this year ). it will be expanded further over the longer term, in concertation with companies themselves and their representatives. its benefits are twofold. for companies, it is a single, objective measure, based on recognised methodologies, that will avoid the need to submit numerous different declarations, and allow them to gauge how far advanced they are in their transition compared with their sector average. for banks, it will be an additional, reliable and independent source of information. our contribution to greener finance will be a stimulus for other initiatives, from innovators in the ecosystem – fintechs or greentechs – who have the skills to develop tools to facilitate information - sharing, decision - making and ultimately the emergence of a financial world that is commensurate with our environmental ambitions. * * * i shall conclude my speech with a quote from rene magritte, the belgian artist who, granted, was not a specialist in finance : “ surrealism means banishing the ‘ deja vu ’ and looking for the ‘ not - yet seen ’ ”. you, the fintechs, are firmly page 6 sur 6 anchored in the real world, but are also playing a definitive part in its transformation by looking beyond established models. we, the acpr and amf, are realists but also have an eye firmly on the “ not yet seen ”. it is up to us, collectively, to make the most of technological innovations. thank you for your attention. page 7 sur 6 france fintech, etude, 25 july 2023. ernst & young, barometre du capital - risque en france : 1er semestre 2023 iii for example, for summarising, extracting and classifying data, or for generating computer code or text. iv la banque de france cloture son appel a contributions sur l ’ ia generative, press release, 21 september 2023. v or distributed ledger technology ( dlt ). vi regime pilote pour les infrastructures de marche dlt | banque de france ( banque - france. fr ) vii villeroy de galhau, f., wholesale cbdc : as decisive as retail cbdc, and actively experimenting, speech, 3 october 2023. viii estimate of the number of active users in the world, on a monthly basis. ix tradingview, marche des cryptos x chainanalysis, 2023 crypto crime report xi this is why the banque de france

this means that you can hardly expect to obtain a european passport if you do not accept the single market's rules. third, we share a common social model which combines high standards of public service, relatively low levels of inequality – much lower than in american society – and a good intensity of social dialogue. and this has been achieved in a market economy. at a time when globalisation may leave many behind in advanced economies, when the debate about inequalities is coming back to the forefront – and these are real challenges behind the populist wave –, now is not the moment to give up our social model. europe and japan are quite close in their choices. how to move forward : four accelerators of the economic union. the assets that i have presented constitute a valuable achievement for europe. now, we must actively build on them, and not lazily rest on our laurels. i will now present some avenues of improvement. indeed, we have clearly succeeded in building a monetary union, but this is not sufficient. it is now time to make concrete progress on economic union, on which we have not been very effective yet. we are in agreement on the " why ". monetary policy cannot be the only game in town, and therefore we should not overburden it. furthermore we aim at greater stability, to counter the risk of a new crisis befalling an unprotected euro area, with all its damaging political and economic repercussions ; and page 5 sur 6 greater growth, to catch up our past lag on the united states and finally treat the fatal disease of mass unemployment in europe. as for the “ when ”, we obviously have a unique historic opportunity : with the economic recovery ; with the new french president and also stable governments in the netherlands and hopefully in germany. with this objective in mind, how, concretely, can we make progress on economic union? there is an absolute prerequisite : the implementation of national reforms. let me say, as an independent central banker, that the new french government, under mr. macron ’ s presidency, has already made decisive steps in that direction [ slide ]. a substantial labour market reform was approved last summer and has already been implemented. a forthcoming reform of vocational training and apprenticeship is expected next year. moreover, measures have been taken to keep public deficits below the threshold of 3 % of gdp. for the first time in 10 years, the government deficit should be below this threshold in