Promoting sustainable innovation is part and parcel of our mandate for two main reasons: it is a driver of efficiency gains and an enabler of inclusion. 1- There is no need to go back to ancient times and payments with seashells but we just have to take a glance at the situation three decades ago to acknowledge that in the field of market infrastructures and payments, clearly, innovation has been synonym of efficiency progress. The trend towards the dematerialisation of financial assets and means of payment, which has been underway for decades, is a good example. Rooted in the current surge in digitalisation, shifts in consumption patterns such as the growth of e-commerce go hand in hand with an increase in the use of electronic payment instruments, along with the development of internetbased technologies and multi-functional electronic devices. As a result, payment services are  becoming more available, ignoring some of the physical borders and time constraints to satisfy customer demand for instant, continuous, uniform and safe payment services, as economic agents become ever more mobile. However, the ongoing technological transformation triggers possible side and adverse effects from an efficiency and safety standpoint. Let me mention for instance the fragmentation of solutions with limited interoperability, the growing number of interdependent players, the increased exposure to cyber threats and data protection issues, and the possible constitution of monopolies (including technology monopolies).
In turn, these experiments will lead us to assess whether the regulatory framework currently in force needs to be adapted since we are carrying out these experiments within the current legal framework. Besides, this autumn, the Eurosystem has adopted a similar hands-on approach for its experiments on a digital euro for the general public, in which we are participating, alongside with the ECB and other Eurosystem central banks. The experiments underway directly relate to the need for the Eurosystem, should circumstances so require, to be ready to issue a CBDC in order to ensure that central bank money is accessible to the general public and to preserve their freedom of choice of means of payment and their confidence in our currency. 4/5  BIS central bankers' speeches  *** To conclude, let me say that a thriving, creative and efficient innovation ecosystem is a key element in the transformation of the financial system towards greater efficiency and stability. This is why at the Banque de France and the ACPR, we feel it is important to support it and contribute to it. 5/5  BIS central bankers' speeches