2010 – 11 ”, hmso, march 2010. scale of the boost to the economy means that the all - round financial benefits for the public finances should far outweigh any cash deficit that might be left at the end of the programme. the gilt sales programme will not be the only technical issue surrounding an exit from unconventional policies. the bank is also likely to re - introduce its reserves averaging framework for commercial bank reserves, for example. that will give the bank the ability to evaluate and then drain out any excess liquidity in the system. unlike the us, we do not need to develop new techniques to drain cash. the bank can do that, for example, by issuing one - week bank of england bills as it did in 2008 / 09. conclusions in this speech, i have commented on why the asset purchases were undertaken and how well they worked. i have described some of the complicating factors in designing, implementing and maintaining the operations. finally i have covered some of the issues we will face when we eventually come to sell the assets – noting that it is possible that we yet might purchase more. the unconventional journey is not over yet!

the acpr, we applied the same principles. take the case of artificial intelligence ( ai ). how do we concretely define the conditions for a controlled development of artificial intelligence and define the principles of its control? it is in this spirit that we designed our ia workshops : the acpr fintech experts and the banque de france data scientists met established players to understand their perception of these technologies and assess their level of maturity. in the areas of aml - cft, internal models and consumer protection, the lessons learned from these meetings and tests under production conditions will provide us with crucial information for building a future framework conducive to controlling the development of artificial intelligence. ( iii ) aware of the importance of the issues and clairvoyant as to their complexity, ready to change our regulation and the exercise of our missions, we must also be bold, that is to say, innovative. to conclude this speech, i would like to stress two important elements. first, european financial sovereignty does not depend solely on the authorities of its member states or on the regulations drawn up by the european commission ; it depends first and foremost on the vitality of the european ecosystem and on the innovation effort of all players, be they established or new. in this regard, the europe of payments should seize the opportunity offered by the digital revolution to develop a pan european payment 3 / 4 bis central bankers'speeches solution. our institutions are an integral component of this european ecosystem and intend to play their full part in it : the banque de france lab, the acpr fintech - innovation unit, with its joint acpr - amf fintech forum, and all public authorities, are fully mobilised to support the expansion and growth of this ecosystem. second, we also apply this injunction to innovate to ourselves : we can only achieve our objectives and truly support the market if we ourselves are innovative. in this respect, our projects are and must remain numerous. i have already mentioned madre, i would like to make a special mention of our analysis of “ weak signals ” by artificial intelligence, to detect fragile companies. this project is remarkable by the cooperation that it involves between a wide variety of public players : the direction generale des entreprises ( dge ), the delegation generale a l ’ emploi et a la formation professionnelle ( dgefp ), the agence centrale des organismes de securite sociale ( acoss ) and the