among others more volatile long term interest rates. but we shall deliver by 2025 with increased confidence : expect our next meetings, as said, to be a bit more boring. but if this is synonym for somewhat reduced page 14 sur 14 uncertainty and intelligent patience before future rate cuts, nobody should regret it. thank you for your attention. f. fukuyama, the end of history and the last man, 1992. g. gopinath, the temptation to finance all spending through debt must be resisted, financial times, 27 october 2023. iii f. villeroy de galhau, the future of multilateralism : three hard facts, three needs and one belief, speech at emerging markets forum, 11 october 2023. iv p. - o. gourinchas, resilient global economy still limping along, with growing divergences, imf blog, 10 october 2023. v g. lorenzoni, and i. werning, " inflation is conflict ", working paper 31099, national bureau of economic research, april 2023. vi o. blanchard, " the wage price spiral ", the quarterly journal of economics, august 1986, 101 ( 3 ), 543 - 565. vii c. lagarde, policymaking in an age of shifts and break, speech, jackson hole, 25 august 2023. viii f. villeroy de galhau, monetary policy in uncertain times, speech at london school of economics, 15 february 2022 ix below 2. 5 %, attention is low and insensitive to the actual level of inflation, but when inflation is above this threshold, inflation attention rises strongly with inflation. korenok et al. ( 2022 ) find similar results for a large sample of countries using google searches for inflation. o. de bandt et al., ( 2023 ) also show the good forecasting properties on future inflation developments from data on inflation perception derived from newspapers. this warrants monitoring such data from newspapers and social media. x f. villeroy de galhau, how monetary policy will defeat inflation : channels and locks, speech at centre des professions financieres, 17 february 2023. xi w. churchill, house of commons, 4 june 1940. i ii

. access through the portal is simple and quick ; in three clicks users can access free content carefully chosen for its educational qualities, neutrality and freshness. we have opted for a similar approach to the dutch " money wise " platform, in that it is both practical, with a limited amount of entries and materials, as well as cooperative, offering a variety of sources from all of our partners. in order to ensure that the national strategy is rapidly implemented, we rely on the operational committee, which i chair, and which is responsible for management and coordination. our roadmap for 2017 is clear : during the first half of the year, operational objectives will be defined and available resources will be identified ; and during the second half, a robust and effective assessment methodology will be developed. we are already actively working on introducing specific mechanisms for people in financial difficulty and students. to help those experiencing financial difficulties, we are working closely with social service providers to produce practical educational materials covering seven concrete subjects : budgeting, relationships with banks, credit, bank payment incidents, banking inclusion, overindebtedness and complaints. from june 2017, these materials will be made available to social workers and associations so that they can be used with people in financial difficulty. by the end of the year, the banque de france's teams have planned to hold nearly 900 meetings to present in detail these educational materials, as well as the " mes questions d'argent " portal, to 14, 000 social service providers. for students, in december 2016 the ministry of education set up a group of experts in which the banque de france and the french institute for public financial education actively participate. the group's objective is to develop appropriate educational materials that help teachers to introduce primary school pupils to the concepts of money, budgeting, credit and savings, and then to build on that knowledge in secondary schools and, if possible, up to the age of 18. the first information kits approved by the group of experts will be supplied to teachers for the beginning of the new school year in september 2017. the banque de france will promote their use to teachers in academies in accordance with its brief defined by the ministry of education. * * * 2 / 3 bis central bankers'speeches allow me to conclude by quoting the american musician, pete seeger, who had these wise words : " do you know the difference between education and experience? education is when you read the fine print ; experience is what you get when you don ’