I will close my presentation with a practitioner's conviction: yes, transformation and management of public services are indeed possible! (III) ** I. Our public finances have steadily deteriorated over time The "strange defeat": getting left behind in Europe Our public finances have been steadily deteriorating for over forty years. In 1980, our public debt amounted to only 20% of GDP. It currently represents almost 112%, a figure that has barely come down since the Covid shock, and by less than our European neighbours. This steady increase can be explained  Page 2 of 19 by the government expenditure ratio, which has risen from 46% in 1980 to 58% at present, systematically generating annual deficits. For these two key ratios, France is currently well above the average for the euro area excluding France (i.e. government expenditure ratio of 49%, public debt ratio of 86% in 2022). Page 3 of 19 France joined the euro area with a public debt ratio equal to that of Germany (59% in 2001); since then, Germany's debt has increased by 8 points, while France's has risen by 53 points. This sets France apart from most of its European neighbours, who all share the same social model, in which I am a firm believer. Let us take two comparisons: Germany and Sweden. Between 1995 (beginning of the OECD statistical series) and 2021, Germany reduced its government expenditure ratio from 55% to 51%, and Sweden from 63% to 49%.
Agents have always been and will continue to be important agents, including agents of change in the insurance sector as they are uniquely positioned to read the pulse of customers. This change could involve the insurer-agent relationship and the balancing of customers’ interests. The time could be appropriate for general insurance agents to reorganise themselves into an industry 3/4  BIS central bankers' speeches  association that can effectively mobilise the power of collective action and enable the agents as a cohesive force to better serve customers’ interests. This will also put in place a foundation for the possibility of setting standards on conduct, education and self-regulation of individual agents. Cultivating a solid industry association is neither an easy nor a short-term task but the benefits are immense. The Bank remains optimistic that agents will continue to play a key role in Malaysia’s insurance industry, and will be crucial to take us to the next level. In all this, agents must not deviate from their raison d’etre, i.e. intermediating between the insurer and the customer. Ultimately, we all should recognize that it is the interests of the customers, which is at the heart of it. Jack Ma of Alibaba, aptly said it, “Customers should be number one.” The challenge presented upon you today, is to embrace the Digital Economy and not lose sight of this. On that note, let me once again thank PIAM for the opportunity to share some thoughts with you today and I wish you a productive convention ahead.