Our analyses show that in the vast majority of instances the signals and complaints received at the BNB theoretically could have been resolved then and there, at the branches and divisions of your banks, as these did not need to get as far as the head offices and executive directors of the institutions. I would like to emphasize that the BNB had stated its position about the relations between commercial banks and their customers long before this became a hot topic in the media. Allow me to conclude my speech in literally the same words, which I used to speak to you here exactly 4 years ago (back then, in 2006, banking was on the upswing and nobody was talking about crises or difficulties in repaying loans): “…it is in the interest of both consumers and the banking industry to establish between the two sides of the process long-term relations based on transparency of financial services pricing, and on the strict observance of obligations by both parties.” In conclusion, allow me, on behalf of the BNB Governing Council and on my own behalf, to congratulate everyone of you on the occasion of our professional holiday, the Banker’s Day – 6 of December! I wish you a successful 2011 year and much health to your families as well as to the balance sheets of the banks you are running! Happy Banker’s Day, dear colleagues! BIS Review 169/2010  3
Such a transfer would be especially paradoxical since sustainable development has become a key priority and the quality of the environment passed on to future generations has never before to such an extent inspired and guided public action. * The French economy must now be allowed to fulfil its potential. While globalisation offers opportunities, it also creates numerous insecurities. The accumulation of such sentiment may result in slowing down or preventing the necessary reforms. But because the world economy  6  BIS Review 92/2007  is changing rapidly, the refusal to adapt would lead, inevitably, to weaker growth for France and greater insecurity for all French citizens, especially those that are least protected. This dilemma is not peculiar to France. All the other European countries are experiencing this friction between the natural desire for greater security and the unavoidable need to adapt. It is important for each country, according to its traditions and culture, to find the means of taking up this challenge. However, France boasts numerous and decisive advantages: Europe’s most dynamic demography; a high level of energy independence, which is an inestimable advantage in these times of economic and geopolitical uncertainty with regard to supplies; active and dynamic companies, which have been able to take ample advantage of the opportunities afforded by globalisation; and lastly a highly-skilled workforce which, to some extent, accounts for France’s high hourly productivity levels. These advantages must therefore enable France to achieve strong growth that creates jobs in a stable monetary environment. This opportunity must be seized.