not only to a supervisory authority but also to the entire ecosystem. indeed, these concrete experiments have enabled the acpr, based on specific use cases, to examine the code of the algorithms, their intrinsic performance, their integration into operational processes, and their control and governance environment. drawing on this experiment, in order to share widely the lessons it has learned, the acpr published astudy last june outlining what the framework for the proper use of these future tools could look like. in this way, 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 experiments underway at the banque de france on a central bank digital currency ( cbdc ) are an illustration of the same experimental approach in the field of work specific to central banks. they present with issues directly related to the need for the eurosystem, should circumstances require it, to be ready to issue a cbdc in order to ensure that central bank money is accessible to the general public and to preserve their freedom of choice of means of payment and their confidence in our currency. by testing the possible uses of a cbdc, we investigate not only the potential of blockchain technologies but we also question the players in the ecosystem on what tomorrow ’ s landscape could look like, on subjects as fundamental as the methods of exchanging financial instruments for cbdcs, the improvement of the conditions for executing cross - border payments or new ways of making cbdcs available to financial sector players. * * 2 / 4 bis central bankers'speeches the second thrust of our work is to promote a regulatory framework and appropriate supervisory practices. in this respect, our immersion, as a player, in the innovative fintech ecosystem is a valuable asset that we intend to build on in order to contribute to the impending and necessary changes in regulations and supervision. to briefly illustrate the current state of play of our supervisory practices, i would like to mention the “ suptech ” approach underway at the acpr : the supervisory authority ’ s aim is to take advantage of innovation to better carry out its missions at the best cost for the community and thus prepare the supervision methods for tomorrow ’ s financial processes. to date, four tools developed in intrapreneurship with the support of the banque de france ’ s lab, our space dedicated to innovation, have been created and should concretely increase the efficiency of our supervisors. but i would like to focus

warwick economics summit – 4 february 2022 twenty years later … and twenty years ahead speech by francois villeroy de galhau, governor of the banque de france press contact : mark deen ( mark. deen @ banque - france. fr ) page 1 sur 9 ladies and gentlemen, i am delighted to be with you today, though i would have preferred to actually come to warwick and your world - renowned university. and i am deeply honoured to offer today, with this speech, the very first of the persaud lectures, launched this year by professor avinash persaud – none other than the son of professor the honourable bishdonat persaud. i borrowed my title from the famous french writer alexandre dumas : twenty years later was his sequel to the three musketeers. january 1st marked 20 years since the introduction of the euro as cash. and if central banking isn ’ t quite as much fun as the tales of d ’ artagnan and his friends, our young currency has had a few adventures and it is worth drawing some lessons from them. i will then turn to the next twenty years and the two main transformations facing europe. before i plunge into this longer view, allow me to say a few words about the european central bank ’ s latest monetary policy decision as set out by ecb president christine lagarde. yesterday, in the face of increasing uncertainty on inflation, our key word was « more than ever » optionality. we take it seriously : we retain our full optionality on the decisions we will make from march and in the following quarters, informed then by the latest data, forecasts and geopolitical developments. and as we clearly stick to our sequencing – starting with first tapering and second lift off - we will also retain our full optionality about the pace of this sequence, and timing of moving from one stage to the other. hence, while the direction of the journey is clear, one shouldn ’ t rush to conclusions about its calendar : it will remain gradual, state dependent, and open in each of its steps. * i. the outstanding success of the euro so – back to the tale of the euro. you students are perhaps too young to remember the politics of the 1990s, but it ’ s worth reminding ourselves of how far we have come. when we recall that the european union had only 12 members when the maastricht treaty was signed in 1992, we realize how much page 2 sur 9