of the basic statutory tasks of the eurosystem. therefore, the eurosystem has participated so far in the process of integration under three roles. firstly, as a service provider for clearing and settlement of large value payments, with the operation of the target system. secondly, as a catalyst of market participants ’ efforts for the creation of a sepa for retail payments. thirdly, as an overseer of the functioning of systems processing payments in euro. 2. the present situation display a significant discrepancy in the integration of payment infrastructures let me now assess the achievements of the integration process of payment infrastructures. the degree of integration depends on the segment of the payment infrastructures market. while the large value payments segment has already reached a high level of streamlining and consolidation and will further progress with the launch of the target 2 system, the retail payments segment is still very fragmented. in the area of large value payment infrastructures, the degree of integration has increased very quickly. we should bear in mind that euro 1 and target have been clearly set up to face the challenge of the emu. it was of great importance for large value payments, in particular those linked to the money market, to rely on systems handling efficiently and safely cross border transactions. moreover, target was a prerequisite for the effective conduct of the single monetary policy, because it ensures the settlement of monetary policy operations. the timeframe was particularly tight to build up the target system. therefore, the design of target 1 was based on the principle of minimum harmonisation and on a decentralised architecture, with an interlinking of the national rtgs ( real - time gross settlement systems ). target 2, which is due to go live in 2007, will further improve the degree of integration of wholesale payment infrastructures. it will provide fully harmonised settlement services across europe in real - time in central bank money, supported by a single price structure for domestic and cross - border payments and a single processing platform. this single platform will be used by all central banks of the escb to provide services to their banking community. target 2 will enhance cost - efficiency and meet stateof - the - art business continuity procedures. as a result, in less than ten years since the launch of the euro, the number of large value payment systems in euro operating in the eu will have been dramatically reduced : this number is to drop from 21 ( i. e the 16 components of target1 plus 5 privately - owned systems )

, together with the public authorities, imagine new long - term products : at the price of less liquidity, they would combine capital protection and higher yields of shares. their success also implies a form of tax neutrality. successfully complete the digital transformation. the digital revolution creates many opportunities for financial players, as for consumers : an increasing number of more accessible financial services, more complete customer satisfaction. but it also requires examining ways of adapting business models : diversifying services and adjusting their pricing, on the income side ; anticipating changes in employment and skills, in the social dialogue. the banque de france and the acpr are mobilised to support innovation : creation of the “ fintech forum ” and a dedicated fintech unit with the amf ; appointment of a “ chief digital officer ". the banque de france is also changing. pursue efforts to combat money laundering and the financing of terrorism. further progress will be made in 2017 with the full implementation of the urvoas act of june 2016 ( including its anti - money laundering and financing of terrorism component ) and the transposition of the 4th european directive. i urge you to pay close attention to their effective implementation. with all these prospects, challenges and promises in mind, i renew to each and every one of you my best wishes for 2017. thank you for your attention. 3 / 3 bis central bankers'speeches