The aim would be to provide a kind of “digital banknote", which would combine the security of banknotes issued by the central bank with the ease of use and innovation of dematerialised means of payment. The ECB and the Banque de France are working on all the associated challenges, and we have already conducted 9 experiments in Paris on an “interbank” digital currency. They will be continued in 2022, focusing on improving cross-border payments. Indeed, the euro is also a global success: no continent before us had managed to create and introduce a new currency in this way. In this respect, the euro has a political dimension, to consolidate European sovereignty – like the dollar for the United States. Our currency has proven its role in protecting European economies from the turbulence of Covid, and has preserved favourable financing conditions for all economic players, households, SMEs and companies, and states. 1/2  BIS central bankers' speeches  But for the trimaran of the euro to be fully operational, its central hull – the ECB and the single monetary policy – needs to be completed with two floats. A public float with a permanent common fiscal capacity (which does not mean that an additional annual budget is needed), to better cope with macroeconomic shocks. And a private float to promote a better allocation of capital in the euro area. The latter has abundant savings: the surplus of domestic savings over investment structurally exceeds EUR 300 billion.
Andrew Bailey: The new approach to financial regulation Speech by Mr Andrew Bailey, Deputy Governor of Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority at the Bank of England, at the Chartered Banker Dinner 2013, Edinburgh, 1 May 2013. *  *  *  It is a great pleasure to be here this evening for the Chartered Banker Dinner. President, in the description of tonight’s dinner you made the important point that the Chartered Institute supports “ordinary” bankers providing a vital service to their customers at a very difficult time. I want to speak tonight about the importance of those vital services. The fact of the matter is that banks are in the dog house, and for reasons that are very well documented I am afraid. But, in saying that, it would be wrong to believe that this makes banks irrelevant and unwanted. On the contrary, the financial crisis has through adversity reminded us of the importance of banks to the functioning and health of the economy and their role as providers of critical financial services. Going back in history, it was Walter Bagehot in the 1870s who argued that the development of joint stock banks played an important part in the growth of the mid-nineteenth century British economy with its very high degree of openness to world trade.