lars nyberg : the riksbank's cooperation with sida speech by mr lars nyberg, deputy governor of the sveriges riksbank, at a seminar arranged by sida, stockholm, 13 december 2006. * * * let me begin by thanking you for this opportunity to briefly describe the riksbank ’ s work on aid issues. i would also like to say that it is particularly pleasing to see that the nobel peace prize has this year been awarded to efforts in the financial sector in bangladesh. otherwise, the financial sector is often sadly forgotten in aid contexts. foreign aid to developing countries often concentrates on combating poverty in all its forms, which is of course commendable. but it is easy to forget that a financial sector with functioning institutions is necessary to achieve long - term stable economic growth. a high inflation rate in one country may, for instance, quickly lead to greater poverty among large sections of the population than even the best type of poverty combating measures have time to counteract. a wellfunctioning central bank and responsible monetary policy can therefore make a significant contribution with regard to combating poverty. the riksbank has cooperated with sida for some years now in building up and reinforcing capacity within the central banks of sri lanka, vietnam and uganda. we do not call this foreign aid, but quite simply “ staff exchange programmes ”. as all of the central banks in the world do more or less the same things, albeit in rather different ways, it is always rewarding to see how others work. we therefore send experts in various fields out to the countries with which we have this cooperation, for instance, experts who design payment systems or make models for inflation forecasting. the other central banks send their staff to us for further discussion of these issues or to talk about other things, such as how we deregulated the financial system in sweden in the 1980s, or how important information and transparency are if one is to run a central bank with independent responsibility for monetary policy. recently we have received some young employees who have stayed with us for periods of a month to six weeks on “ internships ”, where they can, for instance, learn how to write a financial stability report from scratch. long - term thinking is a central concept of our programme. it takes time to understand one another ’ s reality and to create relationships that lead to cooperation based on mutual trust. we usually say it takes at least five years. central bank governors

francois villeroy de galhau : european and french economic outlook and post - brexit financial architecture speech by mr francois villeroy de galhau, governor of the bank of france, at the 2019 paris europlace international financial forum, tokyo, 28 november 2019. * * * ladies and gentlemen, it is a great pleasure to be with you again in tokyo, with my colleague and friend governor kuroda. the paris europlace international financial forum in tokyo is now a well - established tradition … even if the topic of your sessions touches upon “ new frontiers in finance ”. in my remarks today, i will elaborate on the european and french economic outlook, before turning to the future european financial architecture after – and beyond – brexit. * * i. causes of and answers to the current european slowdown the causes of the european slowdown initially lay outside the euro area : of these geopolitical uncertainty is undoubtedly the most important ; it is mostly man - made, and must be fixed by man. we are witnessing a significant slowdown in global trade due to the escalation of trade disputes. the consequent loss of global growth could reach up to 0. 8 % next year according to the imf, mainly due to indirect effects, beyond tariffs : the fall in business confidence and investment, the decrease in productivity. similarly, the twists and turns of brexit have created market volatility and weighed on business investment. the effects of the slowdown are very acute in the euro area ’ s biggest economy, germany, which is very much exposed to global trade. structural trends are also at play. we observe a downward trend of productivity growth – which is considered by some as “ secular ”, jumping perhaps too hastily to a very long - term conclusion. furthermore, the ageing of the population means the labour supply is shrinking and potential growth is falling. thanks to japan ’ s g20 presidency, the challenges posed by demographics are now on the agenda. the ecb ’ s monetary policy has played an important role in supporting the recovery of the euro area : estimates put the cumulated impact on growth at around 2. 5 pp and on inflation at between 1 and 1. 5 pp for the period 2014 – 181. in addition, 11 million jobs have been created since 2013. in september, the ecb introduced a further package of measures. although it has received less attention, the most innovative part of this package is the strengthening of the state