and supervisors are aware of the demands made on banks to implement the new regulations and we are regularly assessing with them the technical details of these standards. • second, a distinction must be made between the different measures set out in basel iii : – those that are absolutely necessary, such as the increase of capital charges for market activities, securitisation and counterparty credit risk exposures, and, – those, such as liquidity ratios, whose impact on the real economy must be assessed ex ante. as regards the latter, a real observation period has been scheduled to allow for any necessary changes. the current arrangements should not be regarded as set in stone. • third, while the proposed rules may appear harsh, we will ensure that a level playing field is achieved for their implementation. however, french institutions are well - equipped to comply with them. the major french banks have no difficulties raising funds in capital markets : to date, thanks to their size, ratings and reputation they have maintained their funding capacity. ii. what are the avenues for improving the management of maturity transformation risk? the progress made in the reform of the prudential regulation of banks needs to be accompanied by further reflection about the functioning of the financial system as a whole and the different ways of improving the management of liquidity risks. that is why, as a complement to the regulatory responses, banks need to take immediate action straightaway regarding their internal risk management policies, which play a crucial role both in terms of liabilities and assets. i would like to say a few words about this. 1. on the liabilities side • first of all, it seems to me important to not wait for the final calibration of the new rules to gradually increase the duration of bank liabilities. the management of maturity gaps, which is the primary responsibility of treasurers and alm managers, cannot only be dictated by regulation ; it also needs to be adapted to the risk profile of each institution. in the current context, we can only encourage banks to increase the proportion of medium - and long - term liabilities issued on the markets, so as to be less dependent on more volatile sources of funding. they should also reduce as far as possible their short - term vulnerability vis - a - vis unsecured market funding, notably in foreign currencies. • second, the treatment given to customer deposits in the one - month liquidity ratio could justify a form of reintermediation of money market funds and increased competition in banks ’

on the governance of algorithms which outlines the principles of the proper use of ai in the financial sector, its 1st tech sprint to test the market in practice on the concept of algorithm explainability. and, i believe the experiment was as instructive for the participants – who were made aware of the supervisory authority ’ s expectations – as it was for the acpr itself, which witnessed the emergence of extremely promising methods and avenues for a future “ trustworthy ai ". in order to conclude my speech, i would like to come back to the value of the french financial centre ’ s “ team spirit ", with one assurance and one invitation : 3 / 4 bis central bankers'speeches 1° the assurance is that the openness of the banque de france and the acpr to the innovative ecosystem will continue to guide our action and our strategy in the years to come. launching experiments on new practices? creating a digital platform for experimentation common to the banque de france and fintechs? all your suggestions to move forward together in this direction are welcome... 2° the invitation is for private players to think collectively if they want to consolidate the ecosystem in which they are developing. i would like to mention a few areas that seem to me to warrant such a collective investment : data sharing, in accordance with the principles of the gdpr, of course ; interoperability issues, for example in the thriving world of blockchains and decentralised finance ; the development of standards, or even certification techniques, in the field of security, ai use and, last but not least, the preparation for the energy transition and the development of green finance. these are all good reasons to continue our dialogue in the coming months and to meet with you, for example next year, to take stock of all these issues! thank you for your attention. 4 / 4 bis central bankers'speeches