francois villeroy de galhau : supervision of business practices opening speech by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), at the acpr conference “ supervision of business practices ”, paris, 20 november 2015. * * * ladies and gentlemen, i am delighted to welcome you today to this new conference organised by the autorite de controle prudentiel et de resolution and would like to thank you all for coming. this is an opportunity for me to tell you for the first time how important i find this type of event, where the authority that i chair explains its actions and the principles that guide it. it is also an opportunity for us all to listen to the parties concerned, on a topic that brings us together today – that of the supervision of business practices – on which i would like to put forward three ideas : ( i ) first, our supervision of business practices is important for the current mobilisation of the nation. ( ii ) second, our supervision of business practices is important for financial stability. ( iii ) lastly, our supervision of business practices must increasingly take account of developments in technology and changes in europe. our supervision of business practices is important for the current mobilisation of the nation. many lessons can be learned from the dramatic events of friday 13 november in paris and its suburbs, which requires of us a total mobilisation. faced with these barbaric acts, i wish to recall the determination of the banque de france – and of the financial sector – to participate in the fight against terrorism, by attacking its financing. many of you will attend this afternoon the presentations, introduced by mr delas, vicechairman of the acpr, on anti - money laundering and counter - terrorist financing in the insurance sector. as you know, the acpr college, together with tracfin, adopted just last week new guidelines in this area, applicable to both banks and insurance firms. i am in no doubt that the financial sector will be fully involved in their implementation ; we will ensure this together with the professionals. i would also like to recall today our determination to fully participate in the mobilisation of the nation, by contributing more broadly to economic and social cohesion, through greater banking and financial inclusion. the protection of consumers – and in particular the most vulnerable ones – is one of the components of this. financial education

page 1 sur 8 asociacion de mercados financieros annual financial convention madrid, 21 november 2016 francois villeroy de galhau, governor of the banque de france europe facing a new political economy mr. president, ladies and gentlemen, thank you for your invitation. i am grateful for the opportunity to speak here in madrid today with my friend governor l. linde, in the midst of the spanish financial community, and in a country which has demonstrated its active commitment to the european project since it joined the european union thirty years ago. we have come a long way in europe and our common history and past success will help us look ahead in these challenging times. the brexit referendum in june and mr. trump ’ s victory two weeks ago have indeed come as shocks for europe : both have increased uncertainty and are raising questions about the european identity. how should we, as europeans, react? not by less europe : this would clearly be a mistake if we want to collectively master our own destiny in this new world. but by a better europe, a more focused and efficient one. in concrete terms, we need to adapt in two ways : first, by building actively on our economic and social assets – among them our single currency and monetary policy ; second, by coming together around a few new select priorities – including tackling the current “ investment crunch ”. * * page 2 sur 8 i. first, europe ’ s assets in the new “ political economy ”. let me start with a brief remark about terminology. for a long time, economic thinkers used the term “ political economy ” to refer to the discipline that we now call “ economics ”. adam smith, david ricardo or leon walras, to name but a few, were some of its exponents. despite its 400 year - old history, the term “ political economy ” had in the last decades gradually lost its importance as a comprehensive way of understanding economic issues. and yet it could now be returning to the forefront, given the strong interactions between politics and economics. at the international level, we cannot yet predict what mr. trump ’ s presidency will really be like, but we can expect a deep political shift, with consequences for american economic policies. besides, the electoral cycle will continue in europe, starting with the italian referendum in december. to state the obvious, the first certainty is that we are facing a lot of uncertainty. how will europe overcome this? i sincerely hope not by “ waiting and