This year will also be the year of the European elections on May 26, which are essential for Europe, and of the French Presidency of the G7, which may be an opportunity for furthering effective solutions at the international level. Tonight, however, I would like to focus on three wishes for the smooth financing of the economy: for the euro, for financial stability, and finally for inclusive finance. 1 - My first wish is for the euro, which has just celebrated its 20th anniversary The euro is an undeniable success. Average annual inflation has been brought down from 4.9% over the two decades preceding the euro to 1.7% over the past two decades. This has contributed to preserving the purchasing power of European citizens. Financing costs are significantly lower. Our currency is now supported by 75% of euro area citizens, and 72% of French citizens: it is the highest level ever achieved since 2003. In 2019, euro area growth – although down – is expected to remain above its potential. In this environment, the normalisation of our monetary policy, which started with the successful termination of our net asset purchases in December, remains desirable. It must be gradual – according to the sequencing that we specified – and pragmatic - in the implementation timeframe where we must keep our options open in the face of uncertainty. At the same time, we need to finally strengthen our Economic Union, particularly if we are to face a downturn.
Among women this is even more stark (47.8%  in Labuan vs 54.3% at the national level). 3 Shanghai financial centre was incepted in 2009. Latest available data shows that the share of employment and  tax revenue collected was 5% and 9.6%, respectively. 4 Refers to the BEPS Action 5 – Countering Harmful Tax Practices More Effectively, Taking Into Account  Transparency and Substance  4/4  BIS central bankers' speeches