would rather have a capital market where the insurance companies play a bigger role. and i am sure you, actuaries, will play a very big role in that. in short, banks, by their very nature, have a lot more resources than insurance companies, but they also are much more limited in what they can do by the very nature of their funding sources. so, i will cut through some parts of my speech because i am sure that you are in a hurry to be sworn in. i was told you have 400 members. and just like us, as i already said, you must want your decisions to be based on data. so, the question we ask ourselves always in the bsp is : how else can we get it? how else can we extract as much as we can from our data? and, in that sense, you probably have exactly the same concerns that we have. i will just tell you that, okay, we are very confident. although i am less than a hundred percent sure that, given what we are doing, we can support the nascent economic growth. what have we done? we have raised interest rates. but fortunately, we seem to be right that high interest rates will not kill the economy. and then, we hope that with the interest rate adjustments, inflation will come back to normal by the middle of next year, unless there are new supply shocks, new surprises. and then by 2024, hopefully, we will be back to normal inflation rates again. i heard the speech of the outgoing president. i congratulate you on a job well done. and it seems to me that every society has exactly the same problem, right? some are happy ; some are not happy. but in the end, the society survives and prospers. by the way, my other impression is you seem to be better funded than economists. you have nicer meetings, okay? so, congratulations to all the members, especially the new officers, and it is my great privilege to be able to swear you in. magandang gabi sa inyong lahat. 3 / 3 bis - central bankers'speeches

francois villeroy de galhau : looking up to achieve a financing union speech by mr francois villeroy de galhau, governor of the bank of france and chair of the board of directors of the bank for international settlements, at the eurofi high level seminar 2022, paris, 23 february 2022. * * * ladies and gentlemen, it is a great pleasure for me to open this edition of eurofi today in paris, and i extend my warmest thanks to didier cahen and david wright for their tireless efforts that allow us to gather in this beautiful hotel du collectionneur. today i will indeed be speaking about a collection – not of fine arts, but rather of national banking and financial systems. unfortunately, such a collection is nothing to rejoice about, it is rather an achilles heel. but let me start with a few words about ukraine. we are obviously monitoring closely the geopolitical developments, and their possible economic and financial implications. let me already stress that the direct exposure of french financial institutions to russia remains limited, but the ssm called all european banks to enhanced vigilance on cyber risks. we will assess in our governing council in march the more indirect consequences on inflation and growth, and we will be facts driven : more than ever, optionality – about the right monetary stance – and flexibility – to guarantee the right monetary transmission – are the two names of the game for our policy. a few days ago, on 7 february, we celebrated the thirtieth birthday of the european union and of the maastricht treaty. i was personally present during the signature of this treaty, which promoted “ the strengthening of economic and monetary union, ultimately including a single currency ”. we have successfully established a monetary eurosystem, however a real financial eurosystem must now develop. let me therefore share some proposals on the banking union and the capital markets union ( cmu ), which are the two cornerstones for such a financial eurosystem. we are all aware the banking union is for 19 countries, and tomorrow 21, while the cmu is for 27. but allow me to mix them today with a common core – the euro area – and a common purpose – the right funding of our economies. i will quote two thriller books today. you may rightly think of the postman always rings twice : andrea enria and myself already conveyed this message quite plainly regarding the banking union during the last eurofi session in september.