to meet capital needs. another long - run macroeconomic force has gathered substantial momentum in the last decade : the shift of income, wealth and economic energy from the so - called advanced economies of the united states, japan and europe to the so - called emerging economies. ten years ago, the emerging market countries accounted for about 20 percent of world gdp – the advanced economies 80 percent. today the proportion is 40 / 60, and the emerging market countries continue to grow substantially faster than the large advanced economies. yes, china is an important component of that growth, but the trend reflects strong performance in recent years in many regions of the world outside the advanced economies. a further long - run force, seen as the most disruptive, is technology. at one time, the financial system, perhaps until the 1970s or 1980s, played an important role in searching for savers / investors to contribute to financing those major investments. much of the work of identifying and linking the sources and the uses of funds has been facilitated or even taken over by technology – just think of the ubiquity of trading platforms, screens, and financial news and, beyond that, the increasing automation and artificial intelligence applied to credit evaluation, financial analysis, and trading activities. i mention these three long - run forces because the financial industry has been and still is adapting to these trends. indeed, the major transformation in the u. s. financial industry that bis central bankers ’ speeches occurred in the course of the 1980s and 1990s – the development of over - the - counter derivatives markets, the shift toward a larger role for securities markets relative to banking markets – was just such an adaptation to the long - run forces of change. the shift reflected the growth of institutional wealth and the power of technology, ubiquitous information and expanded financial know - how. in 1986, the derivatives markets were still nascent and securitization had just begun to spread outside the mortgage markets in the united states. at that time, a task force of central bankers, the precursor to today ’ s committee of the global financial system, which reports to the global economy meeting of 31 central bank governors, published a volume titled recent innovations in international banking. 1 the report was notable for being among the first to describe what was then a set of new financial instruments, such as over - thecounter derivatives and the expanded use of financial options. the study noted the tremendous momentum behind the 1980s wave of financial innovation, the likelihood of those forces continuing, and the changes already

. jean - baptiste duval of the huffington post would like to ask a question on that. “ europe was a great success ”, you said in [ your interview with ] le journal du dimanche, but what exactly are you talking about? about the “ no ” in the 2005 referendum, wonderfully ignored? about the support for greece, just like a hangman ’ s rope? or the return of nationalist flames in the united kingdom and in eastern europe? joking aside, benoit cœure, do you live in an ivory tower in frankfurt, or do you know things that europeans are unaware of? do you know things that europeans are unaware of? no, we don ’ t know things that europeans are unaware of. we try to do our work as best as we can, which is to ensure price stability in the euro area. and i don ’ t think we have to be negative 1 / 2 bis central bankers'speeches about europe. not everything is going very well. there are plenty of things which don ’ t work well and which need to be improved. but what would we say to the millions of eastern europeans who have returned to prosperity thanks to europe, if europe didn ’ t exist today? what would we say to the millions of french people who work in companies which are exporting to europe? and when you travel round the world, europe is admired. why? because it is a prosperous region, but also because it is a place of security, and of social protection. europe is one of the few places in the world where, if you go to hospital, you won ’ t be asked for your credit card. that ’ s what we need to safeguard, but we need to safeguard it together, as europeans. emmanuel macron wants a euro area budget and greater solidarity between the member states. will that be achieved soon? it ’ s necessary because the member states have to regain budgetary firepower. it would not be reasonable to expect the european central bank to sort out all of europe ’ s economic problems indefinitely. economic capacity and budgetary capacity have to be recreated. but that won ’ t happen overnight ; french ideas won ’ t be imposed on europe by magic, it will be a long discussion. to do that, trust should be rebuilt between the countries of europe. trust is vital. from a french perspective, how can that trust be re - created? by carrying out reforms, and france is doing that. and by reducing deficits even more?