Should we note a deviation from this path, we will use every instrument within our mandate, including unconventional ones, in order to cope effectively with risks of a too prolonged period of low inflation. 3. Outlook for the French economy  I would like to end my speech by taking a closer look at the situation in France. Our growth is expected to be close to the euro area average in 2014, at around 1%. France has some major strengths for competing in a global economy: dynamic demographics, a well-trained labour force, expertise in strategic or high-tech sectors such as mathematics, aeronautics and nuclear engineering, and excellent infrastructure. We also have the advantage of an efficient financial system which has always managed to play its role in financing the economy. French banks have made the necessary efforts to meet the Basel 3 solvency requirements, and are also improving their liquidity levels in a highly favourable monetary policy environment. But our economy has two main handicaps: first, taxes and social security contributions are too much of a burden, particularly for companies, because of our excessively high level of public spending; and second, our labour market and goods and services markets are overregulated and excessively rigid. As far as I can see, France’s main priority today is to ensure that it can take full advantage of its strengths by implementing structural reforms that reduce the burden of taxation and simplify administrative formalities.
I’m sure that at this time, and perhaps even at this conference, his voice would have been heard and he’d have been offering us imaginative insights into the coronavirus crisis. Michal, we miss you. Ladies and gentlemen, thank you for listening. I hope you find the conference interesting and inspiring. 7/7  BIS central bankers' speeches