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.
Challenges associated with climate change and the digitalisation of finance To conclude these remarks, I would like to say a few words about the role we can play as supervisors and central bankers to help banks on the path towards a sustainable economy and the digitalisation of finance. On the first point, the recent publication of the latest contribution to the IPCC’s1 6th Assessment Report reminds us of the urgent need for a transition to carbon neutrality. Supervisors have already started to assess the exposure of financial institutions to the resulting transition risks, in order to encourage them to identify, assess and manage these risks in the  1  Contribution of Working Group III of the IPCC published on 4 April 2022  4  same way as traditional risks - and the ACPR has played a pioneering role with the first stress test on climate risks. Climate risks will be gradually integrated into the prudential framework, starting with requirements under Pillars 2 and 3. Banks need to prepare for these future regulatory requirements, including those relating to climate risk stress tests and to transition plans. The latter are part of the CRD6 proposal, which is currently under negotiation. As regards Pillar 1, the integration of climate risks continues to be the subject of intense debate and I hope that the publication of an EBA consultation paper will enable us to move forward. However, the many methodological and data limitations will need to be addressed before new requirements are implemented.