But I must stress the urgency here: we don’t have much time left, one or two years. Everybody is talking about a CBDC; but first, and much earlier, we need to regulate crypto-assets, and then implement EPI. The third and final action: be ready to launch a general purpose CBDC, which means for the public and for the financial sector, to reassert the anchoring role of central bank money in case of need. Let me insist on the dual purpose: public attention is naturally focused on a retail digital currency, for individuals and firms. But a “wholesale” or “interbank” form is also important, particularly as the use cases are already even more obvious, and because this interbank money will be vital for cross-border transactions. The next investigation phase and technological prototypes selected by the Eurosystem will, in my view, need to cover both these functions, separately or together. The results of the ECB’s public consultation, published mid-April, show that European citizens regard two aspects as particularly important: privacy and security. Therefore, the retail CBDC would be made available to citizens as an easy-to-use, secure and accessible payment instrument, that protects user privacy and can be used for all types of payment. How would it be distributed? We want to develop a model where CBDC is distributed by intermediaries, to allow private players, first and foremost the banking sector, to keep a key role. Let me be clear on this: it is not the Banque de France’s or any Central Bank’s role to open bank accounts!
1/2  BIS - Central bankers' speeches  Two years later, we've seen great progress toward a recovery. The most recent data show that well over two-thirds of New York City's job losses have been reversed. Still, areas of the New York City economy, especially those dependent on visitors and office workers, continue to struggle and are lagging the nation in recovery. Despite the challenges, there is palpable energy and momentum propelling us into the future. Now that our focus is on the recovery, we must create an equitable future for all residents of this city. We must make sure that all of the people who live, work, or own a business here have a chance to succeed. It is essential that we build a stronger foundation so that everyone can fulfill their economic potential, both here in New York and around the nation. That's why it's critical that we prioritize tackling some of the city's biggest problems, including poverty and inequality, and issues in areas such as infrastructure and transportation. These issues are not new; they existed long before the pandemic. And there is no simple or single solution to solve them. But as we plan for a better future, we must understand how New York's challenges have evolved since March 2020 and how they are playing out in the current environment. With that knowledge and awareness in mind, we can chart the path forward. The New York Fed's Role This brings me to our conference today.