However, as we look forward to the opportunities before us, we must be aware of the risks that lie ahead. As benign as the environment may seem, banks must not become complacent. Banks should be prepared for whatever surprises lie ahead. At the same time, banks must also safeguard their reputations. More can be done and we look forward to seeing ABS working with industry in bringing about good and fair consumer outcomes. On this note, let me wish everyone a good year ahead and a pleasant evening. Thank you. BIS Review 74/2007  3
They highlight the tendencies of economists to be self-referential and analyze how the social perception of the finance industry is largely negative nowadays, and the more so since the financial crisis. In that respect, the paper focuses on the United States, but there is little doubt that France probably is no exception to that rule either. After the 2007–2008 crisis, some first steps have been taken to change incentives in the financial industry. And even more should be done in that direction in the coming years. At the same time, economists should also adopt a more critical view on the financial industry practices and judge them as impartially as possible. But what can we say about economists themselves? Are they really too self-referential and do they tend to overestimate their role in society? On a personal note – as a policymaker and central banker – I do believe it is possible that central bank governors may pay the cost of the so-called “superiority” of economists (for instance when they are too sure of their econometric models). How will we proceed in this conference today? In-depth discussion of papers will be left to participants. However, I would like to mention the potential role that the Foundation can play to help address some important issues. First, economic analysis is definitely needed in order to sharpen policy makers’ understanding of the world. At the same time, policy makers should continuously challenge the alleged “superiority” of economists with the complexity of the real world.