This is no surprise given the rich cultural heritage in both our countries. It seemed to us, however, that as central banks we should devote today’s symposium to economic history and analysis. Japanese philosophy teaches us that “visiting the past teaches us new things" (“fuluki wo tazume atalashiki wo shilu”). I’m pretty confident that the historical approach of our morning session will shed light on the more recent economic developments that will be our focus this afternoon. Modern central banks emerged with the advent of industrial economies in order to facilitate trade and centralise the regalian function of issuing currency. While being strictly national, the issuing banks of 150 years ago quickly became used to keeping pace with globalisation. From the nineteenth century onwards, the appearance of central banks and the emergence of their role allowed them to meet the needs of economies that were already global, with an integrated production function in the wake of the industrial revolution. Lenders of last resort in critical moments and ultimate guarantors of their currencies, central banks extended their role in the twentieth century to include the construction and monitoring of business cycle indicators by drawing on highly-specialised knowledge of the credit sector, built up both in France and Japan through their branch networks. As well as producing statistical data and remaining vigilant with regard to internal stability in a more open and flexible environment, our central banks also became responsible for the external value of money in this period, and played an active role in international bodies.
This Office has also acted as the go-between with the head office of the Bank of Japan in Tokyo, for which I thank it sincerely. While the Banque de France has been seconding a representative to the French Embassy in Tokyo since 1976, the Representative Office of the Bank of Japan was set up in Paris over 50 years ago. This Office is an extremely strong and precious link between our two institutions, which enjoy exceptionally good long-standing relations. The Banque de France is very attached to the presence of this Office in Paris and strives to provide it with assistance and information. This Office is also, I believe, for the Bank of Japan, a prime vantage point for observing the French economy and the Paris Financial Centre, naturally, as well as a particular vantage point for the euro area, which is highly complementary with that provided by its Office in Frankfurt. For these reasons the Bank of Japan has retained this representation in Paris, and we are extremely pleased that it has. In addition to this very strong institutional foundation of the relationship between the Banque de France and the Bank of Japan, you, Governor Fukui, bring an important personal dimension in the form of your personal attachment to our country. It should be pointed out that, in the early 1970s, you yourself worked in the Bank of Japan’s office in Paris.