; everyone has expressed themselves legitimately – i have explained my own reservations on one part of the package – ; but the decisions were taken equally legitimately, and they provide clarity well into the future. have no doubt : we are committed, and the whole package will be implemented. we must now look resolutely forward, with three strong elements of consensus around mario draghi today and christine lagarde tomorrow : we have to maintain an accommodative monetary policy in the face of the economic slowdown and low inflation. second, a review of our monetary policy framework in this environment will be very welcome. and third, it is very desirable that fiscal policy now prolongs this monetary support, wherever that is possible in europe. it is time to turn the page, and turn to the future. iii. the euro area has more policy room than others in the non - monetary domain, but under - uses it. monetary policy can no longer be the only game in town. central banks – including the ecb – cannot perform miracles. this paradox is either painful or promising … or both : the euro area has more leeway than the us or the uk, but until now has been much less inclined to use it. this has two dimensions [ slide ]. 1 / the euro area has a lower level of public debt ( 85 % ) than in the united - states ( 104 % ) or the uk ( 87 % ), it has the lowest sovereign interest rates – even often negative –, but it uses fiscal stimulus significantly less. it should now exploit its fiscal leeway where available – especially in germany – to support cyclical stabilisation, and long - term growth. there is also room to increase wages in countries which have full employment and external surpluses. and it is essential to choose quality expenditure, starting with investment. in this respect, i welcome the announced creation of a dutch investment fund targeted to projects in infrastructure, digital, or climate transition. its magnitude could be up to 7 % of gdp : this is food for thought if we transpose this order of magnitude at the european level. private debt – which stands at about 119 % of gdp – is also significantly lower in the euro area compared to the us ( 148 % ), uk ( 152 % ) or japan ( 152 % ). but of course, the “ lower for longer ” environment requires increased vigilance on financial stability. the imf just stressed it in its latest “ radar ”

without state aid. that is why i have no concerns about the french banking system. should banks ’ customers, companies and individuals, fear a credit crunch? no, and the figures bear it out. french banks ’ lending activities remain very robust : up 8 % for mortgage lending, up 5. 6 % for corporate lending and up 5. 1 % for lending to smes. it is precisely their retail banking business that makes them sound and profitable. bis central bankers ’ speeches is france condemned to undergo a period of prolonged austerity? france must be extremely rigorous in the management of its public finances. a balanced budget must rapidly be restored, which presupposes in particular a structural reduction in government spending. like many other countries, we have been living above our means for too many years. we need to stop accumulating debt. growth will return if confidence does. and to reinstate confidence, we must guarantee that our public finances will be consolidated. bis central bankers ’ speeches