temporary. i would like to conclude by coming back to newton's experiment, where he split white light into the colours of the spectrum using a prism, and then recombined them using a second prism. after breaking the challenges of financial stability down into a spectrum of five questions – which are not exhaustive – i would like now to recombine them into a single certainty : we, as supervisors and regulators, we the acpr, will do everything within our power to safeguard financial stability in the new macrofinancial landscape. i shall give the floor now to dominique laboureix : i would just like to congratulate him on his appointment as chair of the european single resolution board, and thank him warmly for his powerful work as secretary general of the acpr for the past three years. 1 those subject to solvency ii. 2 the ecb blog, bitcoin's last stand, 30 november 2022. 4 / 4 bis - central bankers'speeches

denis beau : navigating the digital transition, maintaining a stable payment system opening address by mr denis beau, first deputy governor of the bank of france, at the france payments forum – les rencontres digitales conference 2021 – crypto - payments, 8 april 2021. * * * introduction the health crisis that we have all been living through for a year now has affected people ’ s day - today habits, changing not only how we consume but also how we like to pay. this has sped up the transition towards more digital approaches. this acceleration raises major challenges for europe ’ s payment ecosystem, but also for payment regulators and supervisors. thinking now specifically from the viewpoint of the latter, the central question to be addressed is as follows : how to facilitate and support the transition whilst at the same time maintaining the foundations that underpin a safe and efficient payment system. from a safety perspective, these foundations are built on an appropriate regulatory framework and on the availability under any circumstance of central bank money, which alone has legal tender status and which anchors the stability of the whole system ; efficiency, meanwhile, relies on having diverse and competing payment solutions and participants, to ensure inclusivity and competitiveness. i would like to share with you my perspective on the answers to this question. i will begin by highlighting the challenges raised by the accelerated digital transition of our payment system, seen from the perspective of an authority tasked with safeguarding monetary and financial stability ( 1 ), before going on to discuss how we at the banque de france are playing our part in tackling these challenges ( 2 ). i / challenges major innovation in the field of payments has clearly accompanied the increasing digitalisation of the ways in which we consume and behave, fuelling the emergence of a dynamic and enhanced new ecosystem. as i see it, this raises three types of challenges for the safety and efficiency of our payment system. a. ensure that the rise of “ decentralised finance ” contributes positively to the safety and efficiency of our payment system when i say decentralised finance, i am talking about the new trend towards the tokenisation of financial assets, such as the creation of new tradable assets associated with new rights, for instance utility tokens, and the development of crypto - assets. these offer opportunities to improve our payment systems and solutions, particularly for cross - border payments, but also for securities issuance and settlement systems. they could also help to expand the array of financing tools available to businesses. but they