the transformation of labour, which must be both more abundant and more qualified. our growth will benefit and our inflation will be more effectively controlled. for the first time in over forty page 3 of 5 years, france can aim for full employment – meaning unemployment of less than 5 % – within the next ten years. let's not lose track or miss this opportunity. * * i'd now like to turn to my two additional wishes for 2024 : sound financing of our economy and the reawakening of europe. 2. 1 sound financing of the french economy after the us and swiss banking crises in march, real fears were expressed about liquidity. these fears are no longer justified : french banks continue to enjoy highly stable total deposits, and liquidity coverage ratios well above 100 %. the solvency of the financial sector has improved further. the fact that our financial stability has been preserved is attributable first and foremost to your sound management, which i commend ; it is also due to a highly reassuring " european tandem " : ( i ) stringent regulation, in particular basel 3, which took a further legislative step forward in december with the adoption of crr3 and crd6 ( ii ) a single, efficient supervision mechanism thanks to ten years of ssm and the acpr. the paris financial centre has further enhanced its attractiveness, to establish itself as the unquestioned leading continental financial centre post - brexit : most of the major international banks of american or british origin have now chosen paris as the location for establishing the majority of their staff dedicated to market activities in the euro area, and three have decided to set up their european headquarters here. success will continue to beget success. the resilience of the banking sector must enable it to provide sound financing for the french economy. as far as businesses ( including smes and vses ) are concerned, access to credit appears to be well preserved overall : outstanding loans rose by 2. 7 % year - on - year in november, a rate well above the euro area average of 0. 1 %. we will nevertheless continue to monitor, together with credit mediation, the ability of sectors and businesses to obtain financing, with particular attention also being paid to credit insurance. in 2024, we will also develop the banque de france's new climate indicator, to help businesses and banks in their transition. page 4 of 5 as regards households and housing loans, we all know that there are more

new year address by the governor of the banque de france – paris, 9 january speech by francois villeroy de galhau, governor of the banque de france, chairman of the acpr press contact : delphine cuny ( delphine. cuny @ banque - france. fr ) page 1 of 5 i would like to start by extending, on behalf of the banque de france and the acpr, our warmest wishes to you with whom we work, day - in, day - out : financial centre players, elected representatives and public officials, and journalists. in the turbulent environment of 2024, we will need more than ever to counterbalance the pessimism of intelligence with the optimism of the will, and to remind ourselves that a full life combines both professional commitment and personal ties. so, first and foremost, i wish you much joy with those you love as well as in all your new projects in 2024. this year promises to be an eventful one : monetary union was 25 years old on 1 january, we will be celebrating 10 years of the european banking union, and france will of course be hosting the olympic games. there will also be two elections of key importance for our country beyond our borders : the european elections in june and the us elections in november. because the year ends " in four ", i would like to follow a process of simple addition and share 2 + 2 wishes with you. * * the first two wishes follow on from those i made before you a year ago. i would like to return to the economic progress achieved in 2023, and invite us to " finish the job ". 1. 1 less inflation and more stabilisation inflation remains the main concern of our fellow citizens, and our main mission as a central bank. at the beginning of 2023, i stated here before you that french inflation would pass its peak in the first half of the year – it has since declined from 7. 3 % in february to 4. 1 % in december i – and that we should reach the terminal interest rate " by the summer " – this occurred in early september. i also made a “ commitment ” that barring any new shocks we would bring inflation down towards 2 % by 2025 at the latest. a year ago, many people were expressing polite – or not so polite – scepticism. today, our forecast is much more widely accepted and believed : average inflation of 2. 5 % in 2024 and