, the new palgrave dictionary of economics, 2008. iii diev pavel, kalantzis yannick, lalliard antoine, mogliani matteo, “ comment expliquer la faiblesse de l ’ inflation en zone euro depuis 2013? ”, le bulletin de la banque de france n°234 : article 7, april 2021. comparison of the average of real and nominal 10y rates on the period jan ‐ apr 2021, among ea, us, japan, uk and canada. iv die geldpolitik der ezb in der corona ‐ krise, isabel schnabel webinar von sven giegold mit der heinrich ‐ boll ‐ stiftung, april 2021 v see “ the ecb ’ s monetary policy in the pandemic : meeting the challenge ”, speech by p. lane, october 2020, and references therein. vi letter to frederick william, prince of prussia ( 28 november 1770 ).

also, more importantly, by tech firms that have started to expand into the financial sector. here in asia, you can testify as to just how rapidly big tech firms can impact the financial sector. while ensuring a level playing field between competitors, our role as a central bank and supervisor is to guarantee that the digital revolution eventually delivers on its promises regarding increased security and efficiency. at the same time, incumbents should be prepared to adapt. their business models are being challenged by the unbundling of financial services and by increasing customer expectations in terms of responsiveness and autonomy. the answers are not easy and cannot be uniform, but i expect that only the most digitally agile financial companies will eventually prove financially resilient. against this background, france has many assets that can make it a leader in digital innovation in europe, and the banque de france is committed to playing its part in this regard. through its fintech innovation hub, which has welcomed over 400 innovative players since 2016, the banque de france promotes active and open dialogue with all market stakeholders, with the aim of building streamlined regulation for digital innovation. the banque de france is also committed to leveraging new technologies for its own digital transformation. we are already running an interbank blockchain called “ madre ” to automate the generation of creditor identifiers. i am convinced that by conducting their own experiments, central banks and regulators are more capable of designing relevant policies and regulations for digital finance. * * * a second structural challenge is climate change, which is perhaps less tangible than the digital revolution but certainly no less significant. the transition to a low - carbon economy requires shifting thousands of billions of dollars from carbon intensive industries. as a result, beyond green bonds, we also have to develop new 2 / 3 bis central bankers'speeches financial products to bridge this green finance gap. i am thinking of green securitisation, green covered bonds, and green loans accessible to individuals, smes and start - ups. france is at the forefront of this challenge. four out of the world ’ s top ten green bond book - runners are french banks. france is among the top three green bond issuers. this trend is being supported by public action : a law has been introduced requiring investors and listed companies to disclose their climate - related risks ; the french state issued the largest green sovereign bond in 2017. we also believe that central banks and supervisors must play their part as, in the long run, climate stability is one