##ia in international banking ", essays in international finance, no. 164, 1986. 6 see notably jean - louis arcand, enrico berkes and ugo panizza, “ too much finance? ", journal of economic growth 20, 2015, p. 105 – 148. 7 private non - financial sector debt as share of gdp, q1 2017. sources : eurostat data, federal reserve, banque de france calculations. 8 luc laeven and fabian valencia, “ systemic banking crises database ", imf economic review, vol. 61, no. 2, 2013, cited by taryk bennani, laurent clerc, virginie coudert, marine dujardin and julien idier, “ politique macroprudentielle, prevenir le risque systemique et assurer la stabilite financiere ", pearson, 2017, p. 118. 9 see imf world economic outlook, april 2015 and see patrice ollivaud and david turner, “ the effect of the global financial crisis on oecd potential output ", oecd, working papers, no. 1166, 2014. 10 see in particular “ the impact of financial reforms ”, banque de france financial stability review no. 21, april 2017. 11 basel committee, basel iii monitoring report, september 2017. 12 see reports by the basel committee ’ s macroeconomic assessment group ( mag ) and long term economic 6 / 7 bis central bankers'speeches impact group ( lei ). 13 financial stability board, implementation and effects of the g20 financial regulatory reforms, august 2016, 2nd annual report. 14 financial stability board, global shadow banking monitoring report 2016, may 2017. 15 see us department of the treasury, “ a financial system that creates economic opportunities ", june 2017. 7 / 7 bis central bankers'speeches

difficulties –, as they have become systemically more important with compulsory centralised clearing for derivative instruments. above all, we must ensure a balance between financing channels. all discussions on the shadow banking system must continue in order to take account of the risks that may have moved into this sector as a result of the ramping up of requirements in the regulated sector, and for banks and insurers in particular. it has been estimated that the segments that may pose financial stability risks represented a total of usd 34 trillion. 14 the priority has now shifted from the solvency of banks, which has improved substantially, to the liquidity of the shadow banking sector, particularly funds and asset management companies that are exposed to the risks of sudden panic - driven runs. lastly, progress is required on fintechs and above all on the major digital platforms and businesses, which, if they carry out financial activities, will have to comply with similar regulations sooner or later. 3 ) the third challenge is evaluation. evaluation is essential to the credibility of the financial reforms that have been adopted worldwide, and to this end, the g20 adopted a postimplementation evaluation framework this summer. this framework should allow us to determine whether the reforms have actually achieved their desired results, without any unexpected, adverse effects, and to make adjustments if this is not the case. two initial evaluations are already underway : the first deals with the effectiveness of reforms that encourage the use of central clearing while the second assesses the impact of g20 reforms on access to financing, which will begin by looking at infrastructure financing before focusing on credit to small and medium - sized enterprises ( smes ). the first evaluation reports are expected to be made public by the end of 2018. 4 ) the fourth challenge, in order to consolidate the progress we have made, is to ensure that the new regulatory framework is implemented consistently across the board while remaining vigilant to avoid backtracking. in the country doctor, balzac wrote “... in all things human, is not constancy the highest expression of strength? ", rightly reserving this virtue for the great men of his day. now, as you know, the new us government has raised the possibility of reviewing their national banking regulations. 15 certain national adjustments could be considered appropriate and justified, as is the case, for example, for regulations that concern entities whose operations are only local in scale, or regulations that are purely american in scope such as the volcker rule