs play the role of intermediary for banks, in particular vis - a - vis retail clients - a completely disintermediated model based on blockchain technology i will not venture to forecast the weight that the traditional bank intermediation model will have at the end of this transformation. this will depend in particular on banks ’ ability to rise to the challenges they face, notably in terms of profitability and technology, and to adapt the services they offer to the digital era but also on the fight against climate change. nonetheless, this transformation seems to me to clearly imply adjusting our regulatory framework for all activities that will contribute to financial intermediation in the future. these transformations will have a positive impact on the efficiency and stability of our financial system, provided they are accompanied by better user experiences and more diversified financing of the economy. but they also carry risks, which must be managed. this implies reviewing the scope and content of certain regulations to ensure that the regulatory framework is favourable to innovation and neutral with respect to technologies, but also guarantees an appropriate and homogeneous treatment of risks throughout the financial system according to the “ same activity, same risk, same rules ” principle. ( e. g. non - bank financial players, technology service providers, issuers and managers of crypto asset trading platforms ) thank you for your attention. 2 / 2 bis central bankers'speeches

christian noyer : the history and future of corporate social responsibility welcome speech by mr christian noyer, governor of the bank of france, at the symposium icca – eabh, paris, 27 october 2008. * * * minister, chairman, ladies and gentlemen, it is a great pleasure to welcome you to the banque de france today together with the founder of the institute for corporate culture affairs, manfred pohl, who has organised this event. i would also like to thank ms kosciusko - morizet for doing us the honour of joining us in this debate, in her capacity as secretary of state for the environment. welcome to all! i wish to thank those who have come from neighbouring countries, and especially those who have travelled from further a field to take part in this symposium. this symposium is being held in this prestigious setting that is rich in history : the golden gallery of the hotel de toulouse. it is in this hotel that the banque de france set up its headquarters two hundred years ago to this year. much time would be required to recount the history of this building. i should at least mention that this gallery was designed at the start of the 17th century by francois mansart for mr de la vrilliere, a minister of louis xiii. it was then renovated in the style of the day at the start of the following century by robert de cotte, the first architect of louis xiv, for the count of toulouse, the legitimated son of the sun king and its new owner. naturally, this place provides an appropriate setting for putting matters into perspective. this is most apposite for the discussions to which mr pohl invites us today, because they should be considered from both a historical and forward - looking perspective. japanese philosophy teaches us that visiting the past teaches us new things. this privileged setting nevertheless does not isolate us from the world. the turmoil that we are experiencing gives a particular significance to your work. the current financial crisis and the unprecedented financial cooperation between countries to preserve financial stability should add a new dimension to the debate on corporate social responsibility. i therefore hope that this approach in perspective will shed light on both the implications of the corporate social responsibility ( csr ) and its potential role as a force for change in a globalised world. csr is a concept whereby companies and financial institutions not only consider their profitability and growth, but also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees