eyes of europe and the world, which is extremely positive. lastly, in 2017 basel iii was finalised. bankers – largely represented this evening – had expressed, alongside others, serious concerns. the agreement of 7 december 2017 is the best possible agreement for our country and for europe, thanks to the particularly active commitment of french negotiators. we maintain, against all temptation of nilateralism or deregulation, our commitment to the multilateral rules of the game in place since 2009. and we are stabilising these rules once and for all : there will not be a basel iv. in sum, 2017 positively marked a turning point for both the united states and france. the beginning of 2018 has thus been characterised by a welcome optimism, but one which must not act as a disincentive : confidence yes, complacency no. we must not lie back and enjoy the return of blue skies ; we must take steps to ensure that this improvement is transformed into stronger and sustainable growth. to this end, i wish to make four collective wishes for the coming year. 2. four wishes for 2018 my first wish concerns europe. this does not so much concern our monetary policy, which has 1 / 3 bis central bankers'speeches entered a gradual normalisation phase, and which is a success ; i will not discuss it further this evening during the " silent period ". 2018 must above all be the year of economic union, which still largely remains to be built. we must now or never take advantage of the recovery to tackle the shortcomings of the euro area. because france and germany ’ s electoral calendars are aligned for the first time in 15 years, and since last friday, there is a prospect of a pro - european coalition in germany. and because now is the time to strengthen our economic instruments in order to deal with a future european recession, the day it comes. otherwise monetary policy may be overburdened. my second wish concerns our country. the french economy is in much better shape, but there are still major drags on growth. at around 1. 9 %, we are above our potential growth rate, which means that we are coming up against more structural limiters. there are at least two indications of this : a persistent negative growth differential vis - a - vis the euro area of around half a percentage point, and a current account deficit and hence a lack of competitiveness. in order to increase the speed of the french economy, we need

michel camdessus central banking lecture – washington, 14 september 2022 ethics of currency : a possible guide for central bankers? speech by francois villeroy de galhau, governor of the banque de france press contact : mark deen ( mark. deen @ banque - france. fr ), deborah guedj ( deborah. guedj @ banquefrance. fr ) page 1 sur 10 ladies and gentlemen, it is my great pleasure to be in washington with you today, and to deliver this speech in honour of michel camdessus. i would like to take this opportunity to pay a special tribute to him, and express my personal gratitude. michel is not only one of my predecessors as a governor of the banque de france, but also a friend of mine and – yes – a master. my speech was prepared with his precious help, so today you can almost enjoy a “ camdessus lecture by michel camdessus himself ”. the theme we chose together, the “ ethics of currency ”, has guided him throughout his career. in the murky waters that we central bankers are navigating, it should more than ever serve as a golden thread. i will briefly discuss the reasons why i dare to talk about the ethics of currency ( i ), then elaborate on the golden triangle of trust today ( ii ) and finally raise the question as to whether the international dimension of trust can still inspire us ( iii ). i. why i dare to talk about the ethics of currency before going any further, we must find a common definition of “ ethics ”. is it possible to take this word as a synonym for “ morality ”? for centuries, this question has been the “ bridge of donkeys ” ( pons asinorum ) for philosophers ’ apprentices. supporters of the synonym theory highlight a common etymology between the two words – morality is the latin translation of greek ethos. despite their initially identical meanings, the two words nevertheless have followed different paths over time : “ morality ” can be described as a “ hard concept ”, similar to the fundamental rules engraved on moses ’ stone tablets or in the code of hammurabi. in contrast, “ ethics ” refer to a softer and less binding concept, a kind of existential version of morality with a more personal dimension. i will use the word ethics in that way in this speech. the question of interest rates is a noteworthy example of the way a moral prohibition can evolve into a more flexible