and the eu in a swift, orderly and consistent manner. we can ’ t make any assumptions at this stage as to the outcome of the negotiations. what is clear, however, is that there can be no cherrypicking and no free - riding. for the uk to maintain access to the single financial market, all the usual eu rules should be strictly respected. 2 ) building on our strengths to raise investment and growth despite the gradual economic upturn seen in 2015 – 2016, our main european challenge is still how to increase growth. to achieve this, the priority is to boost business investment – in france it is currently forecast at + 3. 4 % for 2016. this depends on economic levers, to be strengthened through structural reforms. but it also depends on financial levers – the core challenge being equity financing, which is key for innovation. in this respect, europe is lagging far behind the us : the equity share of corporate financing in the euro area is 52 % of gdp compared with 121 % in the us. bis central bankers ’ speeches france and europe do have substantial strengths to meet this investment challenge. let me focus on two of them today : – first, savings are abundant. in france, the household saving rate is high : 14. 1 % of gross disposable income in 2015, second only to germany ( 17. 4 % ) among the main european economies. in the euro area, the current account surplus is substantial : more than 3 % of gdp in april 2016 – meaning that savings exceed investment by nearly eur 330 billion. this gap needs to be closed by fostering investment rather than by reducing savings. – second, our financial system is solid. the regulatory and supervisory frameworks have been considerably strengthened since the crisis, both at the international and european levels. today, the french banking system is one of the soundest in europe and in advanced economies : between 2008 and 2015, the cet1 solvency ratio of france ’ s major banking groups more than doubled, from 5. 8 % to 12. 6 %, which is eur + 143 billion of core capital. moreover, their liquidity ratio has exceeded 100 %, three years ahead of the basel iii deadline. the french insurance sector too is robust, and has swiftly adapted to solvency ii. new assessments are under way, but using the previous standards, france ’ s major insurance groups cover their own funds requirement by around 230 %. clearly, financial stability is a priority for us ;

euroclear “ cmu and innovation ” conference 3 october 2024 opening address by denis beau, first deputy governor what will tomorrow ’ s post - trading industry look like and what forms of cooperation will it deploy? ladies and gentlemen, in a tougher and more fragmented world, an increasing body of analyses and reports are identifying europe's vulnerabilities – especially in the economic and financial sphere – and proposing ways of remedying these by leveraging and consolidating our key competitive advantages. these levers include europe's financial firepower, which is not currently commensurate with its economic heft, even though it has to contend with major investment requirements for two necessary transformations in the digital and climate spheres that hold immense promise for the future. from this perspective, the post - trading industry has a key role to play in harnessing these new digital technologies and processes which are developing before our eyes and transforming our financial system. from my perspective as a central banker, tasked with overseeing the efficiency and security of the post - trading infrastructures that are so crucial to the stability of our financial system, these innovations constitute both opportunities and risks. their deployment therefore raises strategic and operational questions that we need to answer collectively if we are to ensure that tomorrow's post - trading infrastructures safeguard the competitiveness and sovereignty of our financial system, while maintaining the stability that the legislator has tasked us with preserving. this raises the following two questions in particular : what will the post - trading services industry look like in the wake of these transformations? page 1 of 5 what path should we follow to transition to the post - trading environment of tomorrow, without jeopardizing security and efficiency? to help move the debate over the potential solutions forward, i would like to talk to you this evening about how we at the banque de france see both the development of our service offering in terms of assets used to settle transactions and infrastructure that can help to shape the posttrading environment of tomorrow, and the cooperation arrangements and priorities that need to be established to ensure a smooth transition to this new environment. i. the eurosystem's changing service offering to perform its financial stability mandate with regard to post - trading infrastructures, the eurosystem uses three instruments : the provision of services, supervision and boosting market initiatives. within this toolbox, the provision of services has long played a key role. this has meant that infrastructure services t2 and t2s and central bank money take centre