Beau backs new settlement methods without changing policy goals
Denis Beau, First Deputy Governor of the Bank of France, said tokenised markets require changes to how central banks implement policy, not its substance. He stressed efficiency, financial stability and control over euro settlement infrastructure.
New technology, unchanged policy goals
Denis Beau said the spread of distributed ledger technology in tokenised financial markets requires central banks to adapt how they provide wholesale payment and settlement services.
The substance of policy would remain unchanged, including central banks' role as providers of central bank money and critical market infrastructure.
The aim is to secure tokenisation's efficiency benefits without undermining monetary and financial stability or strategic control over the euro's payment and settlement infrastructure.
He spoke at the South African Reserve Bank Payments Conference 2026 in Pretoria on October 21, 2026.
Fragmentation meets settlement innovation
Beau identified geopolitical developments, technological innovation and structural changes in demand for and supply of clearing and settlement services as drivers of infrastructure transformation.
Their effects on safety and efficiency can be positive or negative, with central bank policies helping determine the outcome.
The Bank of France has an explicit mandate covering clearing and settlement systems' safety and efficiency, alongside the safety of payment instruments.
Adaptation, not policy replacement
Beau frames tokenisation as a question of implementation rather than new policy objectives.
Efficiency gains remain tied to monetary stability, financial stability and strategic control.
The remarks set a direction but specify no implementation timetable.