##ps for the clearing of financial derivatives. around 80 % of interest rate swaps denominated in euro are still cleared in the uk ; this situation cannot continue forever. for fear of market disruption, the commission recently decided to extend equivalence for uk ccps until end june 2025. however, commissioner mairead mcguinness made it crystal - clear that this extension was the last one, and that the three next years were to be used specifically for a rebalancing of clearing to the eu. i could not agree more. the public consultation launched by the commission is a unique opportunity to put forward constructive proposals, on both sides of the coin : on the demand side, through well - calibrated prudential incentives for market participants ; and on the supply side, notably with the extension of the scope of clearing, for products and entities. we have a collective responsibility to reduce systemic risk and we have to act now. as a conclusion, let me take a take inspiration from the recent adam mc kay and leonardo di caprio movie “ don ’ t look up ” to provide a broader perspective. we may be coming out of a storm called covid, which has heavily disturbed our traditional landmarks and consumed a lot of our energy. we may be facing another crisis in geopolitics. but we must not forget to “ look up ” at the stars to see where we are in our journey and to remember where we are going … the two “ great transformations ” ahead of us require a financing union in europe. the time to act is now. i thank you for your attention. 4 / 4 bis central bankers'speeches

even allowing for these corrections, there has still been a slowdown since the mid - 2000s. indeed, the measurement errors were just as significant before this period. that said, this work does provide some grounds for optimism. first, growth in hi - tech sectors, and therefore technological progress, is stronger than we previously thought. second, some of the gains in well - being linked to new technologies fall outside the scope of the market economy and, as a result, are not recognised in national accounts. the digital economy has delivered huge gains in leisure time, for example, by simplifying certain administrative tasks, and led to the development of free services, without any of these benefits appearing in conventional measures of output. it has also prompted the rise of the informal economy ( c to c services ), which is particularly tricky to recognise in the accounts. our conference today will provide an opportunity to look specifically at the case of france, thanks to a presentation by insee. 1. are we witnessing a permanent slowdown in the contribution of technical progress to productivity growth? assuming that there has been a slowdown in productivity, the second hypothesis is that it stems from a slowdown in innovation and in its contribution to productivity. the great wave of productivity growth during les trente glorieuses in france was fuelled by advances in a large number of domains : technical progress with electricity, the combustion engine, chemicals and telecommunications, but also the emergence of new methods of labour organisation and new 1 / 3 bis central bankers'speeches management practices. today, what potential contribution can information and communication technologies ( icts ) make to growth? the first ict wave has been limited in duration and in scale, and has only been felt to a small extent in many countries, including france. this has prompted some economists, such as robert gordon, to doubt that technology can make a significant contribution in the future. but in a country such as france, which already enjoys a high productivity level, there is still plenty of room for progress in the diffusion of icts, both in terms of the speed and quantity [ slide ]. the share of ict capital stock in gdp is markedly lower in france than in the united states and the united kingdom. getting rid of this lag would deliver substantial gains in growth for france. 1. third hypothesis, a dearth of investment? catching up to the technological frontier will require investment in icts as well as in research and development. this investment is vital in order to incorporate innovation