want to ascertain the credibility of the entity to which they are lending money. hence the need for consolidation efforts in most countries. besides, solidarity itself implies that everyone make as much effort as possible, because should this aid not be reimbursed, additional taxes would have to be raised in all countries. after all, the credibility of the ecb is intact... why not use the instruments at your disposal to appease the markets ’ doubts? is germany imposing its conditions on the rest of europe? the ecb has a range of tools to ensure price stability and the proper functioning of the market. it can remedy market disruptions. it has done so several times in recent years to avoid a “ credit crunch ” by greatly increasing its provision of liquidity to the banking system and by lengthening the maturity of refinancing operations. still within our mandate, we are able to take quite significant non - standard measures and we have done this on several occasions. the mandate of the ecb is also to ensure the solidity of the euro. but the ecb cannot replace governments, nor spare them from making the necessary efforts to control their debt and restore the competitiveness of their economy. the credibility of bis central bankers ’ speeches governments cannot rest on the central bank. and yet, the former must demonstrate their determination to improve their fiscal position. but under germany ’ s pressure, the ecb is not using all the instruments at its disposal. how is this justifiable when huge efforts are required of spain and italy? the ecb is being unfairly accused. no central bank in the world – neither the fed nor the bank of england – directly funds governments or purchases sovereign debt on the primary market to finance their deficits. however, it is possible on the secondary market. we have done so in the past. there are no differences of opinion between the french, the germans and the european commission. all say the same thing : we are not against ecb intervention to correct market anomalies. but it only makes sense if the economic and fiscal policies pursued aim at correcting imbalances and restoring balanced public finances. some people are now expecting greece and spain to leave the euro. are you preparing for such a scenario? we are not contemplating a greek departure from the euro area. moreover, such a scenario is not provided for by the treaty. there is therefore no plan to prepare a country ’ s exit from the euro. besides, comparing spain to greece

inspector, georges bernanos : “ hope is a risk to be run, it is even the risk of risks ”. xii since antiquity and the very first “ bottomry loans ”, insurance has safeguarded against risk and adapted to a changing world, providing protection and stability for all. let us continue to push back the frontiers of your industry, and use our dialogue to meet the challenges facing france and europe of tomorrow. thank you for your attention. page 9 of 9 i swiss re group, “ hurricanes, severe thunderstorms and floods drive insured losses above usd 100 billion for 5th consecutive year ”, press release, 5 december 2024 ii network for greening the financial system, ngfs climate scenarios for central banks and supervisors – phase v, november 2024 iii insee, “ 68, 1 million inhabitants in 2070 : a population that will be slightly larger but older than in 2021 ”, insee premiere no. 1881, november 2021. iv langreney ( t. ), le cozannet ( g. ), merad ( m. ), rapport de mission sur l ’ assurabilite des risques climatiques, april v caisse centrale de reassurance vi knight ( f. ), risk, uncertainty and profit, boston and new york, houghton mifflin company, 1921. vii villeroy de galhau ( f. ), “ towards a realistic simplification : untying some of the knots in european banking regulations ", speech, 26 november 2024 viii corporate sustainability reporting directive ( 2022 ), implemented as of 2024. ix corporate and sustainability due diligence directive ( 2024 ), to be implemented as of 2027. x european financial reporting advisory group. xi international sustainability standards board. xii bernanos ( g. ), conference for brazilian students, rio de janeiro, 22 december 1944.