it will look like a curse when foreign investors head for the door. the present monetary order is more resilient than the previous regime of fixed exchange rates, but crises can still occur, and if they occur they are more likely to be extensive and spread rapidly. and globalisation, of course, goes far beyond financial integration. global companies are located all over the world. they have to deal with different legal frameworks, with different business cycles, with different political realities. the range of risks to be met by international business is thus far broader the economist, global finance survey may 2003. than in the past and demands permanent monitoring and continuous improvement of risk management at all levels. financial, operational and reputational risks are all new by - products of globalisation, and we are only just beginning to come to terms with them. a survey of corporate directors quoted by the economist in 2004 showed that a clear identification of risks is still too difficult for many well trained ceos : 36 % of the corporate directors polled actually admitted that they did not fully understand the risks faced by their company. implications for the private sector with globalisation, your lives have undoubtedly become more difficult. operating at a global level is infinitely more complex than the regional approach of the past. globalisation is a challenge for business management. it entails many sources of uncertainties but also offers many vehicles to cope with risk. can we beat these new risks? no. we must prepare ourselves to face them. we can only insure against some risks, but we cannot predict where the next blow will come from. i think that this is the most important characteristic of our times. what has increased is not our insecurity. we are, in many respects, safer than in the past. this, i hope, is what i have managed to convey to you. my conviction is that the world today is better managed than in the past and, in that sense, is safer. what has increased, however, is the magnitude of a potential crisis. this is what i refer to as uncertainty. the big challenge for international business of today is to learn to live with uncertainty. and in this domain we still have a way to go. nowadays, our difficulties in dealing with uncertainty permeate all our discussions about the responsibilities of different private and government agents. i perceive an understandable – but in my opinion misconceived – nostalgia for a world that used to appear safer, thanks to regulation. we hear demands for the

and private investments. this all calls for investments in global public goods to be increasingly managed at the eu level. two open questions remain. how do we solve the triffin dilemma and what role will europe play in the global financial safety net ( gfsn )? a more international euro will provide increased options to store global liquidity, but the goal will obviously not be to turn the euro into a dominant currency. on the contrary, we page 6 sur 7 would aim for reliance on multiple currencies to offer stability to the international financial system through diversification of risks. regarding the global safety net, the euro area generated a quantum jump for the regional layer of the gfsn in creating the european stability mechanism ( esm ). in addition, the euro area countries were instrumental for the strengthening of the imf resources and the sdr allocation and rechannelling. the weight of the euro in the sdr basket should increase in the future in proportion of the increase of its international use. finally, the eurosystem is already providing international liquidity through existing swap lines and repo facilities with other central banks, and stands ready to do more if and when warranted. 2. invoicing international trade with the eu ranking as the world largest trading block, the euro has ample margin to improve as an international trade invoicing currencyvi. the choice of invoice currency is a complex and largely private phenomenonvii, partly driven by the structure of global value chains, which are being reshuffled. developing as an invoicing currency, for instance in energy markets or in the context of free trade agreements, would be important steps to gain a global role. viii indeed, it would create the need to store euros for future trades, and consequently lead to the development of a full range of euro - based financial tools. 3. safeguarding cross - border payments by technological advances in international financial infrastructures the euro area should remain on the frontier for cross - border payments, including the g20 agenda adopted in october 2021. the g20 roadmap for 2027 has indeed committed to bring profound improvements in this area including in setting ambitious targets on costs, speed, and accessibility of cross - border payments. but the challenge for all the stakeholders, central banks, regulators as well as the private sector, is to deliver and ultimately meet the expectations of end - users. this remains a strategic priority for the banque de france, which in parallel has paved the way for