underplaying the difficulty of the exercise but the progress made so far is not inconsiderable and in this regard i am happy that the ministers and governors meeting in february in paris resulted in agreement on a set of benchmark indicators. the second component concerns financial regulation. it is very clear that, in this area, we are past the stage of proposals and are now mainly concerned with consolidating the agreements approved by the heads of state and government in seoul, especially the basel iii framework. the agreement that we achieved in 2010 made it possible to reconcile the need for far - reaching reforms with the need to reduce uncertainty relating to regulatory changes. implementing these reforms in a harmonised framework capable of ensuring a genuine level playing field is now the crucial challenge, both from the point of view of our collective credibility and the overall effectiveness of the new mechanism. this very significant advance in terms of financial regulation should not obscure the progress that still needs to be made regarding the work underway, especially in the areas of market infrastructures ( including for commodity markets ), tighter regulation of activities included under the designation the “ shadow banking system ” and the behaviour of market players themselves. once again, i underscore our collective responsibility, which is to ensure that all of the g - 20 countries and, more widely, the international community as a whole apply international standards. today ’ s discussions will be divided into four sessions. the first, chaired by axel weber, will examine the notion of disequilibrium after the crisis and will allow us to discuss the unpredictable evolution of global imbalances in the medium term, in the light of different assumptions concerning economic growth and savings trends in the different zones. mario draghi has agreed to chair the second session that will focus on questions related to supervision and coordination. as i have already said, the current context is characterised by the reform of global governance and regulation, a process given impetus by the g - 20. therefore, at this stage, it seems appropriate to explore topics such as the evolution of the role of international financial institutions and the accomplishments and future progress in harmonising global financial regulations. the third session, chaired by michel camdessus, should help us to gain further insight on what could, or should, be the role of central banks in a post - crisis environment. for example, should central banks more explicitly incorporate considerations of financial stability into their policies than they do today? if so, how? to what extent would the extension of their roles

francois villeroy de galhau : new year wishes to the paris financial centre new year wishes to the paris financial centre by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), paris, 4 january 2022. * * * i would like to start by extending, on behalf of the banque de france and the acpr, our warmest wishes, to you, our partners in our daily work : elected officials, financial professionals, entrepreneurs, associations and members of the media. may this year be as happy as possible for you and yours, and may your projects be fruitful, despite this covid ordeal that has lasted too long, and despite all the uncertainties of 2022. my first wish is obviously that we finally overcome this pandemic, and that we escape from the pressure of this emergency and return to the fundamental choices for europe and our country, in the long term. the 20th anniversary of the euro, which we are currently celebrating, invites us to do so. the euro is without doubt the most concrete success of european integration ; it is “ europe in the citizen ’ s pocket ", at the service of the 340 million europeans who use it across 19 countries. moreover, the euro enjoys unprecedented popular support : 74 % of french citizens and 78 % of europeans are now in favour. the prerequisite for this confidence is price stability, which is the responsibility of the eurosystem ( the ecb and the 19 national central banks ) ; we have successfully achieved this primary mission. in france, the inflation rate has more than halved : 1. 4 % per year on average between 2002 and 2021, compared to 3. 4 % between 1982 and 2001. this is not just a statistic, it is a very concrete reality, measurable by a few examples. the price of a kilo of bread was eur 2. 7 in december 2001 and eur 3. 6 in november 2021, i. e. an annual increase of 1. 4 %. the price of pasta has increased at a much slower rate, with an average increase of 0. 1 % per year. the euro has therefore helped to protect the purchasing power of french citizens, which has increased by 25 % over the last twenty years. the temporary “ inflation hump ” that we have been seeing for the past few months, associated with an unprecedented economic rebound