christian noyer : the financial crisis – how are we doing? speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the global interdependence center conference “ capital markets in the post - crisis environment ” part v, organised together with the bank of finland, helsinki, 6 june 2011. * * * it is a great pleasure for me to be here today in helsinki. it is also a privilege to address such a distinguished audience. but as you all know, next board of ecb governors will be held in a few days and i am therefore to respect a silent period. the remarks that follow are general and do not prejudge the decision of the board. i would like to take the opportunity i have been offered of giving you my assessment of how we are doing three years after the start of the crisis. for reasons you certainly understand, i would like to focus more on the situation in europe and the euro area. economic prospects are encouraging recent macroeconomic developments point to a successful exit from the crisis. recovery is now widespread, as most countries across the world experience pre - crisis growth rates. after a strong rebound, world trade is back on track to its pre - crisis trend. financial conditions are favorable, with short and long - term interest rates at low levels and scarcely any signs of credit rationing. in this supportive international environment, the euro area experienced a brilliant first quarter of 2011, emphasizing the robustness of the recovery. gdp increased by 0. 8 % over the quarter but as fast as 1. 5 % in germany and 1. 0 % in france. all euro area countries, except portugal, enjoyed positive growth rates. these developments no longer reflect solely the economic policy stimulus and the inventory cycle ; they testify to a broad - based recovery, with a self - sustained private sector dynamics. one remarkable development of this first quarter is that french and german growth has been mainly driven by private domestic demand and, in particular, business investment. in france, it grew at a 1. 9 % quarterly rate, posting a fourth consecutive quarter of strong growth. the pace of recovery may slow in the coming quarters. business climate indices, such as the purchasing managers index, the economic sentiment indicator or germany ’ s ifo, have peaked at high levels. beyond these observations, the crisis may have left scars on our economies. potential growth may have been affected. the balance sheet repair process,

wgcr round table 14 september 2018 remarks by francois villeroy de galhau, governor of the banque de france key notes press contact : mark deen ( mark. deen @ banque - france. fr ). page 1 sur 3 ladies and gentlemen, cher benoit, cher jean - paul, welcome to paris, the guidance released by cpmi - iosco two years ago was one of the precursors in the field of cyber risks. since then, the level of cyber - threats has obviously increased. according to different public reports, the number of cyber - attacks ( 700 million in 2017 ) has increased by over 100 % in two years. this is why cyber security will be one of the priorities of the g7 ’ s french presidency next year. i would like to share with you three considerations and put forward three concrete measures so that these principles do not remain at the conceptual level but actually lead to tangible actions. * * i. three considerations, or three s ’ s : silos / security of systems / speed 1 ) the first is of a general nature. considering that “ security is a block ”, we need to explore how to break the silo within the financial sector, which does not take account of the multiplicity of its stakeholders : the cpmi - iosco principles rightly emphasise the need to take into account interconnections, meaning the link between fmis, between fmis and their service providers and suppliers. nowadays, we should also take into account, alongside regulated and supervised participants, the existence of fintechs, as well as “ big techs ”. they are indeed service providers, usually unregulated, vulnerable to cyber risks and, in some cases creators of the most powerful new technologies, which could significantly contribute to spreading risks ( application programming interfaces ( api ), artificial intelligence software, cloud computing structures, etc. ). the lack of substitutability of some of these services increases the vulnerability of the financial sector. 2 ) the second consideration regards the embedding of security in systems from the earliest stages of conceptualisation. the cpmi - iosco guidance refers to this principle as “ resilience by design ”. it makes perfect sense, since it is the most efficient way to ensure the security of it systems. this principle is however no doubt difficult to implement in the case of urgent and costly it projects. this is why it requires a more proactive approach from executives and closer attention from