of the ssm too, daniele nouy, insisted on this point last week. we still lag far behind the american market in this respect : the market share in the united states of the top five banks is more than 40 % whereas the market share in the euro area of the top five banks is less than 20 %. sound and safe cross - border consolidations would make banks better able to diversify their risks across the euro area, and channel savings more effectively towards investments across borders ; this would foster the financing union i talked about. from a supervisory point of view, it involves supporting an approach on a consolidated basis by granting more waivers on liquidity and capital so as to allow more flexible capital allocation and limit ring - fencing. swift execution of cross - border transactions is also essential : the implementation of a fast - track process by the ssm would address this issue. from a resolution point of view, internal mrel requirements could be a tool to facilitate the resolution of institutions, but they would become meaningless if calculated on a national basis. indeed, having internal mrel in all countries could be an obstacle to the single market and european banking crossborder mergers. finally, we should address business and legal impediments to cross - border mergers : information asymmetry, non - performing loans ( npl ) or anti - takeover legal structures in different countries. as a first concrete step, i suggest that the european banking authority publish a comprehensive stock - taking of all the regulatory and supervisory obstacles to cross - border activities and mergers. the aim is crystal clear : within a monetary and banking union, a crossborder merger must not be more difficult and cumbersome than a “ domestic ” merger. the logic of the banking union is that it should be considered for banking purposes as a unique jurisdiction. before i conclude, i would like to add a few words on financial regulation. no one, i hope, can seriously dispute that after the financial crisis it was necessary to significantly strengthen regulation to reduce risks. is there any need to recall the disastrous consequences that this crisis inflicted on the real economy, the social dramas, and the democratic fragmentation with the rise of populism? financial stability is a common good that needs to be guaranteed. remarkable achievements have been carried out since 2009 under the impetus of the g20 and the financial stability board. for banks in particular, the majority of the basel iii work – let ’ s say 80 % – has already been done in 2010 –

to french growth in 2015, or even 0. 4 % according to insee. this represents about 80, 000 additional jobs for the economy. we are therefore consistent in our objective, and ready to act using the right instruments. but we also remain vigilant as to the possible risks that our monetary policy could generate. today, there are no signs of a financial bubble, but we are ready to act, if necessary, by implementing macroprudential measures, in the framework notably of the haut conseil de stabilite financiere ( high council for financial stability – hcsf ) that you created via the banking act of 2013. for instance, at our eighth meeting held on 15 march 2016, we issued a warning about the office sector in the paris area. bis central bankers ’ speeches 2. monetary policy thus contributes greatly to our economy, but it can ’ t do everything. it cannot be the only game in town. it is vital that europe and france seize this opportunity now. in france, growth is expected to be both robust and inadequate : robust, as it should remain in 2016 at least at the 1. 2 percent level observed last year. but inadequate, as it will probably linger a little below the euro area average of 1. 4 – 1. 5 percent. for growth and employment, three essential actions are necessary : reforms in france ; private and public investment ; the coordination of economic policies in europe. first, in france, orderly and sustained reforms are needed to rebuild confidence. keeping our public deficit and our debt under control is a contributing factor : the good figures published on friday ( deficit reduced to 3. 5 % in 2015 ) are another reason to strictly respect our european commitments by bringing it below the 3 % limit in 2017. we must stick to the reforms that work, in particular the tax credit for competitiveness and investment ( cice ) and the responsibility and solidarity pact ( rsp ), and we need to go further still. the unemployed and youth cannot afford to wait. there are at least four reforms that are a priority, because our neighbours successfully implemented them and they are fully compatible with the european social model that we share : the large - scale development of apprenticeships ; simplifications, starting with labour law ; the decentralisation of social dialogue to the company level, i. e. as close as possible to the economic and human reality ; and lastly, the development of entrepreneurship. second, we need to mobilis