Let us draw from the declaration of dramatic unities in classical theatre in order to catalyse our efforts: “one action in one day and one place”vi. (i) Unity of action: the highest priority should be the swift finalisation of the FSB recommendations on cryptoassets, which could mean a further strengthening of the European MiCA regulation; (ii) unity of time: more than a day, let’s make 2023 the decisive year of action; (iii) unity of place: if crypto regulation is not implemented everywhere in the G20, it won’t be efficient anywhere. To that end, I suggest the FSB should closely monitor the implementation of its own recommendations on cryptos, just as the Basel Committee does with banking regulations. 3. The last “C” stands for cross-border payments. The momentum to improve and facilitate cross-border payments was strong a few years ago. In 2021, the  Page 7 sur 7 G20 set 11 ambitious yet achievable targets for 2027 within a dedicated taskforce I co-chaired with Lesetja Kganyago: cross-border payments shall be quicker, cheaper, more transparent and more accessible to all. Yet this momentum could fade rapidly due to the lack of political impetus. The latest G20 offers a renewed opportunity to regain impetus on this topic, through the identification of concrete priorities – such as payment systems interoperability – and projects – such as the BIS Innovation Hub Nexus platform, connecting domestic instant (or “fast”) payment systems around the world.
But our objective and our assessment are crystal clear: Basel III is for all French banks compatible with normal allocations of profits to reserves in the coming years, after distribution; in no case will it require a dedicated capital increase. II. Taking the digital turn with lucidity We obviously all need to make the digital leap. Digitalisation is shaking up the way we live and consume, opening up a world of possibilities for corporates and customers alike. Worldwide, it clearly represents both an opportunity and a challenge for banks, as well as for supervisors. The ACPR is working actively on these issues. Last year, it published a discussion paper on the implications of AI in the financial sector. And this year, we are working with financial industry participants on the implications of AI algorithms in three topics: AML/CTF, internal models and customer protection. Beyond incumbents, new players are now becoming increasingly important. Fintechs are competing on niche markets. Yet they do not have the capital resources to disrupt incumbent banks and can even be acquired by them. On the contrary, Bigtechs do have the potential to fundamentally redefine financial intermediation: they have strong brand recognition, a worldwide customer base and privileged access to cutting-edge technologies. This new situation is a major challenge for regulators and supervisors. Of course, financial regulation should remain technologically neutral: the basic principle “same activity, same rules” still applies. This is a good thing for the level playing field.