. iii. beyond brexit, building a new european financial architecture brexit is and remains bad news for everybody but above all for the british economy. on our side, we are ready to face any outcome : the financial industry has been prepared. even with a 2 / 3 bis central bankers'speeches welcome withdrawal agreement, all aspects of a possible trade agreement and its financial services component will still have to be negotiated in 2020. the uncertainty surrounding brexit will therefore continue. whatever, the uk will continue to participate in international forums where cooperation will be much needed to face our common challenges, including with japan. in this respect, i would like to stress the strong convergence between france and japan on numerous international issues, and notably the defense of a multilateral order, taxation, digital regulation and green finance. the excellent cooperation between our respective g7 and g20 presidencies this year proved it eloquently. i also heartily welcome the cooperation agreement that was signed between paris europlace and fincitytokyo in june. now, we have to look beyond brexit. we expect europe ’ s financial services architecture to move from being monocentric, centred on the city of london, to a more polycentric model. paris has major assets which it can build on to enhance its central role in this post - brexit european financial architecture. firstly, it benefits from a strong financial ecosystem : our capital city is a leader in key activities such as life and non - life insurance and in asset management ; it is home to four of the euro area ’ s eight global systemically important banks, and to two of the three european supervisory authorities – esma and the eba. secondly, paris is bolstering its position as a european leader in digital innovation. last year, the acpr has launched a task - force on artificial intelligence. paris has also been a pioneer in the development of sustainable finance. the creation of the network of central banks and supervisors for greening the financial system ( ngfs ) by the banque de france in paris in december 2017 has been a decisive step forward. in 2 years, this coalition of the willing has increased from 8 founding members to more than 50 members from all 5 continents. * * let me conclude with an unusual quote for a central banker, a sentence from hayao miyazaki in one his animated films : “ you cannot change fate. however, you can rise to meet it. ” 4 this is exactly the

based on the work of the european financial reporting advisory group ( efrag ). i hope that the work undertaken by the commission and efrag, but also by the ngfs will serve as a source of inspiration for the issb. * page 5 sur 5 let me conclude with theodore roosevelt, 26th president of the united states who dedicated to preserving natural resources in his country – an innovative thinking at the time, which led him to create many wildlife programs. as early as 1907, theodore roosevelt wrote that “ to waste, to destroy our natural resources, to skin and exhaust the land instead of using it so as to increase its usefulness, will result in undermining in the days of our children the very prosperity which we ought by right to hand down to them amplified and developed. ” in our 21st century, it is high time to take care of our natural resources, for our children ’ s sake – and ours as well. i thank you for your attention. page 6 sur 5 i s & p global ( 2021 ). water stress is the main medium - term climate risk for europe ’ s biggest economies. ii menon, r, bending the curve of nature loss ( keynote remarks at the cop15 finance and biodiversity day ), 14 december 2022 iii elderson, f., interview with the financial times, 8 june 2023 iv deutz et al. ( 2020 ). financing nature : closing the global biodiversity financing gap. the paulson institute, the nature conservancy, and the cornell atkinson center for sustainability. v villeroy de galhau, f., biodiversity, macroeconomics and finance : what we do know, what we don ’ t know yet, and what we have to do, speech, 29 september 2022