adverse scenario of further severe health restrictions – which is not the case today – would not prevent the french economy from returning by next year to the gdp trajectory it would have followed in the absence of the covid crisis. these possible restrictions would admittedly reduce average growth in 2022, but this should be fully offset by additional growth in 2023. the other short - term issue is of course that of inflation : it is now close to its peak in our country ( december showing first signs of stabilisation ) and in the euro area. while remaining very vigilant, we believe that supply difficulties and energy pressures should gradually subside over the course of the year. we should then return not to the low inflation of the past, but to a new inflation regime close to our 2 % target, with monetary policy normalising in stages accordingly. i would like to finish with the structural projects, on which i hope we will be able to make progress this year : the efficient firefighters of the crisis must gradually hand over to the architects. this is what i would like to see for france, centred around our two major medium - term economic challenges : insufficient potential growth, associated with the lack of skills and workforce available to businesses ; and excessive public debt and current expenses. we must also strengthen our architecture in europe : this year we must finalise regulations for traditional players ( banks with basel iii, insurance with solvency ii ), but also regulate new activities : cryptoassets and decentralised finance. the banque de france and the acpr will actively contribute to this within the framework of the french presidency of the european union. this french presidency will have served the euro well in its 20th year if it also makes progress on two as yet unfinished imperatives, the banking union and the capital markets union. they are indeed a prerequisite for better channelling european savings towards the ecological and digital transformations, as i mentioned earlier. indeed, happy new year 2022 to europe, to our dear country and especially to each of you! 2 / 2 bis central bankers'speeches

denis beau : navigating the digital transition, maintaining a stable payment system opening address by mr denis beau, first deputy governor of the bank of france, at the france payments forum – les rencontres digitales conference 2021 – crypto - payments, 8 april 2021. * * * introduction the health crisis that we have all been living through for a year now has affected people ’ s day - today habits, changing not only how we consume but also how we like to pay. this has sped up the transition towards more digital approaches. this acceleration raises major challenges for europe ’ s payment ecosystem, but also for payment regulators and supervisors. thinking now specifically from the viewpoint of the latter, the central question to be addressed is as follows : how to facilitate and support the transition whilst at the same time maintaining the foundations that underpin a safe and efficient payment system. from a safety perspective, these foundations are built on an appropriate regulatory framework and on the availability under any circumstance of central bank money, which alone has legal tender status and which anchors the stability of the whole system ; efficiency, meanwhile, relies on having diverse and competing payment solutions and participants, to ensure inclusivity and competitiveness. i would like to share with you my perspective on the answers to this question. i will begin by highlighting the challenges raised by the accelerated digital transition of our payment system, seen from the perspective of an authority tasked with safeguarding monetary and financial stability ( 1 ), before going on to discuss how we at the banque de france are playing our part in tackling these challenges ( 2 ). i / challenges major innovation in the field of payments has clearly accompanied the increasing digitalisation of the ways in which we consume and behave, fuelling the emergence of a dynamic and enhanced new ecosystem. as i see it, this raises three types of challenges for the safety and efficiency of our payment system. a. ensure that the rise of “ decentralised finance ” contributes positively to the safety and efficiency of our payment system when i say decentralised finance, i am talking about the new trend towards the tokenisation of financial assets, such as the creation of new tradable assets associated with new rights, for instance utility tokens, and the development of crypto - assets. these offer opportunities to improve our payment systems and solutions, particularly for cross - border payments, but also for securities issuance and settlement systems. they could also help to expand the array of financing tools available to businesses. but they