housing loans. these points will be particularly closely monitored by the acpr in 2020, and they are – i stress – of common interest to both you and us – in terms of financial stability. lastly, to meet the challenge of profitability, french banks and insurers must be able to – at last! – operate in a genuine single financial market conducive to cross - border consolidation. and yet, the banking union is still half - finished : progress on resolution – second pillar – is at least as important as that on the deposit guarantee scheme – third pillar. moreover, in the run - up to the arduous discussions on the future relationship with the united kingdom, europe must – more than ever before – assert its financial sovereignty. this requires the capital markets union. i 2 / 3 bis central bankers'speeches would like to express my support for the priorities put forward in the “ next cmu ” report and for the high - level forum ( hlf ) launched by the new commission. if 2020 proves to be not only the year of brexit, but also the year of a savings and sustainable investment union, europe will have turned the problem into an opportunity. 3 – a year of inclusion we can look forward to two real advances in inclusion in 2019 : a fifth consecutive year of declining household over - indebtedness, by almost 40 % over this period, and the implementation of a cap on bank charges at eur 25 per month for more than three million vulnerable customers. within this population, the specific offer – capping charges at eur 20 per month and eur 200 per year – now benefits 464, 000 customers, or an increase of 32 % compared with end - 2017. i would like to take this opportunity to thank the banking community, which has worked hard to meet its commitments. now, these commitments must be enhanced, and sustained. enhanced in 2020 : banks must detect fragile customers even more efficiently ; they must correct the few remaining shortcomings ; and they must raise awareness of their specific offers. these commitments must be sustained over time, and will be monitored by the acpr, and by the observatory for banking inclusion, which i chair, with an active role for the associations. climate change will also be the priority in 2020. and you can count on the determination of the banque de france and acpr – with its new climate and sustainable finance committee – to support the greening of the financial sector. we will conduct the

instance, perceived inflation is in some countries higher than measured inflation, and some attribute this effect to the euro, even though over six years have passed since the introduction of the euro banknotes and coins. see l. bini smaghi ( 2007 ) : “ the euro as an international currency : implications for exchange rate policy ”, remarks at the conference “ 50 years after the treaty of rome : strengthening the economic leg of emu ”, rome, 2 - 3 july 2007. overall, euro area citizens have had to go through a series of adjustments in the last few years, which might have created a sense of confusion. this requires greater unity among policy - makers in the euro area, and less blaming of europe and the euro – as has been the case in the past – in order to help our citizens adjust and recover confidence in the new environment. the irony for somebody like me who travels frequently around the world is to notice that the benefits of the euro tend to be much more appreciated outside than within the euro area! thank you for your attention. this bis review is available on the bis website at www. bis. org.