and we are holding it tight! faced with a multidimensional crisis, we boosted our fx reserves to a record level of eur 20. 9 bn at end january. they are a sufficient guarantee that we can respond to potential shocks from the international environment. i would like that this kind of serving the general good, which is in the interest of all of us individually, is cherished by all those who have power and authority to agree 7 / 8 bis - central bankers'speeches on different matters, and who, guided by their short - term benefit, inflict long - term damage to everyone. we can all contribute by making sure that individual interest of a particular group of people or a lobby does not become the generator of an inflationary spiral! for instance, the downward trajectory of food inflation, which we all expect until the end of the projection horizon, could be moderated by the imperfect structure of the market on the supply side, i. e. lack of stronger competition in this segment. no one has the right to instil a sense of insecurity by acting irresponsibly or pursuing selfish short - sighted interests and thus make long - lasting damage to all! along similar vein, we must not create unfounded expectations. it is our duty to work in the most responsible way so as to minimize the effects of the crisis. this is a time when stability and peace are of paramount importance and we must navigate it together, demonstrating more solidarity. we have the obligation to pass on knowledge and to strengthen human capital, because this is the best investment in future we can make. esteemed participants of the business forum, let me quote henry ford who said : coming together is the beginning. keeping together is progress. working together is success. in the spirit of the central theme of the 30th kopaonik business forum, our experience shows that what matters for a resilient economy are : stability – political, macroeconomic and financial ; coordination in policy adoption and implementation ; diversification of markets, sources and investors, as well as strategic inventory build - up ; and last, but not least important in an environment of shared risks – cooperation. all of this matters for investment, digital economy, circular economy and human capital development. i can only add unity and solidarity, as factors of social and political stability, which are key ingredients to the economy's sustainable growth and resilience. i will always support the decisions of the one who has deserved my trust with

christian noyer : the end of the financial dictatorship? introduction by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, to session 5 “ the end of the financial dictatorship? ”, aix - en - provence economic forum, aix - en - provence, 6 july 2013. * 1. * * firstly, is finance really a dictatorship? this question isn ’ t new : already petronius, in roman times, at the start of our modern era, asked : “ what use are laws when money is king? ” the question seems rhetorical, and you can sense in its resignation that the latin writer ( who, incidentally, was born in the nearby city of marseille ) was already worried about the difficulties of establishing the primacy of politics over finance. i ) it is true that the world of finance does have considerable powers : • the power to create and support economic development. in its most traditional forms, this is finance ’ s most crucial role – and power : it is an essential cog in the wheel of economic activity, allocating capital, supplying credit and enabling the management of risk. more than just “ the sinews of war ”, it can be seen as the lifeblood flowing through our veins. • but also a highly destructive power : it was the unchecked sophistication of finance and the excesses this caused that lay behind the 2007 - 2008 financial crisis, a crisis that subsequently transformed into an economic, social and political crisis. limited losses on subprime loans ultimately led to the destruction of millions of jobs throughout the world, and the links between finance and the real economy were cruelly laid bare. ii ) but finance can certainly not be considered “ all powerful ” : in my opinion, the world of finance only has the political power that state governments choose to give it. • granted, the difficulties some countries were facing, notably in the euro area, were exacerbated by financial market pressures – think back to the attacks on italian debt in the summer of 2011. but if the markets were able to exert this pressure, it was because those countries had, in a sense, put themselves at their mercy by demanding that they finance their ever - expanding public deficits, even during periods of growth. • in nearly all the crises faced by the euro area since 2009, it is true that market reactions were often brutal and even extreme. but these reactions were frequently