of this year, the acpr published a study revealing that an estimated 10 – 20 % of all securities held by french insurers are exposed to risk in relation to the transition to a low - carbon economy. the banque de france and the acpr have set up and are actively coordinating the network of central banks and supervisors for greening the financial system ( ngfs ). launched in paris last december, the ngfs started out with eight trailblazing supervisors but has since grown to include 19 members and five observers, including the sustainable insurance forum ( sif ). we are working hard on two subjects where insurers are in the vanguard : disclosure of current climate risks and the projection of dynamic stress tests based on future risks. a report detailing the network ’ s first year of work and making recommendations will be presented at a conference in paris on 17 april next year. * * i have called green finance “ the new frontier for the 21st century ”. today, you are talking about “ pushing back the limits of insurability ”. these images testify to your pioneering role and evoke your spirit of entrepreneurship and innovation. the risks facing the world in 2018 are unquestionably growing, and we need these qualities more than ever before. thank you for your attention. 3 / 3 bis central bankers'speeches

are a crucial asset for france, and their critical role in financing the economy can and indeed must grow further. corporate equity is vital to innovation and hence to a vibrant economy, but in mid - 2018 equity was equivalent to just 77 % of gdp in the euro area and 76 % in france, compared with 124 % in the united states. ii. tapping into regulatory opportunities. i would like to start this section off by noting that france ’ s introduction of a flat tax on capital income on 1 january has not had the slightest detrimental effect on life insurance, despite fears on this score within your industry. i am also delighted that the new pacte bill, which was recently adopted at the first reading by the national assembly, seeks to promote equity investment as well as long - term investment. our discussions in the lead - up helped to shape this legislation, with the result that the bill includes measures to reform “ eurogrowth ” ( eurocroissance ) life insurance products at long last, setting an ambitious target – with which you are all familiar – of eur 20 billion in outstandings, compared with eur 2 billion at present. accordingly, france ’ s lawmakers have expanded the tools put in place to achieve this goal. now it is time to deliver. we are entitled to expect a fresh start, with a reset for eurogrowth products and innovative and energetic sales and marketing efforts by your industry, once the framework 1 / 3 bis central bankers'speeches has been simplified. retirement savings, meanwhile, have been the subject of a lively annuity versus lump sum debate. like you, i am glad that the ability to receive annuity payments – and above all the principle of an annuity product – has been maintained across the board, not to defend one industry against another, but because a lifetime income is closer to a retirement product and because this timeframe should support more equity investment. here again, though, it is up to you to take the steps to enable retirement savings to finally take off in france and ensure that your approach to asset / liability management better takes into account the longer durations of these products. the needs are huge, and the goal of increasing assets held in retirement savings products from eur 200 billion to eur 300 billion is well within our reach. i would also stress the need to ensure that policyholders are adequately informed about retirement savings products, especially – as with all unit - linked products – if they do not include a capital guarantee. within europe, the forthcoming