around eur 260 billion. for all that, is public production better in france? certain objective outcomes are positive. inequalities continue to be more contained in france than in our neighbouring economies, and even more so than in the united states. in its first “ augmented national accounts ”, xiv insee estimated that the extended redistribution ( all transfers including those associated with public services ) in france reduces the income ratio between the wealthiest 10 % and the poorest 10 % by a factor of six before and after transfers. consequently, the french gini coefficient after transfers, is among the lowest. our level of public investment is significantly higher than that of our neighbours ( 4. 3 % of gdp in france, compared with 3. 3 % for the euro area as a whole, and 2. 8 % in germany ) and this is apparent in the quality of our roads and infrastructure. and public spending has protected households and businesses against a succession of economic shocks following the 2009 financial crisis. for a long period, household purchasing power rose more markedly in france than in the euro area as a whole ( by a cumulative 30 % since 1999, compared with only 18 % for the euro area ), xv even though public perception is nowhere near as favourable. by contrast, there is less growth in france : gdp per capita has risen more slowly in france, by a cumulative 21 % between 1999 and 2023 compared with 26 % in the euro area as a whole, which itself lags considerably behind the united states ( up 39 % ) in terms of growth. furthermore, our government expenditure has not created more jobs than in neighbouring countries : in france, the unemployment rate remains higher, and the employment rate lower, than in the euro area as a whole, despite improvements in the labour market over the past decade or so. last and most importantly, social cohesion and life satisfaction are no better in france than elsewhere. between 2010 and 2023, the oecd social cohesion indicator deteriorated more sharply for france than for any other country. xvi and france's life satisfaction index, at 7 on a scale of 1 to 10, stands slightly below the european union average of 7. 1. xvii here we touch on the promising research into the “ economics of happiness ” or “ well - being ” xviii, and its paradoxes, especially by richard easterlin ( relative comparison counts for more than absolute prosperity ). 2. 2 this landscape may appear bleak... but these comparisons are actually opportunities

conference on “ central banks as political players? ” paris, 5 december 2024 overcoming current challenges in public services speech by francois villeroy de galhau, governor of the banque de france press contact : delphine cuny ( delphine. cuny @ banque - france. fr ) ladies and gentlemen, i am delighted to open – here in the jacques delors amphitheatre – this conference organised by banque de france around the question of “ central banks as political players? ” i would like to warmly thank all members of the historical committee, in particular michel margairaz and olivier feiertag, whom we will have the chance to listen to today, among other historians. we have always been wary of this question because in the distant past, the banque de france and its “ regents ” were sometimes criticised for their presumed “ political ” influence. fortunately, times have changed and the banque de france now belongs to all french citizens. this independence from political power is now well asserted and – better still – widely recognised. i obviously, it is not “ selfattributed ” but stems from democratic power with a specific mandate, namely price stability. incidentally, as we are in a silent period, i will not talk about monetary policy today. consequently, the banque de france does not position itself as a political player even though it is a key public player : it strives to provide the best services on the ground at the lowest cost. now more than ever, it aims to be a catalyst for inclusion through its battle against inflation and overindebtedness and its role in promoting financial literacy ; to reduce uncertainty through its economic surveys and forecasts and its financial supervision ; and to be a long - term stakeholder through its commitment to the climate. but today i invite you to take the opportunity of this historical conference to take both a step back from ongoing budgetary and parliamentary events – however weighty they may be – and a step to the side : central banks can be seen as careful observers of the current challenges facing public services, if only through the consequences of fiscal policy on the policy mix, the second ingredient of which is monetary policy. i am also going to speak as someone who is passionate about public service and who believes profoundly in the european social model. this unique combination of universally accessible essential services, strong social protection and tax redistribution has produced – particularly in our country – some of the most cohesive societies in the world, and some