INTERVENTION DE M. NOYER AU COURS DE LA SESSION ”GOVERNING THE GLOBAL ECONOMIC AND FINANCIAL SYSTEM

¾¾¾FINANCE FORUM AMBROSETTI, 11 ET 12 MARS 2005 INTERVENTION DE M. NOYER AU COURS DE LA SESSION ”GOVERNING THE GLOBAL ECONOMIC AND FINANCIAL SYSTEM” A SPECIALISED, DECENTRALISED AND COOPERATIVE APPROACH FOR FINANCIAL SECTOR SUPERVISION IN EUROPE Introduction Ladies and gentlemen, Let me start by expressing my gratitude for having been invited to participate in this forum. I am greatly honoured to have been asked to address a number of critical economic and financial issues, which are of particular importance nowadays given the key role supervisory authorities play in promoting financial stability.. This session, entitled “Governing the global economic and financial system”, raises a fundamental question: “What is the most effective supervisory framework for financial stability?”. As Governor of the Banque de France and Chairman of the Commission bancaire, I would like to start by addressing the three issues that are of particular interest to supervisors and that underpin our attempts to achieve a coherent approach to financial stability: How to capture all material risks arising from the financial sector, which is characterised by its capacity for innovation? What are the conditions for ensuring prompt and appropriate reactions from the supervisory authorities in the event of financial turbulence? How to deal with the increasing globalisation of financial groups? 1¾¾¾ Let me say right away that there is no ...