bankers'speeches 1 lange, c. l. ( 1921 ), " lecture upon receipt of the nobel peace prize ", 13 december. 2 hendershott, t. et al. ( 2011 ), " does algorithmic trading improve liquidity? ", the journal of finance, vol. 66, issue 1, february. 3 see, for example, bindseil, u. and schaaf, j. ( 2022 ), " bitcoin's last stand ", the ecb blog, 30 november. 4 mckinsey ( 2024 ), " the state of ai in early 2024 : gen ai adoption spikes and starts to generate value ", 30 may. 5 microsoft ( 2024 ), " helping our customers through the crowdstrike outage ", 20 july. 6 see eiopa, " digital operational resilience act ( dora ) ". 7 esrb ( 2022 ), " warning of the european systemic risk board of 22 september 2022 on vulnerabilities in the union financial system ", 22 september. 8 leitner, g. et al. ( 2024 ), " the rise of artificial intelligence : benefits and risks for financial stability ", financial stability review, ecb, may. 9 national institute of standards and technology ( 2024 ), " nist releases first 3 finalized post - quantum encryption standards ", 13 august. 10 lagarde, c. ( 2024 ), " data sharing between the european supervisory authorities and the esrb ", letter to aurore lalucq, chair of the econ committee, 19 august. 11 labaree, l. w. ( ed. ) ( 1961 ), the papers of benjamin franklin, vol. 2, january 1, 1735, through december 31, 1744, yale university press, p. 12. 5 / 5 bis - central bankers'speeches

the country ’ s problems, when the italian economy ’ s weaknesses, such as lacklustre productivity growth, predate the single currency. such biases will not go away until the economies have converged sufficiently. why does making the labour market more flexible appear to be the keystone of reforms to be carried out in france? reforming the french labour market has become extremely symbolic in europe : it is considered everywhere as proof of france ’ s willingness to reform. that ’ s what makes it essential. the new french government fully understands this. however, this can only be a first step. the notorious “ flexicurity ” includes the word “ security ”. making the labour market more flexible can unleash potential, but doing so also requires safeguarding workers ’ careers and reforming their training. there is also the problem of the mismatch between france ’ s output and foreign demand, as shown by its external deficit, which is one of the highest in the euro area. this deficit is not the result of an overly rigid labour market, but rather of a skills mismatch. education and training must therefore be at the heart of the reforms of the french economy. should inspiration be taken from the italian “ jobs act ” reform, which introduced a single labour contract? 1 / 4 bis central bankers'speeches each country has its own unique features, but it ’ s true that, with the “ jobs act ”, italy went further than france. what is more, this reform is starting to bear fruit. several plans are also on the table for eurobonds, these european bonds whereby the risks are more or less shared among the member countries. what is the current thinking on these? discussions are under way, in particular within the european systemic risk board. but it is unrealistic to imagine, as is too often the case in france, that technical fixes can solve political problems. prior to any reform of the euro area, discussions need to take place on the joint projects and their democratic basis. public debt, whether french or european, constitutes the taxes of tomorrow and beyond. who will vote for these taxes? the national parliaments or the european parliament? and what will they finance? these are very political choices. with the economic upswing and the return of confidence in europe, the time has come to embark on this joint reflection. doesn ’ t the coming increase in interest rates pose a threat to the countries with weak public finances? the increase in long - term interest rates is the