proposals, namely the mandatory certification of smart contracts prior to use. european regulatory developments are underway in other areas and will also be needed to facilitate innovation while preserving financial stability. they include measures in support of digital entities, access to financial data and artificial intelligence. why explore a wholesale cbdc? slide 5 3 / 7 bis - central bankers'speeches our second conviction is that, in order to have a framework that inspires trust in the development of the tokenisation of finance, cebm needs to be maintained as the primary settlement asset for financial intermediaries, which are the most sensitive in terms of systemic consequences in the event of problems. to achieve this goal, central banks need to adapt the form and provision of cebm to reflect the characteristics of transactions in tokenised assets, that is, tokenised securities such as shares, bonds or fund units, to ensure that cebm can be issued, recorded and used for settlement on dlt. this conviction spurred the banque de france to become the first central bank to launch an ambitious experimental programme on wholesale central bank digital currency ( cbdc ) for large - value payments in 2020. exploratory work by the eurosystem on a wholesale cbdc slide 6 this conviction is shared by the eurosystem, which launched its own exploratory work in april 2023 to trial three solutions for the settlement of tokenised assets in cebm. the banque de france's wholesale cbdc solution, based on our own dlt ( dl3s ), is one of the solutions that will be tried out in 2024. the eurosystem recently published the list of participants in the first wave of exploratory work, and we are delighted to test our dlt solution with them. this work supplements the european pilot regime, which is covered by special regulatory exemptions and which is being used to test the issuance, trading and settlement of tokenised assets under real - life conditions. it came into effect in march 2023 and will help us to assess the existence of use cases and determine whether there is genuine demand for tokenisation. it will also enable us to identify the regulatory adjustments needed for market infrastructures to operate on dlt over the long run, using a broad panel of tokenised settlement assets, including cebm. the banque de france is also taking part in several international initiatives, particularly those being spearheaded by the bank for international settlements'innovation hub, which is coordinating projects to explore the future of

a somewhat similar picture to the us. namely, the increase in aggregate uncertainty around inflation expectations was more pronounced at short - term horizons – say 1 or 2 years, compared to the longer - term horizon of 4 / 5 years. and while the increase in aggregate uncertainty reflected both an increase in disagreement among forecasters and an increase in individual uncertainty, disagreement across forecasters has now largely receded since the peaks of last year. that said, it is important to acknowledge two limitations : we do not yet fully understand how households and business form expectations nor how this maps into their actions. and the expectations channel should not lead to think that monetary policy works like a magical incantation : central bank credibility hinges on concrete actions and their impact on credit and demand. and this impact is tangible. various models developed by the ecb and the banque de france quantify the contribution of monetary policy to the disinflation, estimating that inflation would have been around 1 to 2 percentage points higher in 2023 in the absence of policy rate hikes. the impact in 2024 and 2025 would be even larger, due to the lags of monetary policy transmission. ii. will we succeed in the end? the last mile challenge so what now? shall we simply rest on our laurels and celebrate our success? certainly not. success is not ensured until the end, namely durable convergence around 2 % inflation. unexpected and exogenous shocks could arise along the road. and a number of observers and policy makers have expressed concerns that the last mile of 2 / 4 bis - central bankers'speeches disinflation might be more arduous. disinflation now needs to extend to the " core ", and primarily to services : it will therefore be different, they claim, harder, and with less tailwind from the base effects of energy disinflation. in economic terms, the phillips curve would not be linear and would be less favorable now, leading to a higher " sacrifice ratio ". but as far as the euro area is concerned, there is no serious evidence to support this fear of the " last kilometer ". admittedly, services inflation remains higher at 4 %. but it has started to fall after peaking at 5. 6 % in july 2023 ; historically, its average has generally exceeded the headline target of 2 %, but it is still compatible with it because of slower trend growth in goods prices ( which are now at 1. 1 % inflation ). moreover,