on uniform principles, which are applied appropriately, taking into account the size and complexity of the issuer. and our securities laws must be consistently enforced. just as alberta played a lead role in reshaping the canada pension plan to make it a model for the world, i trust that the government of alberta and the calgary business community will play a lead role in establishing a uniform framework for securities regulation in canada – a framework that will help to develop this city's potential beyond the oil and gas sector. economic issues before concluding, i'd like to say just a few words about our most recent thinking on what we at the bank of canada see happening globally and in our national economy. last month, i attended the group of seven meetings in germany. the discussions on the global economy were very much in line with what we had set out in the bank's january monetary policy report update. global prospects remain very favourable. while weakness in the u. s. housing sector is likely to continue for a short while, the weakness doesn't appear to have spread to the rest of the u. s. economy, and growth is expected to pick up over the course of 2007. the bank judges that the canadian economy was operating at, or just above, its production capacity at the end of last year. we continue to project that it should operate near its capacity throughout 2007 and 2008. total cpi inflation at the national level should average just above 1 per cent in the first half of this year, returning to the 2 per cent inflation target in early 2008. core inflation should remain near 2 per cent through to the end of next year. that's a look at our base - case economic projection. but if there's one thing we can be certain about, it's that the economy will not evolve exactly as set out in our base case. so, a very important part of our outlook is the assessment of the risks surrounding our projection. there are risks on both the upside and the downside. the main upside risk to our inflation projection continues to come from stronger household demand in canada. consumption could be stronger than expected, as households borrow against increased equity in their homes. various indicators of household credit have also shown strong growth over the past year. the main downside risk continues to come from the united states where, as i mentioned, clear weakness remains in the housing sector. but there are some encouraging signs. the slowdown in the u. s. housing and automotive sectors does

robert ophele : cyber security in the financial sector opening speech by mr robert ophele, deputy governor of the bank of france, at the conference “ cyber security in the financial sector ”, paris, 17 june 2014. * * * emmanuelle assouan, frederic hervo, claudine hurman, caroline keribin, clement martin and axel petitprez have also contributed to the preparation of this speech. ladies and gentlemen, i am very happy to introduce this conference about cyber - security in the financial sector. this issue could be considered in the first place as very technical, the type of issue that has to be addressed only within a limited forum of experts. this would be an error and on the contrary, it is key that public authorities, including central banks, dedicate sufficient attention to cyber - security, given its system - wide implications notably for the functioning of the financial system. over the past decade, the financial sector has changed considerably with the emergence of the internet and the use of new information technologies. the market has been able to innovate and improve the quality, the performance and the efficiency of services such as online banking, mobile payments, and settlement platforms. public authorities have indeed encouraged dematerialization in the financial sector to foster economic growth and also to reduce the operational risks inherent in previously non - automated processes. for example, the new european regulation on central securities depositories requires using dematerialized securities and promotes automated and straight - through processes in securities settlement systems. in this sense, technological evolutions have allowed to address some of the operational risks inherent to financial activities, especially to curb operating errors in processes ( representing a significant source of losses relative to operational risks ). from this point of view, cyber - activities are a source of economic growth and progress, being essential for the financial sector. however, despite the fact that internet development and electronic transactions growth allowed a better control of operational risks due to diminishing human or operating errors factors, it also triggered the emergence of new risks. the rapid expansion of networks and technologies, the opening of it systems to external exchanges, the growing amount of electronic transactions have caused the emergence of a new type of crime called “ cybercrime ”. the financial sector is indeed an attractive target for cybercriminals : an american study1 led by symantec shows that the finance and insurance sector is among the principal sectors affected by cyber - attacks, just behind public administration. this of course