where necessary, to the capital requirements related to some liquidity lines or to the securitisation rules. finally, the crisis has highlighted the need for banks to improve their analysis, measurement and management of liquidity risk. a review of how refinancing risk could arise across all of a bank ’ s business lines is a priority ; as is an analysis of how refinancing risk interacts with market risk, credit risk and concentration risk. the committee of european banking supervisors and the basel committee, at the global level, are currently reviewing the principles governing liquidity risk management. on a final note, i would like to add that the crisis has highlighted the need to enhance internal control systems and to improve the circulation of information about risks, especially for senior managers. the exceptional case of fraud affecting societe generale has strengthened our resolve in this matter. in france, this should lead to the amendment of regulation 97. 02 on internal control, with provisions on managing operating risk, along with specific efforts to fight fraud. this reform is connected to moves to ensure greater involvement of banks ’ highest governance bodies in monitoring their internal control systems. all these initiatives draw on the lessons learned from the past, but they are also forward - looking. their purpose is to establish the principles of risk management. these principles do not eliminate all risks, but they enhance the resilience of the system when tensions do emerge. this is the objective of the reforms, which i am sure will contribute to greater financial stability in the long run. * * * the commission bancaire therefore intends to continue its action to enhance management and control of these risks, not only within france but at the international level as well, naturally, within a european banking supervision structure that emphasises real convergence in supervisory practices. the practical implementation of supervisory colleges needs to be stepped up in order to achieve this objective. supervisory colleges are the keystone for the supervision of large cross - border groups in europe. the resolutely european thrust of our action, which is naturally in line with the international development of banking activities and of the sources of vulnerability for financial stability, will lead to the incorporation of a european convergence objective into the mandates of domestic supervisors. from my point of view, this objective will be a major motivation for the supervisory community as a whole.

goods traveling to europe. these now widespread price increases triggered massive wealth transfers between importing and exporting countries. you can see in the two right - hand side charts that the trade balances of the euro zone in general and of france in page 3 of 14 particular have fallen sharply since the end of 2021, with a cumulative deficit over 12 months for the euro area reaching almost 300 billion euros in september. while the bulk of this staggering fall is in energy, the situation is also deteriorating for non - energy goods. international trade, in purely accounting terms, is a zero - sum exercise and the deficits of some feed the surpluses of others. this transfer of wealth comes essentially from a change in the prices of traded goods as you can see in the bottom left chart for france that experienced a more rapid growth of its import deflator compared to its export deflator over the last 4 quarters. this “ external tax ” is a negative shock on the real income of both households and firms. overall, this shock, along with the associated spike in inflation, is likely to have a sizeable negative impact on growth for several quarters at least. let me now put forward quantitative measures of this external tax. it ’ s not that simple, and several ways of measuring it can be considered. we can look at a “ gross ” external tax, i. e. the amount of extra energy bill, for energy importing countries. but we can also consider a broader, “ net ” measure of the external tax, knowing that commodities importing countries also export goods and services, whose price is also increasing and we can refer to this net measure as the “ terms of trade shock ”. i. 2 measuring globally the terms of trade shock let us first look at the more comprehensive - and net - measure of the external tax, the terms - of - trade shock. this measure takes into account price changes in all traded goods and services. i page 4 of 14 two lessons can be drawn from these charts. first among advanced economies the united states does not suffer a negative terms of trade shock, as it is a net exporter of fossil energy. second the heterogeneity across european countries is not insignificant. in 22q3, the terms - of - trade - shock amounts to - 1. 8 % of gdp in france compared to the same quarter of the previous year. the shock is larger in other major euro area countries. both lower fossil energy dependence and a smaller share of the