enough to guarantee that algorithms are harmless. this is particularly true for activities such as granting credit or pricing insurance, where customer segmentation is part of normal business and risk management practices in a competitive environment. speakers at the following round tables will no doubt explain how they are tackling these challenges in practical terms. i would simply like to share one conviction. one of the challenges, if not the main challenge, is to get specialists from very different backgrounds to talk together and understand each other : data scientists, legal experts, specialists in human - machine interaction, auditors, etc. i mentioned earlier the need for cooperation between data science and cybersecurity : as you can see, the circle of cooperation that needs to be put in place is actually much wider! to address these new aspects, and to provide proof that the various regulatory requirements are being met, financial institutions will need to enhance their skills by acquiring new human and technical capabilities. as market surveillance authority and prudential supervisor, the acpr will ensure that risks are effectively managed. compliance with the ai act is naturally more than just an administrative process of internal labelling, and the supervisor cannot simply'tick boxes '. on the contrary, the supervisor will have to ensure that the algorithms are managed and monitored by competent people who understand their inner workings. this means, of course, that the financial supervisor itself has to acquire new skills and adapt its tools and methods. we will have to gradually establish a set of rules regarding new issues such as explainability, a topic on which the acpr has already published some proposals in the past, or the fairness of algorithms. we will also need to develop a specific methodology for auditing ai systems. we cannot and must not take this methodological step alone : instead, we need to build synergies with all the other ai supervisors in france and europe. ai regulation is cross - sectoral and the supervisors will not escape the pressing obligation of cooperating in this area, which involves so much diverse expertise. today, i would like to extend this call for cooperation to the whole financial sector. articulating the ai act with sector - specific regulations, clarifying expectations, sharing best practices, developing audit methodology : supervisors and the supervised share 3 / 4 bis - central bankers'speeches many challenges, and we will overcome them all the more easily if we are able to move forward together. the acpr is now preparing itself for the 2026 deadline : as it has already done in the past,

s going to be bad news. an effective program to reduce the rate of inflation has to extend beyond monetary policy and needs to be complemented by programs designed to enhance competition and to correct structural problems ”. 4 but central banks have come a long way over the past half century. today central banks take ownership of their mandates and we do not depend on others. for example, if we were to run into headwinds created by other policies, such as necessary fiscal consolidation, we could increase our policy stimulus to compensate. but if other policies undermined the effectiveness of our policy by disrupting or slowing down the monetary transmission mechanism, responding to that scenario would be more difficult. in such a situation we can only repeat that the support of other policies would speed up the return of inflation to 2 %. but this must not be seen as a call for an ex ante policy mix with a monetisation of public debt or mutualisation of debt via eurobonds under the present treaty. this would mean giving up monetary dominance. rather, economic and institutional policies can help accelerate the impact of our measures. structural reforms can reduce the transmission lag of our policy, since a more flexible, more responsive economy is likely to transmit monetary impulses faster. and institutional reforms can reduce uncertainty about the future setup of the euro area, which weighs on expectations and holds back investment. indeed, as we can see increasingly in europe today, strengthening confidence in the future trajectory of our union is perhaps the most decisive contribution we could make to growth. conclusion let me conclude. the eurosystem has broad discretion over the tools it can use to deliver its primary objective of price stability. that objective guides the decision on which tools to use, and when to use them, and defines the boundaries set out in our legal framework. federal open market committee meeting, transcript, 21 march 1978. bis central bankers ’ speeches the use of additional tools in recent times reflects the ecb ’ s commitment to delivering its mandate. such tools have been suitable to achieve our objectives and have been necessary to combat deflationary headwinds. still, we are aware that – while justified – our latest non - standard measures are on a significant scale. this is why our non - standard measures cannot last forever. they are defined as unconventional and not designed for the long term. the goal of these measures is that they make themselves redundant. bis central bankers ’ speeches