I see at least two reasons for not going down that road. The first is that the technologies that allow these changes in scale carry progress. Technological revolutions, from the early stages of the internet to the boom in blockchain protocols to artificial intelligence, have given rise to, and can still continue to do so, new services, many daily improvements for consumers, in particular financial services including, and we are extremely attentive to that, better financial inclusion. Second, there is no reason to assume that the current framework for regulating financial  services is intangible and cannot be adjusted to respond to changes, including in scale, brought about by technological innovation to ensure that potential risks are properly managed. A simple example: the customer experience for opening a remote account in France, compared to other European countries, wasn’t sufficiently fluid. The players that we have met often mentioned as a potential impediment the French transposition of the 4th European antimoney laundering directive, which would not make it possible to fully capitalise on the advantages of technology. We have taken note of the problem and set up a working group, led by the ACPR Fintech – Innovation unit within the framework of the ACPR-AMF Fintech Forum, bringing together technology providers, financial institutions and public authorities. The aim was to co-construct proposals based on an objective assessment of regulations and technological state of the art, while ensuring the efficiency of AML/CFT frameworks.
The question that arises today is: which systems could become more efficient or offer greater possibilities as a result of technical decentralisation? In the field of regulation and supervision conducted by the ACPR, we applied the same principles. Take the case of Artificial Intelligence (AI). How do we concretely define the conditions for a controlled development of artificial intelligence and define the principles of its control? It is in this spirit that we designed our IA workshops: the ACPR FinTech experts and the Banque de France data scientists met established players to understand their perception of these technologies and assess their level of maturity. In the areas of AML-CFT, internal models and consumer protection, the lessons learned from these meetings and tests under production conditions will provide us with crucial information for building a future framework conducive to controlling the development of Artificial Intelligence. (iii) Aware of the importance of the issues and clairvoyant as to their complexity, ready to change our regulation and the exercise of our missions, we must also be bold, that is to say, innovative. To conclude this speech, I would like to stress two important elements. First, European financial sovereignty does not depend solely on the authorities of its Member States or on the regulations drawn up by the European Commission; it depends first and foremost on the vitality of the European ecosystem and on the innovation effort of all players, be they established or new.