in key rates was in september 2023, and since then we have cut rates twice by 25 basis points, in june and september, as a result of page 2 of 5 the sharp fall in inflation. i will refrain from saying any more as we are in a “ silent period ”. the first half of the year may therefore mark a turning point and herald renewed growth in the fintech ecosystem. we are also witnessing this at the acpr's fintech innovation hub, with a distinct upturn in the number of new projects. by mid - september, 72 projects had been submitted, an increase of around 15 % on the same period in 2023. 2. the acpr continues to listen closely to the ecosystem and intends to adapt to its developments against a backdrop still fraught with economic uncertainty, the acpr is listening ever more closely to the ecosystem. this is what the fintech forum is all about, together with the “ my fintech journey ” website, which is regularly enhanced to provide clear answers to the main questions posed by project leaders. it is also the purpose of our commitments under the fintech charter, and their regular monitoring. our first contact response rate within two weeks – as outlined in the charter – remains very high at 92 %. once the authorisation journey has actually begun, response times have edged up this year, averaging around 11 days ( compared with 10 last year ). the acpr has also been very proactive around innovative projects in the broadest sense. in particular, i should mention the projects involving the first two issuers of stablecoins accredited in france – and in europe – on 1 july, the same day that the mica regulation iii came into force. we are also currently vetting applications for the pilot regime. iv lastly, for fintechs that have already been granted authorisation and wish to extend their activities to other european countries, we are aware of the difficulties arising from the increasing number of sometimes relatively similar reports that need to be submitted to different authorities, and differing interpretations of regulations. these disparities are generating complexity and significant costs for start - ups like fintechs. and let me say loud and clear that it is time to take serious note of the call of the draghi report, among others, for page 3 of 5 more standardisation and simplification. we fully intend to contribute to this process. ii. a break with the past, around artificial intelligence 1. one of the main drivers of fin

are being abolished. similar measures should also be taken promptly in the other major euro area countries, so that they can also capitalise on the advantages of a deregulated financial market. but these are tough reforms that require that special interest groups do not exercise their influence. when there are politicians on the boards of some of europe ’ s banks, there is reason to suspect that decisions are sometimes made on grounds that are not entirely related to business. as long as this uncertainty remains, it will contribute to the euro area ’ s financial markets often being a secondhand choice for international investors. furthermore, there is still much to be done in terms of competition. the majority of countries in the euro area are burdened with overcrowded bank markets that have many inefficient local branches. however, the existence of some 2, 400 banks in germany should not be taken as a sign of stiff competition, but rather the opposite. overcrowding is at least as ominous an indication that the operations are not been run in a business - like manner. it is in no way justifiable to allow bank customers or taxpayers to pay for either exorbitant profits or inefficient operations, which is happening in many countries in the euro area. there is no doubt that we in sweden can also do more to promote competition in the financial market, not least when it comes to banking activities aimed at private customers and small firms. the largest market players continue to enjoy a high level of market concentration. however, the establishment of a number of new niche banks in the past few years and the recently raging price war on credit for tenant - owned apartments show that deregulation gradually leads to increased competition and consequently to lower prices for consumers. continued reforms necessary to sum up, we have reason to be proud of the reforms introduced in sweden over the last decade. they have resulted in sweden today having a higher growth potential than several of the large economies on mainland europe. at the same time, we cannot settle for what we have done so far. sweden must continue to remain a step ahead on the reform agenda that the eu member states decided upon in lisbon in 2000 and which aims to make the euro area “ the most competitive and dynamic knowledge - based economy in the world by 2010 ”. reforms are under way in a number of countries in the euro area and will in the long run make the euro area countries more attractive to international investors. the objective must therefore be to constantly try to find new