the consumer wishes to make long - term investments. in a highly complex economic environment, the advisory duty is an essential link in the chain between household satisfaction and the economic efficacy of their investments. the numerous questions concerning life - insurance received by the legal specialists on the acp information platform bear witness to this reality. the marketing of financial products also raises questions of consumer protection. the financial services provider must take into account the client ’ s profile including his / her age, assets, investment horizon and degree of risk aversion, and adapt the investment opportunities offered accordingly so that the recommended investments are tailored to the client ’ s wishes and needs. guaranteeing that savers receive the right information is therefore indispensable. beyond this, at a time when savers seem to be turning towards more liquid products, how can the industry cater for savers ’ longer - term financing needs and for the financing requirements of other economic agents? should these needs and requirements be taken into consideration in the way financial products are marketed? this will be the theme of our second session. iii. lastly, what role should regulators play? regulators carefully monitor changes in household savings patterns and the marketing conditions of financial products. bis central bankers ’ speeches the evolution of household savings decisions can impact the soundness of financial institutions. in fact, any sharp switch from one form of saving to another can potentially destabilise the financial system and therefore the economy as a whole. the same is true for badly calibrated financial products that can have negative consequences on the profitability of institutions, especially when the remuneration of the product clearly deviates from prevailing market interest rates. as regards product marketing, it is, i repeat, a key factor in consumer confidence, particularly with respect to longer - term investments which play such an important economic role. the acp and the amf will make sure that these longer - term investment opportunities are preserved and, in this context, the development of aggressive and abusive sales practices is not acceptable. more generally, we will ensure that credit institutions and insurance entities behave prudently in their quest to gather client resources and rigorously in their respect of consumer protection laws. this will be the theme of the round table in the third session that will close this symposium. * * * i thank you for your attention and hand the floor to antoine frachot who will assume the role of moderator for the first session. bis central bankers ’ speeches

confirms it : estimates from national and international institutions all point to low levels of potential growth, at around 1. 2 %, and relatively high levels of structural unemployment ( the equivalent of the nairu in english - speaking countries ), at around 9 %. clearly, we cannot be content with these levels. all of which brings us back, overwhelmingly, to our four key focuses for reform : enterprise, education, employment and expenditure reduction ( public sector ). our northern european neighbours have shown by example that these reforms 2 / 3 bis central bankers'speeches are not incompatible with our shared european social model. studies by the banque de france show in particular that reforms to the goods and services market could boost the productivity of the french economy by between 3 % and 5 % in the long - term. without further ado then, let me pass the floor to fabrice lenglart, and i wish you all a fruitful and enjoyable conference. 1 www. banque - france. fr / en / secular - stagnation - and - growth - measurement - conference - organised - banque - de - france - and - college - de 3 / 3 bis central bankers'speeches