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Emmanuel Moulin: speeches

3 speeches by Emmanuel Moulin listed between 19 June 2026 and 2 October 2026. Roles covered: Governor of the Banque de France (since 2 June 2026). Most frequent topics: banking regulation and supervision, payments, digital money and crypto-assets, trade, fragmentation and geopolitics.

Last updated 10 November 2026 · newest first

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· Emmanuel Moulin Wiki · Banque de France WikiMarking our tenth anniversary - one conviction, two principles and three challenges

ContextRemarks marking the tenth anniversary of a forum linking supervisors and fintech firms; the Banque de France supervises banks and safeguards stability, and its main challenge is fast technological change.

Why it mattersIt gives a French supervisor's view of how tokenisation, artificial intelligence and geopolitics should shape fintech oversight over the next decade.

Problems raised
  1. Frontier artificial intelligence may outpace rules built for earlier technology and harm access to credit or insurance.
  2. Tokenisation of assets changes market structure and creates new questions for supervisors.
  3. Geopolitical fragmentation turns Europe's dependence on foreign digital technology into a possible weakness.
Solutions proposed
  1. Treat young fintech firms with the same openness and attention as established financial players.
  2. Reinforce the existing IT and AI rulebooks so they can handle the most advanced models.
  3. Back competitive European providers and infrastructure to strengthen the region's technological autonomy.
Read the speech summary

1. A vital ecosystem

At the tenth ACPR-AMF Fintech Forum, his first as governor, Emmanuel Moulin says financial technology firms, now more than 1 200 with about 55 000 jobs in France, drive the sector's dynamism and have matured into a mix that includes fifteen billion-dollar companies. The aim is now to help them scale. Funding rose 51% in the first half of 2026 but remains fragile and needs more European equity, which the Savings and Investments Union should supply through pension and retirement savings, venture partnerships, accessible household products, financial education, a common 28th company regime and a proper European framework for market infrastructure and post-trade.

2. Two guiding principles for supervisors

First, balance innovation with trust through proportionality, synergy with existing processes and technology-neutral rules that keep competition fair. Second, keep a regular, demanding dialogue with the whole ecosystem, since newcomers and incumbents, whether rivals or partners, jointly strengthen Europe against big tech. Tools include a Fintech Charter and the ACPR's innovation unit, and contacts from project leaders have risen sharply in 2026.

3. Challenge one: tokenisation

Faster settlement and lower costs come with stability and sovereignty worries, notably reliance on foreign infrastructure and settlement assets denominated in other currencies. The response has three pillars: central bank money for the digital age, with the digital euro for the public, the wholesale ledger service Pontes launched on 21 September and the longer-term Appia ecosystem; homegrown tokens issued by commercial banks, including deposits and euro stablecoins, pushed by a new Paris strategic group and illustrated by a project settling short-term paper with central bank tokens by end-2026; and regulation, with a targeted revision of the crypto-asset rules and a permanent pilot regime with ceilings near 300 billion euros.

4. Challenges two and three: AI and fragmentation

Nearly eighty percent of fintechs use artificial intelligence, which brings risks for access to credit and insurance, opaque decisions and cyber threats, illustrated by the summer attack on a developer platform. The digital resilience rules and the AI Act, which the ACPR will enforce for high-risk systems from December 2027, provide a base, but frontier models will likely need stronger rules. Geopolitical fragmentation exposes reliance on largely non-European cloud, models and computing capacity, so Europe must foster competitive homegrown players, a goal supported by the Commission's technology sovereignty package. Innovation must go hand in hand with confidence, and Europe should fund and build technology rather than merely import it.

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· Emmanuel Moulin Wiki · Banque de France WikiThe importance of being earnest - building a simpler and more competitive European banking market

ContextSpeech by the Governor of the Banque de France in Dublin, at the invitation of the Eurofi conference organisers.

Why it mattersThe new Banque de France Governor makes the case for truly European banking groups and simpler rules, a central debate in EU financial policy.

Problems raised
  1. European banks are losing ground to foreign groups in corporate and investment banking.
  2. Fragmentation prevents truly European banking groups from emerging.
  3. Europe must finance climate, digital and defence priorities in a fragmented world.
Solutions proposed
  1. Remove the fragmentation that blocks cross-border European banking groups.
  2. Simplify prudential rules while keeping banks resilient.
  3. Adapt the framework to the financing needs of the European economy.
Read the speech summary

1. Strong banks, lost ground

At the Eurofi forum in Dublin, the Governor of the Banque de France observed that fifteen years of reform have left EU banks with record capital and liquidity, yet foreign groups now handle about 60% of corporate and investment banking for European clients. Solidity alone will not finance the climate transition, digital needs, defence and Europe's financial autonomy.

2. A single banking market

Cross-border loans are under 15% of euro area lending and cross-border mergers are rare, because groups must still hold capital and liquidity country by country. He called for waivers allowing groups to manage them centrally, with guarantees that parents support subsidiaries in stress, without waiting for a common deposit insurance scheme.

3. Simpler rules, not weaker ones

Simplification must not mean deregulation: Basel III was right and must stay risk-based and uniform. He proposed aligning loss-absorbing debt requirements, removing overlaps between supervisory add-ons and minimum rules, and questioning EU-specific buffers. Delaying the trading book capital rules for 2027-30 protects competition with other regions, but a lasting answer is needed.

4. Financing Europe

Better internal models justify reviewing the output floor where it duplicates other safeguards, keeping lower capital charges for low-risk mortgages and possibly some unrated firms, and easing EU-only extras on trade and specialised finance. Revised securitisation rules should also widen market funding.

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· Emmanuel Moulin Wiki · Banque de France WikiFrom innovation to monetary sovereignty - striking the right note

ContextSpeech by the Governor of the Banque de France at VivaTech in Paris, Europe's large technology and start-up fair.

Why it mattersSets out how central bank money should anchor stablecoins and tokenised assets.

Problems raised
  1. Stablecoins and tokenised assets are reshaping money.
  2. Payment infrastructures raise sovereignty issues in a fragmented world.
  3. New forms of money carry run and stability risks.
Solutions proposed
  1. Keep central bank money as the anchor of trust.
  2. Extend the euro into the digital world, including the digital euro.
  3. Build a well-tailored regulatory framework for new money.
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