ratios close to 100 %. on the other, emerging economies, with high savings, low debt ( around 30 % gdp on average ) and bis central bankers ’ speeches less absorption capacity. our common prosperity will therefore depend on our ability to create stable channels of financial intermediation between those two parts of the world. that, in turn, will crucially depend on the existence of assets that can be considered safe stores of value. but, as i have argued from the start, public debt may not be able to play that role to the same extent as before. the ultimate safe asset, therefore, could be the currency itself. markets will trust currencies that are managed with one overriding priority : preserving price stability and the intrinsic value of the currency unit. on this fundamental basis, we can look at the future of the euro with realistic optimism. i see the recent decision by the swiss central bank to peg the swiss franc to the euro as an illustration of this conviction. * * * * a few words now on the french banking sector. first, banks have been hit in all advanced economies by the downward revision of growth prospects. this reaction can be explained by the fact that slower growth means lower profits, thus lower dividends. at the same time, banks are required to build additional capital buffers, which further constrain their pay - out ratio. so dividend prospects are doubly affected and that explains why share prices are reacting to negative news on growth. this movement has been more pronounced for french banks which are suffering from two specific vulnerabilities, one real, one exaggerated. the real vulnerability is their dependence on dollar funding, due to the scale of their international activities, which they may have been initially too slow to address effectively. it is currently being dealt with through a combination of deleveraging and consolidation. in the meantime, in order to ease this transition, the eurosystem, together with other central banks across the world, has decided to conduct us dollar liquidity - providing operations with a maturity of three months. a more exaggerated concern about french banks is their exposure to sovereign risk. let me just point out some facts : total exposure of major french banks to the sovereign risk of socalled “ peripheral countries ” amounts to 60€bn. to take an extreme – and from my view point – totally unrealistic scenario – a 50 % haircut on greece and 25 % haircut on italy and spain would result in a 12 % loss

use regulations impact the availability of low - cost housing? how would novel approaches to housing development increase supply and longevity of affordable units? should practitioners consider more comprehensive programs that include workforce development and financial literacy to help renters and their families achieve economic stability? access to stable, affordable housing is critical for economic well - being, and it provides an important foundation for an individual to fully participate in the economy. i hope that today's discussion is valuable for all our panelists and participants. i am excited that we are able to facilitate an ongoing dialogue among this distinguished group of researchers and practitioners to share information and discuss policy challenges related to affordable rental housing. 2 / 3 bis - central bankers'speeches i hope that these conversations can lead to identifying evidence - based solutions to meet the demand for affordable housing that is so crucial in maintaining vibrant communities. thank you for joining us. 3 / 3 bis - central bankers'speeches