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All in all, beyond sometimes serious tensions and incidents, French banks are now reaping the benefits of the major advances in productivity and innovation they have made over the last two decades. Public policy during the crisis Recent weeks have seen a marked change in public policy. Having previously been geared exclusively to providing liquidity to financial intermediaries, public intervention is now also aiming to support banks’ financing and own funds. This is a significant shift. Needless to say, restoring liquidity remains a pressing priority. Inter-bank markets have recently shown modest signs of improvements. Yet, there is still some way to go. To this end, central banks have mobilized considerable ammunition. A process underway for over a year has culminated in the central banks having adjusted their operational frameworks in various areas. The maturity and currency of their facilities have been expanded. The range of eligible counterparties has been broadened. The tender procedures have been modified with a view to ensure unlimited amounts of central bank money. The list of collateral for refinancing has been widened. Enhanced international coordination between the monetary authorities is ensuring that their actions are part of a consistent overall strategy. These measures are highly exceptional. As such, they should greatly contribute to restoring confidence and a smooth functioning of money markets. Governments have moved aggressively to support banks' solvency and resilience. Since the Paris Declaration by euro area member-countries, Europe, under the leadership of France, is acting according to what I consider a sound and consistent action plan.