g7 2019 conference – banque de france, 10 may 2019 cybersecurity : coordinating efforts to protect the financial sector in the global economy conclusion by francois villeroy de galhau governor, banque de france press contact : mark deen ( mark. deen @ banque - france. fr ). page 1 sur 6 ladies and gentlemen, first, i would like to thank the moderators and the panelists for their very rich comments and the very useful ideas. we are all convinced that cybersecurity of the financial sector will remain on our agenda for a long time. the challenge is no longer about gaining awareness anymore, but to find ways to intensify and rationalise our action. based on the discussions today, let me start with one pre - requisite – coordination - and then propose concrete steps and tangible actions to improve our coordination in three areas : i. regulation and supervision ; ii. information ; iii. preparation. a. global threats, coordinated action panel 1 questioned the importance of cyber threats for the financial sector. there is a consensus that the level of cyber threats has never been so high, but at the same time, we must acknowledge that the capacity to anticipate attacks needs to be reinforced. following an attack, we need to address the potential contagion issues to the entire financial system or the entire economy. this is why coordination is a pre - requisite, not an easy one but a necessary one. while remaining realistic, there will not be a “ world organization for cybersecurity ” for obvious reasons, including trust. hence, coordination should be cross - jurisdictional. contagion can be global as our countries'financial systems are interconnected. this follows president macron's call for an " internet of trust " at the unesco forum in november 2018, which includes helping low - income countries to keep pace with developed countries. the imf and the world bank are encouraged to further develop their assistance program. in addition, coordination should be cross - sectors. the financial sector is not the only one concerned with cyber - attacks. other critical sectors are also at risk, some of which are essential to the functioning of the financial sector. this reinforces the importance of a cross - sectoral approach. national security agencies use this approach, and financial sector authorities page 2 sur 6 could also do the same at their level, taking into consideration the forthcoming g7 ceg fundamental elements. finally coordination should be cross - authorities,

christian noyer : no one should, nor can, manipulate their currency – interview in le figaro interview with mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, in le figaro, paris, conducted by ms isabelle chaperon, ms bertille bayart and mr jean - pierre robin on 9 november 2010 and published on 11 november 2010. * * * interview – on the eve of the g20 in seoul, the governor of the banque de france advocates an “ orderly and calm ” discussion on the international monetary system. le figaro – last week, the us federal reserve pumped usd 600 billion into the economy. this decision has been harshly criticised. how do you view it? christian noyer – we raised this issue last weekend at the bank for international settlements in basel. fed officials explained this action in the light of their mandate, their goal of reviving the us economy and the risk of deflation. they assured us that they had no deliberate intention to devalue the dollar. and i have no reason not to believe them. le figaro – the fed seems much more accommodating than the ecb... are the economic situations so different? christian noyer – saying that the fed is very accommodating and the ecb very stringent does not reflect reality. in europe, our monetary policy is still marked by the non - standard measures tailored to the structure of our economy. in this respect, we do not think there is any risk of deflation in the euro area, or inflation for that matter. furthermore, the united states may be substantially below its long - term growth potential, whereas the euro area is relatively close. le figaro – nonetheless, the dollar is sliding and we seem to be moving away from the close cooperation seen between central banks during the crisis... christian noyer – first, everything does not come down to the dollar. for example, there are emerging countries that, by not being sufficiently flexible in their exchange rate policy, have monetary policies that are inappropriate and create risks to inflation and growth. moreover, while each central bank is pursuing a policy appropriate to its country ’ s situation, nobody wants to move away from the goal of consistency. we are all committed to ensure a framework for balanced growth, and that commitment remains just as strong. as reiterated at the last meeting of g20 finance ministers and central bank governors, no one should or