And because now is the time to strengthen our economic instruments in order to deal with a future European recession, the day it comes. Otherwise monetary policy may be overburdened. My second wish concerns our country. The French economy is in much better shape, but there are still major drags on growth. At around 1.9%, we are above our potential growth rate, which means that we are coming up against more structural limiters. There are at least two indications of this: a persistent negative growth differential vis-à-vis the euro area of around half a percentage point, and a current account deficit and hence a lack of competitiveness. In order to increase the speed of the French economy, we need to boost the power of the engine: reforms, including those underway, are therefore necessary. And, beyond bureaucratic barriers or corporate interests, the greatest priority is to reform vocational training and apprenticeships: we cannot remain in a situation where we have almost 3 million unemployed, of whom 600,000 are young people, and companies cannot recruit the skills they need. I hear this everywhere from the entrepreneurs who participate in the advisory boards of the Banque de France, from Besançon to Châteauroux last week. According to INSEE, hiring difficulties have been the main obstacle to corporate activity. My third wish is for financing. Often, the Governor of the Banque de France encourages banks to lend more; this is not the case at present! Bank lending in France is very buoyant.
François Villeroy de Galhau: New Year wishes to the Paris financial centre New Year wishes to the Paris financial centre by Mr François Villeroy de Galhau, Governor of the Bank of France, Paris, 18 January 2018. * * * I would like to thank all of you for coming, like each year, to our Golden Gallery. I am pleased to welcome you, together with Denis Beau, Deputy Governor since July and first Deputy Governor since yesterday. I also commend Anne Le Lorier, who unfortunately left us on 5 January but who has contributed so much to the Banque de France over the past six years: this evening is an occasion to thank her. And I am delighted to announce the appointment of Sylvie Goulard, who will be taking over from her. As of next Monday, she will bring to the Banque de France all her competence and independence. I would like to start by extending to you our warmest wishes for 2018, for you and your loved ones, as well as for all of your staff, hoping that 2018 will be an excellent year; an excellent year, not only for each of you, but also for Europe and our country. But before presenting my collective wishes for this new year, I would like to return to 2017 and three positive elements that marked it. 1.