has also proved very important in the crisis : we have avoided the materialisation of deflationary risks thanks to this solid anchoring. ” q. what are the lessons learned from the last five years? a. “ global finance was much too fragile. the lack of resilience has been paid dearly. taking into account the interplay between the financial sector and the real economy, we saw that the system as a whole, financial and non - financial, was extraordinary fragile. we have to improve everything in the system. and we should not exclude anything from the review we have embarked on. private sector of course, where the responsibilities are obvious and large. public sector as well, we have to improve the rules and regulations, the standards and codes, the prudential regulations, the accounting rules, the auditing and i would not exclude the improvements in the institutional framework, in particular on both sides of the atlantic. ” q. do you think bankers have learned their lessons? a. “ they have to understand very clearly that all that we ’ ve been doing, central banks – in the form of non - standard measures – as well as governments, has not been done for their ‘ beaux yeux ’, but it has been done to avoid the collapse of the financial system in order to avoid a depression of the real economy. a lot of taxpayers ’ money from the government is at stake, in order to permit the bankers to continue to do their job. their job is to finance the real economy in the best fashion possible. it ’ s a clear message. on bonuses, we expect all financial institutions to apply the rules that have been worked out by the financial stability board. on top of that i would say it is not only a question of rules and regulations but an issue of values. the financial sector must understand that it has to respect values that are acceptable by the society at large. your country, influenced by calvinism. is particularly attached to these values of measure and moderation. ” q. do you think the economic recovery came so soon it might stop politicians taking bold restructuring measures? a. “ no, taking into account in particular the situation of unemployment, i wouldn ’ t say the recovery comes too soon. that being said, this is no time for complacency. the future is not written. it will depend on our capacity to engage resolutely in structural reforms, to draw all the lessons from the present crisis, without accepting any taboos

requires, may restrict home ownership possibilities for some low - income groups. the bubble we have experienced should be a reminder to us that the alternative is much worse in the medium term for everybody. i am sure that we will agree that runaway growth in prices is the main factor that ultimately restricts the affordability of home ownership. in sum, banks perform an essential function in the economy. but to be able to provide the best service to society they must adhere to rigorous management principles, acting responsibly at all times. conclusions. let me conclude by once again thanking adicae for their invitation. i am certain this conference will be successful, giving the significance and topicality of the subjects on the agenda and the calibre of the speakers. if you will allow me, i would ask that this conference, as well as discussing past conflicts, should also reflect on the banking sector ’ s role in support of firms and consumers in the difficult setting shaped by the covid crisis. i think it would be good to try and learn from past errors and to attempt to put this climate of customer - bank confrontation behind us. we are ultimately all in the same boat, and we should exit this crisis together. thank you.