a recovery and resolution regime for insurers with the sapin 2 law of 9 december 2016. the order of 27 november 2017 also gave the acpr ’ s resolution college the power to start resolution proceedings for failing insurers and take steps to maintain their critical functions or safeguard financial stability. the framework comprises a preventive arm, under which the largest insurers are obliged to draw up preventive recovery plans. at the european level, there is currently no shared approach to the resolution of insurers. however, there is clearly a need for such a framework to facilitate the resolution of insurers, in particular cross - border groups, and help strengthen the european insurance market for the benefit of policyholders ( c ) finally, and most of all in my view, it is also “ time for macroprudential policy ”. the numerous instruments developed since the crisis should now be put to work in preserving financial stability. this is what is being done in france, for example, with the gradual activation of countercyclical capital buffers or measures limiting the exposures of the main banks to large, highly indebted corporations. 2. 2. 2. adapt the framework to new risks in addition to applying the regulatory standards, the supervisor is also, of course, paying close attention to how business models evolve, in order to identify emerging risks, monitor them and 5 / 7 bis central bankers'speeches devise possible solutions. several new areas of risk are coming under particular scrutiny : with regard to cyber risk, the planned solutions, especially to increase cyber resilience, need to be harmonised and coordinated at the international level to maintain a clear and coherent regulatory framework for all financial sector participants. the banque de france made the rationalisation and harmonisation of current regulatory efforts a key theme of its g7 presidency this year. as part of this, 23 global authorities ( finance ministries, central banks, bank supervisors and markets ) took part in a cyber resilience exercise in june 2019, with the aim of strengthening their operational resilience to a major cyber incident impacting the global financial system. the exercise, which was by nature highly complex and the first of its kind in the world, marked a huge step forward in terms of global cooperation. thanks to its success, g7 countries agreed to draw up a programme of exercises for the coming years. the fintechs and bigtechs ( especially the big us and asian companies that are driving the digitalisation of

denis beau : ten years after lehman, is the financial system safer? speech by mr denis beau, first deputy governor of the bank of france, at a conference at sciences po bordeaux, bordeaux, 18 october 2019. * * * i would like to thank the financial stability unit for their contributions to this speech, and particularly e. rocher and s. frappa. a little over ten years after the collapse of lehman brothers, and with the financial system facing new challenges, how successful have the reforms undertaken after the 2008 crisis been? is the financial system now safer? in view of the magnitude of the work carried out by regulators and supervisors and the efforts of intermediaries to adapt to the resulting renewed regulatory and supervisory framework, at the international, european and national levels, the answer is undoubtedly yes. i would like to devote the first part of my presentation to developing the reasons why i believe this is the case. but i think we need to take a more in - depth look, which i propose to do in the second part of my presentation by asking the following question : is the financial system now safe enough? in view of the development of the sources of vulnerabilities in the financial system, it does not seem to me to be a given that the strengthening we have observed is sufficient and efforts therefore need to be pursued. 1. ten years after lehman brothers, the financial system is now safer the crisis that followed the lehman collapse demonstrated the importance of a sound financial system that could withstand shocks without hampering the financing of the economy. the economies that, after a macroeconomic shock, suffer a financial shock because their banking sector is too fragile, experience more serious and protracted crises. this lesson led to a vast reform programme of financial system regulation and supervision in order to address the many shortcomings that led to the development of significant vulnerabilities. 1. 1 many of the shortcomings in the regulatory and supervisory framework have been reduced a comprehensive reform was thus carried out, covering practically all the areas of the financial system, focusing on four main areas : ( a ) shoring up the resilience of financial institutions for banks, under the impetus of the g20 and the financial stability board ( fsb ), the basel committee has established new prudential rules, “ basel iii ", whose main features aim to enhance the level and quality of capital, limit the use of financial leverage and introduce new liquidity requirements. these rules must ensure that banks are