: preconditions for stability in the financial system and in prices ” ( remarks at the banque de france financial stability review launch event in washington d. c. ), april 21, 2012. http : / / www. boj. or. jp / en / announcements / press / koen _ 2012 / data / ko120422b. pdf bis central bankers ’ speeches to make efforts to strengthen growth potential and provide support from the financial side. for our part, we will make our utmost efforts from the financial side. monetary easing permeates the economy through two stages. the first consists of the central bank ’ s action influencing financial conditions, and the second involves such conditions inducing increased spending by firms and households. as far as financial conditions are concerned, the levels of interest rates in japan – whether they be interest rates on loans or issuance rates of corporate bonds – are at least as low as those in the united states ( chart 8 ). this is also the case whether they be nominal interest rates or real interest rates adjusted for inflation expectations. nevertheless, the reason behind the recurring argument for insufficient monetary easing comes from a misunderstanding concerning the amount of currency the central bank supplies. under a zero interest rate, the cost associated with holding either banknotes or the central bank ’ s current deposits is negligible ; no matter how much money it supplies, this will be held in such a form as the central bank ’ s current deposits. in terms of quantity, this is completely ineffective. in fact, chairman bernanke has stated that the degree of monetary accommodation cannot be measured properly based on the quantity. having said that, the fact is that the quantity itself is the highest in japan. considering that japan had been increasing its quantity well before european countries and the united states, which started boosting their quantities after the lehman shock, perhaps the public has been used to such an environment without being particularly aware of it. it is our strong desire that advantage be taken of such accommodative conditions. iv. importance of strengthening growth potential up to now, i have explained our thinking behind the conduct of monetary policy. in order for japan ’ s economy to overcome deflation and return to a sustainable growth path with price stability, support from the financial side is an important and necessary condition, and the bank will do its utmost while examining the developments in economic activity and prices, as well as assessing risks. nevertheless, this is not enough to lead japan ’ s economy

denis beau : what policy framework to help building innovation and growth into europe ’ s capital market? speech by mr denis beau, first deputy governor of the bank of france, at the afme ( the association for financial markets in europe ) annual capital markets technology and innovation conference, paris, 21 november 2019. * * * ladies and gentlemen, the past decades have clearly shown how innovation – in particular technological innovation – have brought new services, reduced barriers and contributed globally to progress and economic growth. however, innovation does not necessarily implies growth for everyone, everywhere. innovation can weaken some actors, create imbalances and its long - term benefits for society may be, in some cases, uncertain. in addition, i would say that speaking solely about growth is not enough today, in the context in particular of climate change and lowering social mobility. growth should be sustainable, inclusive and compatible with a necessary level of resilience. here central bankers and supervisors, in charge of financial stability, have a contribution to make. but what does that mean in the european context for the innovation and growth of our capital markets? my perspective on this rather complex issue is simple : we have to identify clearly the challenges raised by innovation and be ready to adapt our policy framework if we want that innovation goes with sustainable, inclusive and resilient growth of the european financial market. to support my point, i would like first to explain how we at the banque de france and the acpr approach this twofold issue ( identify the challenges and adapt when necessary our policy framework ) ( 1 ). i will then illustrate our approach by addressing the case of financial market infrastructures ( 2 ). 1. identify the challenges and be ready to change our policy framework technological innovation has the power to create new services for consumers but also to reshape financial market structures. i will not elaborate on a phenomenon that everybody can see developing in the financial sector. the whole value chain is being impacted by fintechs as well as by bigtechs, which are introducing almost every day new ways to pay, to provide credit, to get insurance and, of course, to invest within capital markets. by doing so, they are also modifying the financial ecosystem that we supervise and may contribute to an increase or a shift of risks in the financial system. data and consumer protection issues raised by new technologies, anti - money laundering challenges posed by new usages, operational risks specific to third party providers and cloud outsourcing, including cyber - risks