2. two requirements to consolidate what we have achieved so far. although there are still some areas of work, tremendous progress has been made since the crisis to enhance the resilience of the global financial system. i believe that two requirements are necessary to consolidate our achievements. the first one is to remain vigilant to avoid any backtracking. as you know, the us treasury recently published a “ report ”, exploring the possibility of adjusting its national banking regulations iii. some adjustments to national regulations, applying for instance to locally - active entities, or the volcker rule, may indeed be deemed appropriate and legitimate. but withdrawing from internationally - agreed minimum requirements which apply to globally - active entities – such as the frtb or the nsfr standards, i want to insist on the trading book – would be completely different and a source of great concern for all. any temptation of competitive deregulation would be a lose - lose game which would increase the risks of a new financial crisis and therefore weigh on economic growth. international cooperation on financial sector regulation is our common good, and, fortunately, the hamburg g20 summit reaffirmed it. the second requirement is to carefully assess the impact of these new financial regulations. the banque de france has supported the work of the fsb from its inception, notably to build the “ policy evaluation framework ” to assess the effects of g20 reforms. this was endorsed by the leaders of the g20 at the hamburg summit. this is a key part of the credibility of global financial reforms. ex - post evaluations will make it possible to assess whether g20 financial regulatory reforms have actually achieved their intended outcomes. going forward, these evaluations are meant to provide a basis for the possible fine - tuning of post - crisis regulatory reforms, where relevant. what matters now is to make sure that this framework is used in a timely manner. to this end, a tight schedule should be defined by the end of the year, so that the first evaluations can be carried out in 2018. * * ladies and gentlemen, let me conclude by a word on the paris ecosystem in a post - brexit europe. brexit was and remains bad news, above all for our british friends. but it brings for us an opportunity. the eu post - brexit financial system will certainly be less concentrated than it is today and more active on the continent, based on eurozone abundant savings. and, in this new environment, the paris financial centre has

. i would like to conclude with a beautiful quote from albert camus :'true generosity toward the future consists in giving everything to the present '. not sacrificing the long term to the'tyranny of urgency ', but preparing for the future unencumbered by the present. this sums up the professional commitment of each and every one of you, and our responsibility. you can count on the banque de france to support these wishes of lucid esperance so that in 2025, more than ever, it can reduce uncertainty and act as a beacon of stability. happy new year to you all, and to our dear country! i eurostat, flash estimate - december 2024 ii insee, consumer price index – provisional results for december 2024 iii 18, 2 % for the third quarter of 2024 iv banque de france, macroeconomic projections, december 2024, 16 december 2024 v letta ( e. ), much more than a market, report published on 17 april 2024 vi draghi ( m. ), the future of european competitiveness, report published on 9 september 2024 4 / 5 bis - central bankers'speeches vii nagel ( j. ), villeroy de galhau ( f. ), a common call for a franco - german revival, tribune, 22 november 2024 viii villeroy de galhau ( f. ), " towards a realistic simplification : untying some of the knots in european banking regulations ", speech, 26 november 2024 ix camus ( a. ), the rebel, 1951 5 / 5 bis - central bankers'speeches