000 late responses per year ; – explain to vses why their loan application has been rejected ; – in the event of the rejection or cancellation of a facility, inform the client of all the options available for recourse ; – provide better information on short - term financing ; – reduce the turnover of vse financial advisers. i would also like to highlight the valuable contribution of the fbf in producing an explanatory guide on vse financing. a lot of entrepreneurs need to learn and understand the basics of finance. the misunderstanding between bankers and businesses often stems from the fact that they don ’ t speak the same language : this makes it harder for vses to establish a close working relationship with their bank managers and financial advisers. in addition, the banque de france and the high council of the french institute of chartered accountants have worked together to produce a financial guide for vses entitled guide du routard du credit. i would also like to single out the efforts made by the observatory for business financing, which has put together a forthcoming glossary on loan pricing. all of this is extremely useful, but these documents also need to be widely publicised and made available, and this task falls first and foremost to the banks. this should in turn encourage them to make their bank fees and charges more transparent and explicit. 2 ) turning now to the banque de france, we clearly need to provide more help to vses before they get into difficulty. credit mediation is a very effective tool for resolving vses financial problems after the fact, and indeed these make up the majority of cases submitted to the mediator. however, it is also important – especially so in my view – that we provide help before this stage, and prevent vses from getting into trouble in the first place. we have therefore decided that, in addition to the legal and operational assistance provided via credit mediation, the banque de france will contribute to this preventive action by appointing a vse correspondent in each of its departement branches. the role of these correspondents will be to act as a first point of contact for vses and listen to their concerns in the capacity of a trusted third - party. they will be responsible for providing information – including the documents i ’ ve just mentioned – and for broadly identifying the vses ’ needs. if necessary, and of course only if the vses themselves are in agreement, they will also direct them towards the relevant professional networks which can provide appropriate support : approved management centres,

economy. second, we all know also that any regulation may have unintended consequences. one of those, of course, is to create incentives for regulatory arbitrage. it is therefore crucial that the reforms be applied fully and consistently across jurisdictions. it is also important to make sure that a significant part of financial intermediation does not shift to the unregulated ( shadow ) financing sector, as this would not help reduce the likelihood of disruptive financial crises. finally, increasing robustness is a necessary but not sufficient condition to get safer financial systems. another important element is to ensure that risk remains at acceptable levels and carefully managed. this is, so to speak, one specificity of our approach in this country. we believe in strong and efficient supervision. we don ’ t think that bigger cushions are a substitute for competent supervisors. we are strong supporters, in our jargon, of the “ pillar 2 ” approach, whereby the supervisor is in charge, at any single moment, to check the adequacy of capital buffers with the effective level of risk in the system. needless to say, we also strongly support the development of macro prudential tools allowing authorities to detect and prevent systemic risks. given that all economic cycles are not simultaneous, to be fully efficient, those tools should be set and implemented at each jurisdiction ’ s level and not a regional one, in order to take into account national cycles and the level of risks of individual economies. overall, i can assure you we are very keen to monitor in real time the economic impact of financial regulation. for the first time, economic and systemic assessments have been made of the new projected basel 3 framework. we will continue to update them permanently. a good example of our constant vigilance relates to projected liquidity ratios, where the systemic impact and implications for monetary policies are being thoroughly reviewed at this time. * * * to conclude, let me emphasize that policy makers are fully aware of possible macro consequences of regulatory reforms and will be eager to limit the economic costs. beyond broad effects on growth, it is also clear that the new regulations should neither derail financial systems nor favor some particular business models over others. bis central bankers ’ speeches yet, there was, and still is, a need to move from a financial world of excessive risk taking and heavy regulatory arbitrage to a new system of better quality capital and increased risk capture. an implementation of the basel iii package endorsed by the g20 will provide the