is no longer adequate. replicating for clearing activity in the euro area the extraterritorial approach developed by the us authorities cannot be a solution, because of the specific position of the eu capital market vis - a - vis london, and because we know by experience that in times of stress the views of the domestic authorities prevail when interests diverge. so, what should we do? in my mind, a location policy is the most efficient tool : first, it would make it possible to maintain effective control over the activities denominated in eu currencies ; and second, it would foster a better and more balanced clearing market structure, less dependent on “ too big to fail entities ”, which would enhance global – and not only eu – financial stability. in this regard, i would like to acknowledge the valuable proposals recently made by the european commission, even if they could be strengthened and streamlined : those ccps whose activities are " super - systemic " for the eu market should indeed establish themselves in the european union. a location policy is the only viable mechanism to guarantee that european authorities, and the eurosystem in particular, can control and manage the risks that ccps are likely to pose to the financial stability of the european union. in order to do so, the concept of “ substantially systemically important ccps ” should however be clearly defined with objective, rule - based requirements ; euro - denominated clearing activities should be located in the european union when they exceed certain thresholds. 2. speed up the creation of a “ financing union for investment and innovation ” the second imperative is to speed up the creation of a “ financing union for investment and innovation ” at the european level. the need for such a financing union stems both from a weakness and an opportunity. the weakness is that the euro area faces persistent financial fragmentation. but the opportunity lies in its abundant resources : savings exceed investment by page 3 sur 5 eur 350 billion per year in the euro area, which is more than 3 % of gdp. an obvious way to boost growth in the eu is therefore to better steer our abundant savings towards the financing of investment and innovation across borders. we will thereby be able to address the persistent “ investment crunch " that followed the financial crisis – the share of investment in gdp remains below its value at the turn of the century, standing at 20 % in 2016 compared to 22 % in 2000 - 2005. the success of this financing union lies in the capacity to provide businesses with more equity

notably to the involvement of the major european banks in the european payments infrastructure ( epi ) project. it is crucial that we go beyond the current national systems, and offer cross - border solutions together with a pan - european brand. there is no contradiction between the cbdc and the epi. we could very probably need both. the bis recently underlined this complementarity between public and commercial money in its report published on friday. i would therefore like us to build a public / private partnership. the potential impacts on the banking industry and financial stability could be controlled using different means : for example, by having the retail central bank digital currency distributed by the banks, directly to individuals ; and by limiting the amount of digital euro in circulation to prevent an excessive conversion of deposited commercial bank money into cbdc. * * in conclusion, i would like to repeat a conviction : fintechs are no longer separate from the world of finance. they are transforming the practices of financial institutions, their relations with customers – we can see it clearly with payments – as well as their relations with supervisory authorities : new technologies are useful not only for improving crisis prevention and management, but also for optimising the work of the supervisor. we are talking about regtech and suptech. all these dimensions will be taken into account in the banque de france ’ s next strategic plan, “ building 2024 together ”. thank you for your attention. 3 / 3 bis central bankers'speeches