We present a new picture for the central regions of Black Hole X-ray Binaries. In our view, these central regions have a multi-flow configuration which consists in (1) an outer standard accretion disc down to a transition radius r_J, (2) an inner magnetized accretion disc below r_J driving (3) a non relativistic self-collimated electron-proton jet surrounding, when adequate conditions for pair creation are met, (4) a ultra relativistic electron-positron beam. This accretion-ejection paradigm provides a simple explanation to the canonical spectral states, from radio to X/gamma-rays, by varying the transition radius r_J and disc accretion rate independently. Large values of r_J and low accretion rate correspond to Quiescent and Hard states. These states are characterized by the presence of a steady electron-proton MHD jet emitted by the disc below r_J. The hard X-ray component is expect to form at the jet basis. When r_J becomes smaller than the marginally stable orbit r_i, the whole disc resembles a standard accretion disc with no jet, characteristic of the Soft state. Intermediate states correspond to situations where r_J ~ r_i. At large accretion rate, an unsteady pair cascade process is triggered within the jet axis, giving birth to flares and ejection of relativistic pair blobs. This would correspond to the luminous intermediate state, with its associated superluminal motions.
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