or microeconomic policies in place that encourage flexibility and adaptability. in canada, we have made good progress in improving the flexibility of our economy. this is evident in the way that the economy has been able to adjust to the various shocks that have come its way in recent years. indeed, although these shocks have had different effects across sectors and regions of the country, growth in overall output and employment has remained solid, while inflation has remained low and stable, as resources have shifted to those sectors whose products have been in high demand. but this does not imply that we should not be looking to improve canada's structural policies. there are some priority areas in this regard. considerably more needs to be done to enhance the flexibility and functioning of our internal markets from coast to coast. business regulations and standards, including those for the financial sector, need to be harmonized across canada. and, to make our labour markets more flexible, trades and professional designations should be recognized and fully transferable across the country. the trade, investment and labour mobility agreement reached between british columbia and alberta is an important step in that direction. but more progress of this sort is needed in canada. policies that support flexibility can obviously help economies adjust to economic shocks. but there is also a longer - term payoff that can come from encouraging flexibility. when policies provide the right environment for entrepreneurship to flourish, economies can adapt to longer - term global economic forces and continuously exploit their comparative advantages. consider some of the iconic firms here in the united states, and how a company such as ibm has evolved. ibm was once primarily a manufacturer of " business machines, " as its name implies. but as other countries and economies developed and became better placed to manufacture goods, ibm redefined itself and used its comparative advantage to become a " business solutions " firm, offering software, consulting, and even financing services in addition to computers. recent economic and financial developments let me now turn to recent developments. a little more than two weeks ago, the bank published its monetary policy report. in that document, we noted that growth in the canadian economy has been stronger than projected, supported by the robust global economic expansion and strong commodity prices. canada's economy is now operating further above its production potential than had been previously expected. we also noted three major and related developments since the summer that have affected the outlook for the canadian economy. first, the canadian dollar has appreciated sharply. in the report, we noted that while the dollar has been supported by firm commodity

francois villeroy de galhau : bank of france - how the commitment to fintechs is being implemented speech by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), at the acpr - amf forum fintech, paris, 11 october 2021. * * * dear minister, ladies and gentlemen, i am very pleased to welcome you to the banque de france this morning for this annual acpramf fintech forum – and i would also like to welcome robert ophele, chairman of the amf. mr. minister, dear cedric, you have once again given us the pleasure of being present for this second forum. the strong attendance of public officials testifies to our collective commitment to fintechs, which i am convinced are indispensable to the financial sector, as a driver of creativity, vitality and efficiency. previously a garden in the making, the fintech ecosystem is now growing in leaps and bounds. this is especially the case since these start - ups have benefited from the acceleration of digitisation in finance resulting from the health crisis. moreover, 2021 was a record year for fundraising in the sector : eur 1. 7 billion had been raised by the end of august 2021, which is already twice as much as for the whole of last year, and this year also saw the birth of the first french fintech “ unicorns ". this morning, i would like to illustrate to you how our commitments to fintechs are being implemented in practice : ( i ) firstly by enhancing dialogue, ( ii ) secondly by facilitating their integration into the regulatory framework, ( iii ) and lastly by conducting experiments with them. i. enhancing the dialogue with fintechs we communicate with fintechs primarily through the specific correspondents of the banque de france and the acpr. at the banque de france, thestart - up correspondents, also french tech correspondents, assist start - ups at all stages of their project ( financing, ratings, etc. ). at the acpr, the fintech innovation unit is a dedicated gateway for fintechs. each year, about 250 discussions are conducted in this context, half of which being initial contacts with innovative project leaders. with the development of the fintech ecosystem, it became necessary to broaden dialogue to all stakeholders, which is what our acpr - amf