this catalyst role is important in the field of retail payments. commercial bank money is the predominant settlement asset in france, even though the use of banknotes and coins remains significant in this country, as in most of the european union. this variety of means of payment, based on settlement assets that can be exchanged at any time at par, is an advantage that i believe should be preserved for several reasons : on the one hand, because of the financial inclusion responsibility, since the most vulnerable populations are also the least banked ; but also with a view to diversifying risks, in the event of a widespread failure of electronic payment systems. however, it is commonly believed that in europe there is a risk of a fragmentation of cashless means of payment and a dependence on dominant foreign players that benefit from the effects of global networks. this is particularly true of international payment schemes in the area of card payments ( visa, mastercard ), through which nearly two - thirds of card payments made in the european union, especially cross - border transactions, are routed. eighteen countries depend entirely on international schemes for the processing of their domestic transactions. mobile payments, whose share is increasing, depend largely on mobile operating system developers such as apple or samsung. in addition, private systems entering in the instant payment sector are multiplying – paypal, lydia, and also alipay, which will soon be launched in france, for example – at the risk of undermining bank interoperability and competition. restrictions on the use of certain proprietary technical solutions such as nfc sensors, or payment card acceptance software for example, may also constitute an obstacle to free competition. hence, the importance, in this context, of including collective interest projects in the european strategy for retail payments, which has reiterated the need for the eu to ensure the independence of its range of payment solutions. a key example of this is the project conducted by a group of banks to propose a solution, known as the european payment initiative ( epi ). this is why the banque de france and the eurosystem as a whole are encouraging and supporting this market initiative, which would represent a further major milestone in the creation of an integrated european payment area since the creation of the sepa area. b - central banks may also contribute as providers of settlement services in central bank money, particularly with regard to financial intermediaries. indeed, central bank money is the cornerstone of settlements between financial intermediaries and has every reason to remain so in the future :

the consumer wishes to make long - term investments. in a highly complex economic environment, the advisory duty is an essential link in the chain between household satisfaction and the economic efficacy of their investments. the numerous questions concerning life - insurance received by the legal specialists on the acp information platform bear witness to this reality. the marketing of financial products also raises questions of consumer protection. the financial services provider must take into account the client ’ s profile including his / her age, assets, investment horizon and degree of risk aversion, and adapt the investment opportunities offered accordingly so that the recommended investments are tailored to the client ’ s wishes and needs. guaranteeing that savers receive the right information is therefore indispensable. beyond this, at a time when savers seem to be turning towards more liquid products, how can the industry cater for savers ’ longer - term financing needs and for the financing requirements of other economic agents? should these needs and requirements be taken into consideration in the way financial products are marketed? this will be the theme of our second session. iii. lastly, what role should regulators play? regulators carefully monitor changes in household savings patterns and the marketing conditions of financial products. bis central bankers ’ speeches the evolution of household savings decisions can impact the soundness of financial institutions. in fact, any sharp switch from one form of saving to another can potentially destabilise the financial system and therefore the economy as a whole. the same is true for badly calibrated financial products that can have negative consequences on the profitability of institutions, especially when the remuneration of the product clearly deviates from prevailing market interest rates. as regards product marketing, it is, i repeat, a key factor in consumer confidence, particularly with respect to longer - term investments which play such an important economic role. the acp and the amf will make sure that these longer - term investment opportunities are preserved and, in this context, the development of aggressive and abusive sales practices is not acceptable. more generally, we will ensure that credit institutions and insurance entities behave prudently in their quest to gather client resources and rigorously in their respect of consumer protection laws. this will be the theme of the round table in the third session that will close this symposium. * * * i thank you for your attention and hand the floor to antoine frachot who will assume the role of moderator for the first session. bis central bankers ’ speeches