. 4. a year for architects in europe calling now for a time of architects possibly crosses the line between probability and hope. nevertheless, it would be highly desirable to have them take over from the firefighters, who have been the omnipresent crisis managers up to now, and at the same time to combat the arsonists who are calling – more noisily than coherently – for dangerous retrograde steps in trade, climate and finance. but, while we cannot change what happens on the other side of the atlantic, we can change what happens on our side. 3 / 5 bis - central bankers'speeches 2024 has witnessed abundant reflections on how to pivot towards structural policies in europe. the reports by former italian prime ministers enrico lettav and mario draghivi and, more modestly, the franco - german appeal that i launched with my colleague and friend from the bundesbank, joachim nagel, in november, vii set out a roadmap for breaking free from two forms of tyranny : the short term and the outside world. the facts are clear : europe has effective levers for controlling its economic future and strengthening its growth, but if it doesn't wake up and act now, it risks a long period of economic slumber. the remedies draw largely on the best america has to offer, in the form of three " i's ". europe needs to ( i ) integrate its single market more closely ; ( ii ) invest more, primarily from its private resources mobilised as part of a savings and investments union ; and ( iii ) innovate more – and above all more quickly – by reducing its bureaucracy. in other words, we have to multiply size by financial muscle and by speed, without the need for costly fiscal excess weight. let me stress the importance of simplification within this european agenda, particularly in terms of financial regulation. viii it is no longer enough for the regulatory principles themselves to be sound – we also need to ensure that the complexity of our existing regulation or oversight does not constitute an obstacle to achieving our goals. the acpr is committed to this. but we also need to be clear regarding the temptations expressed elsewhere : european - style simplification is not american - style deregulation. the basel iii framework must continue to form the international basis for banking regulation. moreover, failing to regulate non - banks and crypto - assets today would just sow the seeds for tomorrow's financial crisis

francois villeroy de galhau : new year wishes to the paris financial centre new year wishes to the paris financial centre by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), paris, 8 january 2025. * * * dear minister, ladies and gentlemen, i would like to start by extending, on behalf of the banque de france and the acpr, our warmest wishes to you our partners – elected representatives and public officials, financial centre players, and journalists – as well as to your loved ones. the current climate is considered bad, or at best uncertain, but i wish you good life. every philosopher since socrates has sought to define what exactly this means but i simply wish that you find the right balance between professional endeavour and personal roots. the 2020 to 2023 period had already witnessed a series of shocks, but 2024 was especially turbulent and bumpy so i will not risk wishing you a more peaceful 2025. however, i would like to highlight two more positive aspects. the first is that this year – on 18 january to be precise – marks the 225th anniversary of the banque de france. on this occasion, on 20 march, we are organising the symposium " a mass of granite ", an allusion to our founder bonaparte who wished to " set down some masses of granite on the soil of france " to stabilise the scattered " grains of sand " of the nation. this provides an opportunity for recalling that we are an old and a great country that has managed to bounce back from tricky economic and financial situations on a number of occasions. over the last century, france has managed to do this in 1926 with raymond poincare ; in 1958 with charles de gaulle, antoine pinay and then wilfrid baumgartner ; and in 1983 with jacques delors, another famous son of the banque de france. each of those people i've just mentioned acquired a strong political and historical stature as a result, proof that french people appreciate seriousness in public management. secondly, not everything was bad in 2024. inflation, which is our main mandate as a central bank, fell by even more than expected, although our fellow citizens remain sensitive to past rises in the level of prices. inflation across the euro area has moved back towards our 2 % target, to 2. 4 % at end - 2024. i the slight