francois villeroy de galhau : 75 years later – thinking about the next welcome address by mr francois villeroy de galhau, governor of the bank of france, at the g7 high - level conference, paris, 16 july 2019. * * * ladies and gentlemen, it is a great pleasure to welcome you to this g7 high - level conference dedicated to the next 75 years of the bretton woods system … which is a sign of confidence. 75 years ago, john m. keynes for britain, harry dexter white for the us, pierre mendes - france for france inaugurated what we now see as the “ golden age ” of multilateralism and cooperation. quite remarkably, the bretton woods conference preceded peace : economic cooperation was seen as a prerequisite for peace. today, we are unfortunately far away from this spirit : multilateralism is facing a major crisis. yet the bretton woods institutions ( bwi ) are remarkably resilient, thanks to the commitment of their successive leaders – many of them are here – and to the strength of their history. they are priceless assets – we are probably all convinced of this. but we also know that the current situation is not stable. so, where do we go from here? the worst - case scenario would be an implosion of the system, implying a real step backward, with a rise of protectionism and bilateralism. a more promising scenario – and this is what we should fight for – would be to come out of this crisis stronger by re - building common solutions. for that, we can boast two major achievements, while acknowledging that each of them poses two challenges that we will discuss today : thanks to international cooperation including the imf, we successfully responded to the great financial crisis ( gfc ). but, today, we are being challenged on monetary policies, and on the safeguarding of financial stability. along with the world bank and the imf, we have well supported the prodigious development of globalisation. but today, we are being challenged by the calling into question of free trade, and by aspirations for other “ global public goods ” – starting with climate change and social inclusion. a. two challenges after managing the gfc i. monetary policies, ten years after there is no doubt that monetary policies played a key role in helping to overcome the gfc, thanks to two major differences compared to the 1930s, innovations and cooperation. however, they are now being challenged, on

csrd ), which should hopefully be adopted by mid - 2022. some might always argue – passionately – that europe and france never do enough. yes we must do more but we should value the reality of action to rhetorical overbidding. we must avoid discouraging those who are doing the most while excusing those who do the least. i very much hope we will soon have this mandatory disclosure everywhere. i welcome the us endeavour here under the sponsorship of the sec. ultimately we needinternationally harmonised disclosure frameworks – at least a basic common ground on which jurisdictions can further elaborate. to this end, interoperability of standards will be key, and the coordination between the efrag and the ifrs foundation, should be the cornerstone of a successful globalisation of non - financial reporting standards. on financial opportunities ( let me turn now to the lower part of the axis ), the market momentum 1 / 4 bis central bankers'speeches has been impressive this year again. more than half a trillion usd of green bonds will be issued this year, which is an all - time high, with record debut for the eur 12 bn nextgeneration eu green bond. inflows into sustainable funds represented more than usd 262bn in the first half of this year, close to half of the overall inflows ( usd 545bn ) over the same period. on the horizontal axis, which brings together our missions as a central bank, we collectively achieved a major breakthrough last july with the conclusion of the ecb monetary policy strategy 2 the review under christine lagarde ’ s leadership. the banque de france contributed decisively. ecb is pioneer in having decided an ambitious action plan by 2024, including the three following steps : ( 1 ) make economic projections, and therefore model. this dimension of economic research is often overlooked : it is nevertheless crucial to grasp complex interdependencies between physical and economic phenomena, across sectors and countries, and across time horizons – i will come back to it ( 2 ) disclose : impose transparency requirements including on counterparties ; ( 3 ) incorporate climate risk, into our operations on corporates ( on both asset purchases and collateral policies ). as regards asset purchases, the cspp3 should take into account climate - related factors, including the alignment of issuers with the paris agreement, and will adjust purchases on the primary and secondary markets accordingly. moreover, regarding euro - denominated non - monetary portfolio