francois villeroy de galhau : overcoming the energy crisis - a european perspective ( and beyond ) speech by mr francois villeroy de galhau, governor of the bank of france, at the paris europlace tokyo international financial forum 2022, tokyo, 15 november 2022. * * * ladies and gentlemen, it is a great pleasure for me to be with you again – physically with you – in tokyo for this international financial forum organised by paris europlace. i am honoured to share the closure of this event with my colleague and friend governor kuroda. we face together the awful russian war in ukraine, and its consequences on energy and economy. i will start with a brief description of the macroeconomic outlook in the euro area, and with our monetary policy normalisation ( l ). i will then focus on sustainable finance in france, europe and japan : it has a key role to play in our ecological transformation, more needed than ever ( ii ). i. macroeconomic outlook in the euro area a. despite recent shocks, growth outlook has shown overall resilience so far let me start with the macroeconomic situation in the euro area, which has so far shown resilience. in 2021 our economy had strongly recovered from the covid crisis : growth had reached 5. 2 %, and even 6. 8 % in france. we europeans have remarkably overcome the covid crisis, which hit us early and strongly. we achieved this through enhanced european unity, for instance in purchasing vaccines, and in implementing common budgetary measures to support our recovery ( sure ( i ) and next generation eu programmes ). this allowed for a significant carry - over : according to commission's forecasts published last friday, euro area economy should grow by 3. 2 % in 2022 as a whole ( ii ), more than the forecast for the united states. as for 2023, while slowing down, growth could remain positive at 0. 3 %, and it should rebound to 1. 5 % in 2024. all economic forecasts are nevertheless surrounded with high uncertainty at present times, in light in particular of the latest of an unprecedented series of shocks. by the way, this is why we need to regulate strongly and quickly crypto assets internationally : the last episodes show us that we cannot allow for a second " crypto winter " to still add to uncertainty and financial instability. the russian war in ukraine is feeding a further surge in energy prices and other commodities, hence a

francois villeroy de galhau : special address on the french national strategy for financial education speech by mr francois villeroy de galhau, governor of the bank of france, at the 4th oecd / gflec global policy research symposium to advance financial literacy " addressing the needs of youth ", paris, 24 may 2017. * * * accompanying slides. your highness ( queen maxima of the netherlands ), mr. secretary general, ladies and gentlemen, i am delighted to be here with you today for this symposium on financial literacy. indeed, french citizens have high expectations about financial education : [ slide 2 ] 78 % believe that financial literacy should be taught at school and 65 % believe that access to it would reduce overindebtedness and financial vulnerability. 1 academic research by annamaria lusardi and olivia mitchell2 confirms its importance, as does our own research in france3 [ slide 3 ]. if we consider the three " standard " questions used to assess awareness of interest rates, inflation and risk diversification, only 30 % of those surveyed answered all three questions correctly, which is lower than in other european countries. furthermore, in france some of the worst results were obtained by the youngest age group, as well as the oldest. however, there is more at stake : this represents a challenge for democracy. providing our fellow citizens with the keys to understanding complex economic debates is a matter of respect. there's no use in complaining about " populism ", which incidentally is a label that is too easily used, if we can't provide the " people " with the ability to ask the right questions and then evaluate the answers. france has therefore made a firm commitment to implement a strategy for financial education based on the principles set out by the oecd and endorsed by the g20 leaders. work on the strategy began in 2013 and on 20 december of last year, the minister of the economy called the first meeting of the national committee for financial education. this committee brings together relevant administrations and institutions, consumer associations and finance sector professionals, and gives the political impetus at the very highest level. the minister also reaffirmed the role entrusted to the banque de france of conducting the national strategy. before continuing with a presentation of our first collective achievements, i would like to focus on the role of the banque de france. * * * 1. the banque de france, the conductor of the national strategy [ slide 4 ] the banque de