Accordingly, I strongly encourage all financial intermediaries to actively participate in the dialogue the Eurosystem has established, both at the European level through the Euro Retail Payments Board and at the national level. We just decided to set up a CBDC working group within our French payments committee (the CNPS). Concerns have emerged that the issuance of a CBDC would threaten the role of banking intermediaries in client relationships, while draining banks’ deposits through a massive conversion into risk-free CBDC accounts, especially in times of stress. These outcomes are not foregone conclusions, to say the least. The Eurosystem is currently looking at the possible scope and design of a digital euro. Let me just share my personal thoughts about the general framework that  Page 4 sur 7 should see light: in my opinion, similarly to the current intermediation model, as many functions as possible should be delegated to intermediaries.   Obviously, some functions should remain the exclusive privilege of the  Eurosystem because they are at the core of its mandate and cannot, by definition, be outsourced. This is the case specifically for the issuance of a potential digital euro.   The Eurosystem should entrust banks with the distribution of digital  euros to final users, while setting technical, functional and commercial rules like for example the branding, logo, and fee structure. We would thus build on their experience as intermediaries to offer means of payment to end users and develop value-added services.
Therefore, we are once again addressing the Duma. We know that the Government has approved a draft law that allows the Central Bank to set quantitative limits on unsecured consumer loans for borrowers with a high debt burden. And it will not be an additional burden on capital. In our opinion, this will be positive and will affect different banks with different capital reserves equally. The introduction of quantitative restrictions themselves, if we are granted that right, is a crucial step, we understand, and we will discuss it in detail with the banking community. Another risk that we are paying attention to, and we think that you are also paying attention to, is not only the increase in debt burden, but also the interest rate risk that individuals can unwittingly take upon themselves. Thus, we came up with an initiative and published a report. We are also discussing with you the proposal of not allowing uncontrolled lending to individuals, and I emphasise here specifically to individuals, at floating rates. If you look at the history of the issue, in recent years banks have been actively increasing their long-term assets. This is probably a good thing, that is to say, the economy gained long-term resources, which includes growth in the amount of mortgage lending. However, equities were increasingly formed at the expense of short-term funds, including current accounts. To a certain extent, this led to an increase in interest rate risk for banks.