Analysing the interaction between real variables and financial variables has been assigned high priority. In Financial Sector Outlook we evaluate how an array of factors affect the robustness of the financial sector. The Report includes an assessment of the outlook for the financial sector. If Norges Bank is of the view that the situation requires the use of instruments others than those available to Norges Bank, this should be clearly indicated. Financial Sector Outlook is thus submitted to and discussed with the Ministry of Finance and the Banking, Insurance and Securities Commission. The report is made public and published in our quarterly report Economic Bulletin. The analysis of financial institutions concentrates on the situation in the banking sector and main groups of institutions as it is Norges Bank’s responsibility to ensure the stability of the system, and not individual institutions. From a macroeconomic perspective, however, it may be appropriate to monitor  3  BIS Review 124/1999  developments in the largest institutions as this could deepen our understanding of macroeconomic developments and the main trends in the financial sector. Norges Bank’s surveillance work is carried out in close cooperation with the Banking, Insurance and Securities Commission, which supervises individual institutions. The Banking, Insurance and Securities Commission also produces reports on a regular basis with assessments of the outlook for the financial industry. I would like to highlight three structural features that have contributed to changing the risk outlook for the Norwegian financial system.
Eurofi – Prague, 9 September 2022 Mobilization of the Eurosystem against inflation Speech by François Villeroy de Galhau, Governor of the Banque de France  Page 1 sur 3 Ladies and Gentlemen, I am delighted to be talking to you today at this Eurofi edition, although I very much regret that I cannot be in Prague in person today. I extend my warmest thanks to David Wright and Didier Cahen for organising this event. Let me first express my heartfelt sympathy to our British friends: the Queen brought a sense of duty and a sense of stability which will hopefully remain a powerful lesson in this very volatile period. These are indeed times of extremely high uncertainty and difficulty. The European and French economies will face next year a significant slowdown, and we cannot exclude a limited recession. Let me quote, as I did some days ago in Jackson Hole,i two compatriots to give us some light: first, a philosopher – Voltaire – who said that “uncertainty is not a pleasant condition, but certainty is absurd”ii; second, an economist – Olivier Blanchard – with the following words “monetary policy must be closer to art when it is frequently confronted to new, poorly anticipated and poorly understood, contingencies”iii Well, between art and science, how did we deal yesterday with the present uncertainty? We decided to frontload on our monetary policy normalisation.