temporary. i would like to conclude by coming back to newton's experiment, where he split white light into the colours of the spectrum using a prism, and then recombined them using a second prism. after breaking the challenges of financial stability down into a spectrum of five questions – which are not exhaustive – i would like now to recombine them into a single certainty : we, as supervisors and regulators, we the acpr, will do everything within our power to safeguard financial stability in the new macrofinancial landscape. i shall give the floor now to dominique laboureix : i would just like to congratulate him on his appointment as chair of the european single resolution board, and thank him warmly for his powerful work as secretary general of the acpr for the past three years. 1 those subject to solvency ii. 2 the ecb blog, bitcoin's last stand, 30 november 2022. 4 / 4 bis - central bankers'speeches

policy space in a negative spiral. as we have seen in other countries, if inflation consistently falls short of the central bank ’ s objective, consumers, workers, and businesses start to expect lower inflation to continue. expectations of low inflation can create a self - fulfilling dynamic with actual inflation, making it even more difficult for the central bank to boost inflation. and because inflation is reflected in nominal interest rates, that, in turn, can reduce the amount of policy space the central bank has available to prevent the economy from slipping into recession. in fact, in recent years, central banks around the world have had to use a larger variety of policy tools than they have traditionally used to support the recovery. some issues to explore given the new normal of low equilibrium interest rates and low sensitivity of inflation to slack, it is prudent to assess how well various approaches worked both here and around the world, with a view to identifying the best ways to promote the goals the congress assigned to us. earlier this month, we held a conference in chicago where we heard from experts as well as community organizations, small businesses, labor organizations, and retirees. we are looking at our tools and strategies, assessing not just the various approaches that were undertaken, but also approaches that have been proposed but not tried. one of the ideas discussed in chicago is that the federal reserve should explicitly promise to “ make up ” for misses on inflation during a downturn. the federal reserve could hold interest rates lower after a recession is over, perhaps by promising not to raise interest rates until inflation or the unemployment rate have reached particular levels. 5 a related idea discussed in chicago is average inflation targeting, meaning the federal reserve would aim to achieve its inflation objective, on average, over a longer period of time — perhaps over the business cycle. 6 this approach could also have aspects of a makeup policy, depending on how it is designed. while such approaches sound quite appealing on their face, they have not yet been implemented in practice. there is some skepticism that a central bank would in fact prove able to support above - target inflation over a sustained period without becoming concerned that inflation might accelerate, and inflation expectations might rise too high. 2 / 4 bis central bankers'speeches at the chicago conference, we also heard how difficult it can be to estimate with any precision the “ maximum employment ” leg of our dual mandate. 7 there is no fixed destination point for maximum employment — no single number where we can be sure we are “ there. ” maximum employment