gkrintzalis ( 2017 ), “ the finance - trade nexus revisited : is the global trade slowdown also a financial story? ", economics letters, 158 ( c ) : 21 – 25. 6 see oecd ( 2013 ), “ global value chains : managing the risks, ” in interconnected economies : benefiting from global value chains, paris : oecd publishing. 7 see gerschenkron, a. ( 1962 ), economic backwardness in historical perspective : a book of essays. belknap press of harvard university press, 1962. 8 see also united nations conference on trade and development ( 2016 ), “ robots and industrialization in developing countries ”, policy brief no 50. 9 in some ways, this insight is similar to the assertions made by paul samuelson in his famous 2004 paper, where he argued that productivity gains in one country can benefit that country alone, while permanently hurting the other country. unlike in samuelson ’ s example, however, it might be developing economies that would suffer from productivity shifts today. see samuelson, p. ( 2004 ), “ where ricardo and mill rebut and confirm arguments of mainstream economists supporting globalization, ” journal of economic perspectives 18 ( 3 ) : 135 – 146. 10 see boston consulting group ( 2015 ), “ made in america, again : fourth annual survey of u. s. - based manufacturing executives ”, december. 11 see, e. g., sirkin, h., m. zinser and j. rose ( 2015 ), “ how robots will redefine competitiveness ”, boston 9 / 10 bis central bankers'speeches consulting group, september. 12 see mckinsey global institute ( 2017 ), “ jobs lost, jobs gained : workforce transitions in a time of automation ”, december. 13 see rodrik, d. ( 2015 ), “ premature deindustrialization ”, nber working paper no 20935. 14 see chang, j - h., g. rynhart and p. huynh ( 2016 ), “ asean in transformation. textiles, clothing and footwear : refashioning the future ”, bureau for employers ’ activities ( act / emp ), working paper no 14, international labour organization. 15 see dauth, w., s. findeisen, j. sudekum and n. wossner ( 2017 ), “ german robots – the impact of industrial robots

set up in 1998, defines price stability in terms of the year - on - year increase in the harmonised index of consumer prices and relies on a reference value for monetary growth. the bank of japan adopted a new monetary policy framework in 2006. it publishes an inflation rate that reflects the policy board members'understanding of medium - to long - term price stability. in line with this understanding, we examine the most likely outlook and assess risks most relevant to the conduct of monetary policy, which we call the two - perspective approach. in november 2006, the fed published a series of measures aimed at enhancing its communication strategy. one of them consisted in extending the economic and price forecasting horizon to three years. a three - year inflation forecast shows the inflation rate that the federal open market committee considers consistent with the objectives of the fed, i. e. price stability and maximum employment. these frameworks were devised by taking account of other countries ’ experiences and retaining the most suitable elements for their own economy. i believe that, in this area, central banks will increasingly draw on the experiences of other countries. countries share the same understanding of problems but at the same time stick to their uniqueness when taking decisions. this holds true in the area of monetary policy but also in numerous other areas within the evolving field of international relations. as in the case of art and gastronomy, which i talked about at the start of my speech, mutual influences lead to new innovations and blur borders through mutual understanding. this does not mean that we lose our uniqueness. in today ’ s conference, we will take a look at the economic and financial growth patterns of both france and japan and examines in - depth the economic problems with which each country is faced in the context of globalisation. i hope that it will give rise to a better mutual understanding of both economies and foster further emulation. thank you very much for your attention.