Page 5 sur 6 will be essential, underlying the critical role of the communication protocol designed in this regard. But preparation against cyber threat is a moving target. A number of avenues need to be explored. • First, if this exercise is necessary per se, its full potential will be delivered only if all lessons are properly drawn. Some guiding key principles, or “Fundamental elements”, to be designed in the wake of the G7 exercise, will help achieve this objective. • Second, we must leverage on this G7 exercise: the regular practice of coordinated crisis management exercises should be encouraged in order to enhance the resilience of the financial system. • Third, an enlargement beyond the remit of G7 countries should be considered with some other jurisdictions and/or with BIS involvement, and possibly beyond the sole financial sector actors. In future exercises, the current format will require cooperation arrangements on a wider scale. ** Regulation and supervision, information, and preparation: these are the areas where we clearly need to improve our coordination. I would like to conclude with a last imperative: action. We all share the principles, but there was today in this conference a sense of urgency, of concrete urgency. This is where the French presidency of the G7 intends to be useful: • First, by giving greater visibility and support to the CEG work, which is going to deliver important papers on cross-sector coordination and on the assessment of vulnerabilities. • Second, by proposing to the FMCBG meeting in Chantilly in July to engage on three additional steps: - on regulation, to mandate the FSB to deal with the proliferation of regulatory texts;