These actions, taken together, should vaccinate the economy and protect it from the more insidious disease of too low inflation. Thank you. 1 John C. Williams, The Research-Policy Nexus: ZLB, JMCB and FOMC, Remarks at the Conference Celebrating  the 50th Anniversary of the Journal of Money, Credit and Banking, New York (May 31, 2019). 2 John C. Williams, The Economic Outlook: The ‘New Normal’ is Now, Remarks at The Economic Club of New  York, New York (March 6, 2019). 3 David Reifschneider and John C. Williams, Three Lessons for Monetary Policy in a Low-Inflation Era, Journal of  Money, Credit and Banking, Volume 32, Issue 4, pp. 936–66, November 2000. 4 Board of Governors of the Federal Reserve System, FOMC Briefing. January 2002. 5 3/4  BIS central bankers' speeches  5 This discussion abstracts from balance sheet policies such as quantitative easing, which can make financial  conditions even more favorable to growth. See, for example, Ben S. Bernanke, Vincent R. Reinhart, and Brian P. Sack, Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment, Brookings Papers on Economic Activity, The Brookings Institution, Volume 35, No. 2, pp. 1–100, 2004. 6 Thomas M. Mertens and John C. Williams, What to Expect from the Lower Bound on Interest Rates: Evidence  from Derivatives Prices, Federal Reserve Bank of New York, Staff Report No. 865, August 2018. 7 John C. Williams, When the Facts Change..., Remarks at the 9th High-Level Conference on the International  Monetary System, Zürich, Switzerland (May 14, 2019).
Presentation of the 2018 annual report of the Autorité de contrôle prudentiel et de résolution (ACPR) Press conference of 28 May 2019  Speech by François Villeroy de Galhau, Governor of the Banque de France, Chairman of the ACPR  Press contact: Mark Deen (mark.deen@banque-france.fr). Page 1 of 5  Ladies and Gentlemen, [Slide 1] I am pleased to welcome you to the presentation of the 2018 annual report of the Autorité de contrôle prudentiel et de résolution (ACPR), alongside Bernard Delas, ViceChairman of the ACPR, Rémi Bouchez, President of the Sanctions Committee, and Edouard Fernandez-Bollo, Secretary General of the ACPR. In 2018, the women and men of the ACPR continued to work tirelessly to safeguard financial stability, in a context marked by the uncertainty – and at times the emergency – of Brexit. I would like to thank them for their work. This morning, I shall focus on a topical issue – the profitability of banks and insurers in France and Europe [slide 2]. **  I. The profitability of French banks and insurers remains resilient  The return on equity of France’s largest banks edged up by 0.4 percentage points to 6.7% in 2018,i coming back in line with 2015’s level. The maintenance of profitability levels needs to be viewed alongside the sharp rise in bank capital. French banks have strengthened their solvency and are now more robust. They have more than tripled their capital since the crisis.