francois villeroy de galhau : challenges for france ’ s economy and financial sector in 2016 new year address by mr francois villeroy de galhau, governor of the bank of france, paris, 18 january 2016. * * * ladies and gentlemen, thank you for coming here today to this magnificently restored golden gallery. this is the first time that i am giving this address as governor of the banque de france, but it is an auspicious tradition that brings us together. i would like to start by extending my warmest wishes to you, your colleagues and your institutions. 2016 has already been marked by volatility : weak financial markets and commodity prices, from china and the middle east ; political uncertainty in europe, in southern europe, in eastern europe, north - western europe with the british referendum, and even in central europe with the refugee crisis. it is our duty to be vigilant, but we must also, on the one hand, distinguish real information from background noise and real challenges – and there are no shortages of them – from the sensational and sometimes excessive statements at this start of this year ; on the other hand, in the face of current volatility, we must stick to our mediumterm objectives. this evening i will not discuss the eurosystem ’ s monetary policy as we are in the “ silent period ” leading up to the governing council meeting this thursday. such longterm strategies also apply to the reforms in europe and in france. i would like to broaden my personal wishes to three collective wishes : for our country and its economy first ; for its smooth financing second ; and for financial stability and the soundness of your institutions lastly. 1 ) today a confirmed recovery is underway, with growth of over 1 % in france in 2015, and 1. 5 % in the euro area. in 2016, despite the uncertainties, all indicators point to higher growth. france must now transform this modest but real recovery into strong, lasting, job - creating growth. to do this, two conditions must be met in 2016 : public reforms must be pursued, and corporate investment must be stepped up. as regards the reforms, france is currently being penalised by excessive debt levels in its public sector ( differential of 25 % of gdp vis - a - vis germany, whereas both countries displayed the same level in 2010 ) and the deterioration in its trade balance and competitiveness. the fight for growth and against unemployment can only be won over time,

mario draghi : the transatlantic relationship in an era of growing economic multipolarity keynote speech by mr mario draghi, governor of the bank of italy and chairman of the financial stability board, at the peterson institute for international economics – bruegel conference, washington dc, 8 october 2010. * * * let me start by thanking [ fred, the iie, bruegel ] for inviting me to this policy debate on regulatory reform and transatlantic relations. the issues on the conference agenda are highly topical and present challenges for international policy makers. just as is the case for tackling the problem of global climate change – another important topic on your agenda – achieving a more stable and resilient global financial system requires coordinated action at the global level. the us and europe have strong joint interests in this and are critical to progress. but so are the growing weight of countries beyond these continents, and they have come to play an increasingly important role in shaping global outcomes. in my remarks i will first review what we have achieved so far in terms of financial reforms. i will then turn to important challenges still ahead of us. and i will conclude with thoughts on international policy coordination and the role of the fsb. achievements so far we have come a long way towards strengthening the financial system since this crisis began, reflecting an unprecedented amount of international co - ordination in achieving consistent reforms. while issues remain to be resolved, in europe, in the us and elsewhere, we are, collectively, fundamentally reshaping the framework for systemic financial oversight. let me note some examples : – first, top - down, system - wide oversight arrangements are being put in place at national, regional and international levels. these arrangements are designed to deliver more encompassing surveillance, with broadened macro - prudential perspectives, and better mechanisms for triggering action on identified risks. examples are the european systemic risk board and related arrangements, the us financial services oversight council, the imf - fsb early warning exercise, and the establishment of the fsb itself. – second, major jurisdictions have overhaulied their regulatory and supervisory structures to strengthen responsiveness to risks, improve coordination and close gaps. the fsb is in many ways the international manifestation of these efforts ; – third, the regulatory perimeter is being expanded. major jurisdictions have finalized or will shortly finalize legislation that establish regulation and oversight over the otc derivatives markets, hedge funds and credit rating agencies. in each of these areas, principles for what regulation should achieve have been internationally agreed