The insurance sector has not been left out. The entry into force of the European regulatory reform Solvency 2, also on 1 January, marks a profound break. We all know that “Solva 2” may still be improved; but it is a significant step forward. In this respect, it is important that all institutions continue their efforts to improve governance and enhance the quality of estimates and data submitted to supervisors, in order to ensure an adequate monitoring of risks, in  2  BIS central bankers’ speeches  particular those linked to the persistence of very low interest rates. At the international level, other challenges lie ahead, notably the definition of systemic groups – it must be similar on both sides of the Atlantic, like you I am sensitive to this–, harmonised capital requirements and resolution strategies. However, the soundness of the financial system does not depend solely on prudential regulations. It also depends on the confidence that economic players and the public, households and businesses, have in their financial system. In this respect, the efforts of financial institutions to protect their clients are essential. In 2016, what is needed is a firm implementation of the Eckert law on dormant bank accounts and unclaimed life insurance policies, and greater freedom of choice of loan insurance on real estate loans. And, of course, more than ever, we need to step up the fight against money laundering and terrorist financing. New measures have already been taken, some are being strengthened.
François Villeroy de Galhau: Challenges for France’s economy and financial sector in 2016 New Year Address by Mr François Villeroy de Galhau, Governor of the Bank of France, Paris, 18 January 2016. *  *  *  Ladies and gentlemen, Thank you for coming here today to this magnificently restored Golden Gallery. This is the first time that I am giving this address as Governor of the Banque de France, but it is an auspicious tradition that brings us together. I would like to start by extending my warmest wishes to you, your colleagues and your institutions. 2016 has already been marked by volatility: weak financial markets and commodity prices, from China and the Middle East; political uncertainty in Europe, in Southern Europe, in Eastern Europe, North-Western Europe with the British referendum, and even in Central Europe with the refugee crisis. It is our duty to be vigilant, but we must also, on the one hand, distinguish real information from background noise and real challenges – and there are no shortages of them – from the sensational and sometimes excessive statements at this start of this year; on the other hand, in the face of current volatility, we must stick to our mediumterm objectives. This evening I will not discuss the Eurosystem’s monetary policy as we are in the “silent period” leading up to the Governing Council meeting this Thursday. Such longterm strategies also apply to the reforms in Europe and in France.