which gives banque de france teams a support for thinking “ out of the box ” and imagining their business ; - the acpr fintech - innovation unit, which facilitates the relationship between fintechs and the authority, especially with respect to the authorisation process, and studies in particular new challenges to financial regulators and supervisors that arise from innovations ; a recently appointed start - up contact person [ maurice oms ], and in the coming weeks, a network of start - up correspondents in the regional french tech capitals, which will help liaise with the start - up ecosystem. lastly, i wish to mention the creation of the bis innovation hub, with a triple mission of studying critical trends in financial technology, exploring the development of solutions that could enhance the functioning of the financial system, and mobilising central banks on innovation issues. the eurosystem has decided to be part of this journey, with two innovation centres in paris and frankfurt. all these new and innovative tools enable the banque de france to actively experiment new 3 / 5 bis central bankers'speeches technologies, with a view to identifying both the opportunities and the risks they may bring. it would take too much time for me to elaborate on all our experiments in the fields of datascience and ai, blockchain, cyber security, etc. let me just take a few examples. i would like first to talk about the workshops conducted by the acpr on the use of artificial intelligence in the financial sector as an example of what experimentation can bring, not only to a supervisory authority, but also to the entire ecosystem. indeed, these concrete experiments enabled the acpr, based on specific use cases, to examine algorithms from inside, their intrinsic performance, their integration into operational processes, and their control and governance environment. drawing on this experiment, the acpr published a report last june outlining what the framework for the proper use of these future tools could look like. this illustrates how experimentation allows us to send the right signals for the ecosystem to realise the potential of new technologies without fearing a delayed and unexpected “ backlash ” from the supervisory authority. the banque de france ’ s ongoing programme of experiments on wholesale cbdc constitutes further tangible evidence of our active support for innovation. among the challenges brought by innovation, there is one of special interest for central bankers : that of preserving the anchor role of central bank money in particular in financial markets. to this extent, the digitalisation trends in financial markets and in payments, as well as the

– 157. bergman, m. 2010. “ har finanspolitik omvanda effekter under omfattande budgetsaneringar? den svenska budgetsaneringen 1994 – 1997 ”, report to the swedish fiscal policy council, 2010 / 2. imf world economic outlook, october 2010. jansen, w. and nahuis, n. 2003. “ the stock market and consumer confidence : european evidence ”, economic letters, 79 ( 1 ) : 89 – 98. kremer, m. and westerman, t. 2004. “ consumer confidence and stock prices in the euro area : is there a relationship – and does it matter ”, paper presented at the 27th ciret conference. statistics sweden. aktieagande i bolag noterade pa svensk marknadsplats, 2011. the riksbank ’ s company interviews, september 2011. bis central bankers ’ speeches