francois villeroy de galhau : new year wishes to the paris financial centre new year wishes to the paris financial centre by mr francois villeroy de galhau, governor of the bank of france, paris, 18 january 2018. * * * i would like to thank all of you for coming, like each year, to our golden gallery. i am pleased to welcome you, together with denis beau, deputy governor since july and first deputy governor since yesterday. i also commend anne le lorier, who unfortunately left us on 5 january but who has contributed so much to the banque de france over the past six years : this evening is an occasion to thank her. and i am delighted to announce the appointment of sylvie goulard, who will be taking over from her. as of next monday, she will bring to the banque de france all her competence and independence. i would like to start by extending to you our warmest wishes for 2018, for you and your loved ones, as well as for all of your staff, hoping that 2018 will be an excellent year ; an excellent year, not only for each of you, but also for europe and our country. but before presenting my collective wishes for this new year, i would like to return to 2017 and three positive elements that marked it. 1. 2017, a turnaround year at this same time last year, i made the paradoxical wish that the euro area, despite all its electoral uncertainties would be " an area of relative stability ". 2017 was supposed to be a year full of dangers in europe ; and yet, our continent, and france above all, has proven to be a beacon of hope and strong growth, whereas the united states has abdicated from its leadership role. two figures illustrate this : that of gdp growth, which greatly exceeded forecasts in 2017 – it is expected to reach 1. 9 % in france according to our latest forecasts, with notably 280, 000 net job creations, and 2. 4 % in the euro area, which is the highest rate since 2010 ; the other key factor is confidence, reflected notably by the confidence in the euro, 74 % of euro area citizens – the highest figure since the outset –, 71 % of french citizens, and as many as 81 % of german citizens claim that they are attached to our single currency. the second positive element in 2017 : the acceleration of reforms in france. this acceleration of reforms has changed the image of france in the

ardo hansson : experience with and preparations for the euro speech by mr ardo hansson, governor of the bank of estonia ( eesti pank ), at the opening of the conference on “ experience with and preparations for the euro ”, riga, 22 february 2013. * * * honourable mr. president, honourable madame speaker, honourable mr. prime minister, excellencies, ladies and gentlemen, it is a great honor to be here today in riga at this important conference and to be able to express my support for latvia ’ s euro area aspirations. looking to the future, and remembering all of the good help which we also got from other countries in the past, we would also like to give that same support other european countries joining the euro area. let me begin by stressing that latvia ’ s long track record of fiscal prudence and your recent very difficult but ultimately successful crisis management are recognized, welcomed and greatly respected in the euro area. in fact, estonia and latvia are good examples of the benefits of implementing decisive reforms, demonstrating that the beneficial effects of frontloaded fiscal consolidation, deep structural reforms and economic flexibility outweigh the initial higher costs, especially by quickly restoring the confidence that is so crucial for ending a crisis and getting a country on a path towards recovery and growth. one of the lessons we learned from this crisis is the importance of the issue of confidence. it is intangible, it is hard to measure, but it is so crucial. in order to join euro area, latvia, like any other potential member, needs to be deemed to have fulfilled the “ maastricht criteria ”, and to do so in a sustainable fashion. the recent euro area crisis has clearly revealed what can happen when the agreed rules are not followed, especially how damaging this can be for the country concerned. as a corollary, countries which sustainably adhere to these rules, and which have a clear track record of prudence and adjustment capacity, act as net providers of stability, bringing benefits to other members of the euro area. that additional benefit should be remembered. also, the sheer signal of countries wanting to join the euro area right now is also another contributor to this confidence that we all need. this morning, i would like to briefly touch on three themes. first, a bit about the reasons for joining the euro area. second, a bit about the process and making the point that it is more a process than an event. and finally, our experience to date