( i ) the surge in the prices of raw materials – primarily of oil – dates back to rumours of war and then to actual invasion in february, not to the sanctions that followed that invasion ( ii ) in the short term, the russian economy seems to be losing less ground than expected, precisely because of that surge, but its long - term growth potential is obviously greatly weakened by technological sanctions ( iii ) there are moments where what is ethically fair prevails over what is economically necessary. even if from time to time there may be contradictions between the two, a sustainable economy cannot exist without an ethical basis. but justice also enjoins us to deal with the situation of the poorest countries and people in this crisis. the world ’ s community drive to achieve unity, while respecting diversity, should nevertheless remain widely recognised as an essential aspect of the pursuit of page 8 sur 10 the universal common good. the tale of the euro is particularly inspirational in this regard. after several decades of incremental progress and preparation, it began in the 1990s, and it is worth reminding ourselves how far we have come, and the extent to which we owe this unique success to the will of visionary personalities such as alexandre lamfalussy or jacques delors. to move towards a more resilient global system, the euro should play a more important international role. it is at least a credible complement to the dollar as a safe asset. more broadly, in present adverse circumstances, we should assign top priority to two courses of action. first, designing a consistent regulatory and monitoring framework to ensure that the development of crypto - assets does not undermine confidence in the financial system. the recent turmoil that has affected all types of players within the crypto - asset ecosystem ( stablecoins, defi protocol, lending platforms, hedge funds ) has highlighted yet again the intrisic weaknesses of this market and the necessity to have a comprehensive regulatory framework at the international level. in this sense, i welcome the upcoming update by the fsb of its high - level recommendations on the regulation and supervision for global stablecoin arrangements and other types of crypto - assets. in 2023, we will have a global, consistent and comprehensive framework to tackle crypto - assets. the speed of implementation by jurisdictions will be key. in the implementation path, a critical aspect will be our ability to collect and share reliable data on the crypto asset markets. but regulation cannot be central banks ’ only answer : it has

can hope, and at the banque de france it is our firm belief, that a pragmatic compromise can be found on the third pillar – the deposit guarantee scheme. c. … and building a capital markets union to create a true financing union evidently, financial integration is not just about achieving banking union. ensuring the balanced and sustainable financing of the economy also implies deeper integration of capital markets, which fosters greater geographical diversification in savings and meets corporate firms ’ financing needs – notably equity financing. it also means making better use of the savings entrusted to insurers and pension funds, to ensure the long - term financing of the european economy. which is why france supports an ambitious review of the regulation in the sector. these overall goals for mobilising savings are also why the european commission ’ s 2015 project for a capital markets union has garnered such a broad support. the commission has already implemented a significant number of measures ( revision of the prospectus directive, creation of european long - term venture capital funds – euveca and eltif ), and discussions are well underway on other topics ( pan - european personal pension 6 / 7 bis central bankers'speeches product or pepp, plan for sustainable finance, plan for fintechs ). it is clearly vital that the future european commission, european parliament and european council all follow through on this action plan and complete the regulatory work. but financial integration also requires initiatives from economic and financial actors, who need to assimilate the regulatory framework and bring it to life : we cannot develop markets for green bonds, private debt and securitisation without the issuers, investors and arrangers that make them thrive. more importantly, a capital markets union would be meaningless if, alongside the banking union and the juncker plan, it is not part of a longer - term project to create a financing union for investment and innovation. financial integration is therefore essential for the euro area and must form a core part of all projects relating to the financing of european economies. however, as these projects imply a profound transformation, we can only make progress with a strong commitment of all actors : legislators and regulators, european and national authorities, private and public agents. * we are only a few weeks away from the next european elections. underlining the threats we face is also an opportunity to remind ourselves that, in a globalised world where size is key, our strength lies in our ability to exercise shared sovereignty. and talking about the “ burning obligation ” to deep