Annual Financial Lunch of the French Chamber of Great Britain London, 23 November 2017  Speech by François Villeroy de Galhau, Governor of the Banque de France  “Europe, France and the United Kingdom: facing our common economic challenges”  Press contact: Clémence Choutet (+ 33 1 42 97 74 51; clemence.choutet@banque-france.fr). Page 1 sur 5  Ladies and Gentlemen, It is a pleasure to be in London today and I wish to thank you for inviting me to speak at your Annual Financial Lunch. The destiny of France and the United Kingdom has indeed been linked for a very long time; the existence of the French Chamber of Commerce in Great Britain, which was established 143 years ago, is a good illustration of these firm and lasting ties. In this regard, I would like to express our full solidarity for the series of terrorist attacks that hit London recently. King Georges VI declared in 1940, and his words still apply to this day, that: “It is not the walls that make the city, but the people who live within them. The walls of London may be battered, but the spirit of the Londoner stands resolute and undismayed.” I believe that the spirit of resilience that is so characteristic of Londoners is what we need the most in times of crisis. We are and will always remain close friends and partners, even if we will no longer – unfortunately – be in the same European Club when Brexit is completed.
The second risk is related to the protectionist tendencies in the United States, after the election of the president. We, Europeans, shoulder-to-shoulder with Canada, Japan and others elsewhere, must resolutely defend international economic relations based on  Page 4 sur 5  commonly respected rules and multilateral institutions: their deterioration would dampen world trade and economic activity. III. Our future relationship and Brexit. There is one obvious challenge nevertheless that we will have to face together: our future relationship and Brexit. A year and a half ago, the British people chose to leave the EU and, even if we regret it, we respect this democratic decision. Now we have to work towards reducing uncertainty and the negative impact it may have for the United Kingdom and, albeit to a lesser extent, for the European Union. The Banque de France is not directly involved in the Brexit negotiations; this falls within the remit of governments and the European Commission, and more specifically Michel Barnier, who is conducting this mission with impressive commitment. I sincerely wish that we can achieve a constructive agreement. Let me say it loud and clear: no one is seeking to punish the UK in any way and we truly hope to keep the UK as a close partner.