11th international insurance conference paris, 25 october 2019 “ insuring in the long term in a short - term world ” speech by francois villeroy de galhau, governor of the banque de france chairman of the acpr press contact : mark deen ( mark. deen @ banque - france. fr ). page 1 of 6 madam president, ladies and gentlemen i am delighted to participate in this 11th international insurance conference. this will be my fourth time at this unmissable annual event, but the first for you, florence. bernard delas and i would like to offer you our warmest wishes for success at the head of the federation francaise de l ’ assurance ( ffa – french insurance federation ). for our part, changes are also underway and i would like to take the opportunity this evening to welcome the appointment of dominique laboureix as secretary general of the acpr, with first deputy secretary general, patrick montagner, whom you know well, at his side. the subject of your 11th conference – “ insuring in the long term in a shortterm world ” – perfectly sums up the real challenge to the insurance profession. i would like to begin by thanking france ’ s 712 authorised insurers that never waver in playing their key role in the financing of our economy, with eur 2, 600 billion of investments. in 2018, france became the leading european insurance market, outpacing the united kingdom and germany in terms of total balance sheet value and non - life premiums earned. the french insurance market has also enjoyed strong growth, with revenue up by almost 3 % [ 2. 7 % and 3. 1 % in non - life and life insurance, respectively ]. in response to the legitimate concerns that many of you have raised, i have chosen to focus on two main issues : the challenge of low interest rates ( i ) and our ambition for the solvency ii review ( ii ). * * * i. the challenge of low interest rates a. the economic situation compels us to keep interest rates low i recently marked out the limits that i believe should be set for monetary policy. i thus feel all the more obliged to clarify why the low interest rates are needed, why they are going to continue, and how we have to adapt to them together. i hear your concerns with regard to low interest rates, and i fully understand them. however, it is important not to lose sight of the long - term perspective :

manuel sanchez : an economic outlook and policy update on mexico remarks by mr manuel sanchez, deputy governor of the bank of mexico, at the united states - mexico chamber of commerce, new york city, 26 september 2014. * * * i am honored by the invitation to be here again in the vibrant city of new york. thank you for the opportunity to share my thoughts with you on the economic outlook and policy challenges we face in mexico. a few things have changed since the last time we were together, and i hope to bring you up to date on the most important developments. i would like to talk first, about the current rebound in the mexican economy and how the financial markets are performing ; then, give you some perspective on inflation and monetary policy ; and finally, describe the most recent progress on mexico ’ s structural reform agenda. as usual, my comments are entirely my own and do not necessarily reflect those of the bank of mexico or its governing board. the current economic rebound at this time last year, mexico ’ s economy was deteriorating. today, an incipient upswing is underway. specifically, in the second quarter, mexico ’ s economy posted vigorous growth, similar in annualized terms to that of the united states. data for the third quarter, including the gdp monthly proxy for july, suggest that momentum continues. improvement in the industrial sector has included a strong push from manufactured products, with transportation equipment doing particularly well. after six consecutive quarters of contraction or stagnation, construction has seen some rebound. external demand has played a predominant role in the recovery due to greater manufacturing exports, particularly to the united states. within that category, automobile exports stand out. in addition, the expansion of services continued, especially those most associated with external demand. on the domestic side, consumption in the second quarter picked up, and recent sales data suggest that the pace continues. formal employment is expanding, as has been the case since 2010. however, total employment has been stagnant this year. the previous two facts are consistent with a slight decline in informality. more formal - sector jobs may have provided support for higher consumption. yet, consumer confidence remains relatively low, indicating some fragility there. furthermore, investment in the second quarter kept up a revival, driven by the private sector, and could strengthen even further in the near term. indeed, this is suggested by the business community ’ s more positive answer to the survey question of whether or not this is the right moment to invest. 1