though the international standards - setters have made considerable progress in terms of harmonisation. let me take the example of banking resolution : one of the ( many ) remaining challenges is to make sure that the adopted resolution strategies will be recognised and applied cross - border. under the aegis of the fsb, several initiatives have been taken ( e. g. isda protocol for financial contracts ) but this is not the end of the story and many further discussions will be necessary to remove all the obstacles to implementing, inter alia, a single point of entry resolution of a gsib. in the eu we have now a common legal resolution regime and even a common resolution authority for the banking union but resolution measures continue to be implemented at the national level because insolvency regimes within europe are not unified. being optimistic, i would say that these difficulties are not an impediment to resolution, because the most important thing is to be mindful of such a difficulty and to deal with it. each of us constitute a vital link for building the proper international regulatory framework the presence of so many different institutions at this conference demonstrates the need and interest to talk and work together because we share a lot of similar concerns and goals concerning depositor protection and financial stability. we are united by a common goal : to strongly mitigate contagion and make liquidation operationally possible. depositors must perceive the dis as a well - funded and reliable partner able to satisfy their claims in a timely manner. but continuous efforts are required. i know for instance in france the permanent working relationship between the acpr, the fgdr and the treasury to make the french dis ever more effective with regard to these goals. i am wholeheartedly convinced that working together, especially at the international level, is a key factor of success. bis central bankers ’ speeches

christian noyer : spheres of influence in the international monetary system speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the round - table 1 “ fragmentation risk in financial services : a retreat from globalization? ”, 21st conference of montreal, montreal, 8 june 2015. * * * for many casual observers, there is a close link between money and geopolitics. historically, money is an attribute of the sovereign. it can easily be seen as an instrument to project power and influence. there are numerous instances over the last two millennia where monetary power has been used to finance military expansion or, more simply, to assert and exercise government authority. i would not go as far as michael bordo and angela redish who state, in a recent paper, that “ the chronology of monetary history is driven by warfare ” ; but there is some historical truth in their assertion. today, however, we live in a regime of fiat money with independent central banks in most advanced and emerging economies. money is not supposed to serve any other purpose than help the economy to function and stabilize through its three main – technical – attributes : as a medium of exchange, a unit of account and a store of value. yet, the language of geopolitics still permeates the discussion on the international monetary system. eminent authorities, for instance, casually talk about “ currency wars ”. similarly, many euro - sceptics characterize the euro as a pure “ political ” or geopolitical, project – clearly implying that it has no economic rationale. it will come as no surprise to you that i do not share this view. obviously, the creation of the euro has been underpinned by a broad political vision and ambition. but there was – and still is – a strong economic rationale in solidifying economic and financial integration in western europe by the creation of a single currency. this economic rationale is clearly perceived by investors and market participants who have made the euro the second world currency for investing in financial assets and holding foreign exchange reserves. this being said, history has also shown that the geography of the international monetary system may undergo fast and abrupt changes. over decades and centuries, new currencies emerge and existing ones disappear as major vehicles for international trade and investment. geopolitical changes may trigger such evolutions. but some endogenous dynamics are also at work. past some stages, or “ tipping points