denis beau : financial markets - driving innovation and connectivity opening remarks by mr denis beau, first deputy governor of the bank of france, at the paris financial seminar, co - organised by the hong kong monetary authority and paris europlace, hong kong, 16 january 2019. * * * ladies and gentlemen, i am very pleased to open this seminar jointly organised by paris europlace and the hong kong monetary authority ( hkma ). a new year is usually the time when we regain confidence in the future and in our collective ability to prepare for it. * * * however there are many uncertainties weighing on the global economic outlook. in europe, there are still many uncertainties about the outcome of brexit negotiations and the vote over the withdrawal agreement. caution requires that we all be prepared for a no - deal scenario. public authorities and most importantly market participants have all prepared serious contingency plans to address and master the cliff - edge risks associated with such a no - deal scenario. as a result, we can expect that those risks will be appropriately managed, without financial stability implications, should such a scenario occur. outside europe, global trade tensions are also generating additional uncertainties. protectionism can indeed be a temptation, but in my view it should not be an option. let ’ s be clear : our economies are increasingly integrated, and research conducted at the banque de france suggests that a rise in protectionism on a large scale ( i. e. a generalised trade war scenario ) would have a negative impact on global growth. yet these uncertainties can be turned into opportunities and i would like to emphasise that. it is worth noting that eu member states remained impressively united behind their negotiator, michel barnier, during the brexit talks. this unity must now be directed towards achieving an ambition : completing and strengthening the economic and monetary union. this period of uncertainties actually reminds us that bilateral and multilateral cooperation are quite valuable, as they are a common wealth enhancer, especially when the issue at stake is financial regulation and financial stability. at the end of 2017, central bankers and supervisors reached a very important agreement on the basel iii post - crisis regulatory reforms. this agreement must now be implemented in various jurisdictions to further increase the soundness of the banking system. since the great financial crisis, other issues have emerged. cyber - risks have risen significantly over the last few years and the financial sector remains a primary target. the surge of crypto -

of the main determinants of financial stability, which is their mandate. this is a shared conviction. at the one planet summit in paris in december 2017, the banque de france, with the support of other central banks and supervisors, launched the network for greening the financial system ( ngfs ), which now comprises some 30 central banks, supervisors and international organisations, including four asian members, and will certainly attract more in the coming years. * * * let me now conclude by quoting nassim nicholas taleb, the famous author of the black swan. he once wrote that uncertainties can be like the wind which “ extinguishes a candle and energises fire ”, and added the following : “ you want to use them, not hide from them. you want to be the fire and wish for the wind ”. my wish is that the ongoing uncertainties will become the wind that deepens our bilateral and multilateral cooperation. on that hopeful note, i wish you a very happy new year and for the time being an inspiring and fruitful conference. 3 / 3 bis central bankers'speeches