Wallison, P J (2008), “Fair Value Accounting: A Critique”, American Enterprise Institute for Pubic Policy Research. BIS Review 28/2010  13  Annex  14  BIS Review 28/2010  BIS Review 28/2010  15  16  BIS Review 28/2010
In any case, I would like to stress that, from my perspective as a supervisor, Pillar 1 should remain risk-based and that we should move beyond the somewhat artificial opposition between green and brown exposures, by assessing transition risk more on the basis of transition plans. As regards the digitalisation of finance, in addition to contributing to the development of regulations such as DORA (Digital Operational Resilience Act) and MiCA (Markets in cryptoassets), which aim to facilitate the development of innovations in a framework that improves confidence and financial stability, we can, as a central bank, play a positive role from an operational point of view by reviewing our offer of monetary services. In this perspective, the Banque de France has successfully conducted nine experiments with central bank digital money (CBDM) for the purpose of interbank settlement, securities transactions and cross-border payments over the past two years. They will continue in 2022 in two major areas: -  The first area concerns the settlement in central bank money of securities issued on new distributed ledger platforms, which will be governed by the pilot scheme from 2023. New technologies offer opportunities to facilitate the trading of financial securities and improve the functioning of markets. However, central banks are careful to ensure that they do not lead to market and liquidity fragmentation. Following the example of what has been done for TARGET2-Securities, the Eurosystem could therefore adjust the means of access to its settlement asset to secure trading of tokenised assets.