expectations, then wealth and income are transferred from one group to the other. the best way to be neutral is to announce a target that can efficiently guide expectations. to a non - economist, price stability would imply targeting zero inflation. however, we need to explain why targeting zero inflation is not ideal. real wage adjustments can be necessary to maintain competitiveness and sustain employment and this real adjustment is easier to achieve with a positive inflation rate. this is still more important in a monetary union in which real adjustments are necessary to maintain internal balance. the effective lower bound ( elb ) on nominal interest rates would also be reached more frequently, putting a constraint on the use of monetary policy. but i do acknowledge that using the elb argument at, say a family lunch on sunday, is easier said than done. last but not least, credibility. here, households and firms have mixed feelings : they believe that actual inflation is much higher than central banks and statistics institutes claim ; and they doubt we will deliver the “ close to 2 % ” in the future. distrust is too often the name of the game. here, let us again listen and speak. first listen to the inflation expectations of households and firms : we don ’ t measure them properly today, although they are of the essence for economic transmission of monetary policy, as households and firms are the actual priceand wage - setters. indeed, their price expectations are quite different from those of financial markets we tend to focus on. listen and then speak : once a central bank has committed to a target, it must use every tool available to deliver on it and explain clearly that the transmission of the monetary impulse to the economy entails some delays. we are all page 10 sur 10 convinced that a credible inflation objective makes stabilizing inflation easier because the objective anchors inflation expectations. let us convince our fellow citizens of our determination, “ in plain language ” – i hope my remarks today help somewhat to initiate this essential debate we will have to conduct and conclude in our ecb strategy review. thank you for your attention. references i i would particularly like to thank nathalie aufauvre, matthieu bussiere, olivier garnier, ivan odonnat and adrian penalver for their help in preparing this speech. ii https : / / www. ecb. europa. eu / press / pr / date / 2020 / html / ecb. pr200123 ~ 3b8d9fc08d. en. html https

”. against this backdrop, the paris financial centre has many assets. paris hosts one of the most developed capital markets in continental europe, the first asset management industry, a leading bond market, the largest commercial paper market with neu - cp and the largest private equity investor in continental europe. moreover, paris offers an attractive pool of highly skilled staff in financial services. the french government and the french financial authorities, including the banque de france, are also working together to facilitating the dissemination of sound and safe financial innovations and fostering the scaling up of sustainable finance. these investments are protected by a very resilient banking system, accompanied by consistent regulation. let me remind you that paris is already home to the european securities and markets authority and will soon host the european banking authority. in addition, the paris court of appeal was granted an 3 / 4 bis central bankers'speeches international chamber last february, with international commercial affairs falling within its remit. that will duly complete the paris court organisation, which already includes an international chamber in its commercial court. last but not least, let me stress that the french authorities are making sure that the paris financial centre and its participants benefit from a streamlined and business - friendly regulatory framework, for instance in areas such as bond issuance and securitisation. meanwhile, significant efforts have been made by the french government to alleviate the tax regime and social contributions of “ impatriates. ” starting in 2016 under the previous government, they have been amplified by the new one, including on the eve of the business summit last january. * * * france is changing, for the better. but it is still dependent on its economic environment, obviously. let me conclude with two wishes. first : that europe is courageous enough to strengthen itself through this cyclical upswing. combining more reforms in france and more fiscal stimulus in germany, as will happen, is welcome but not sufficient : we need a stronger economic union in the euro area to avoid overburdening monetary policy by the next recession. and second, that the united states and the g20 are clear - sighted enough to address their economic challenges through multilateral answers, and not unilateral ones : here too, france is a reliable partner. 4 / 4 bis central bankers'speeches