Our assessment throughout the year has been that the outlook for inflation and the economy over the coming years indicates that it is reasonable to assume the repo rate will need to be gradually increased. In accordance with this view, we have raised the repo rate four times so far this year and my assessment is that the repo rate will need to be raised further in future. However, as I mentioned earlier, we both can and should change our assessment if the economy develops in a manner we had not expected. Thank you! BIS Review 84/2006  5
François Villeroy de Galhau: Paris 2020 Climate Finance Day Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Paris 2020 Climate Finance Day, Paris, 29 October 2020. * * * Ladies and Gentlemen, It is always a pleasure to be here each year. A lot has happened over the past months as well as in the last hours. Covid provoked an unprecedented fall in French GDP in the first and second quarter and its second wave will trigger another drop in the fourth quarter, though hopefully one that is less severe. A short-term view could argue there is a trade-off between supporting a quick recovery, and fighting climate change. I believe the contrary: reconstruction is an opportunity to accelerate the transition to greener growth. It cannot be a mere restart: due also to climate, we need to be Schumpeterian. The Banque de France and ACPR are as committed as ever and delivered on what we announced last year, in spite of the Covid-19 crisis we “walked our talk” (1). But we have also observed, thanks to our experience, a number of methodological impediments to data and reporting practices. Going forward, we must tackle these issues in order to better assess and disclose climate-related risks (2). ***  1. The Banque de France/ACPR lived up to its promises on climate 1.1.