It brings together specialists from France and abroad from the banking and corporate sectors as well as from academia. In my remarks, I would like to share with you some thoughts on three areas: the fundamental causes of the financial turmoil, the main avenues for financial sector reform and some of the broader lessons to conclude from the current episode. II.
Under-pricing of risk  Let me begin with the causes of the turmoil: in the four years to August 2007, macro-financial conditions were very favourable on the surface.