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New York University – 16 October 2019

Causes of and answers to the European slowdown. New York University – 16 October 2019. François VILLEROY de GALHAU, Governor of the Banque de France. A significant slowdown in global trade. the slowest global growth since 2008-2009. monetary policy is not the only game in town.

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New York University – 16 October 2019

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  1. Causes of and answers to the European slowdown New York University – 16 October 2019 François VILLEROY de GALHAU, Governor of the Banque de France

  2. A significant slowdown in global trade

  3. the slowest global growth since 2008-2009

  4. monetary policy is not the only game in town Sources: IMF, Eurostat Source: Banque de France Stat Info * 118.7 rounded up to the nearest percentage point

  5. Global financial vulnerabilities Source: IMF, October 2019 Global Financial Stability Report

  6. PRIVATE RISK-SHARING: a key and underestimated component Capital Markets Union Innovation and digitalisation Savingsexceedinvestmentby €300bn,but fragmentation Generate more Long-Term Savings and Investment opportunities Massively develop Equity Markets • Cross-border consolidation of European banks Scaling-up of SMEs Develop Debt, Credit and Forex financing tools to increase the international role of the Euro Increase financial flow fluidity between EU financial market places • Equity/GDP: • 79% in the EA, 122% in the US (Q1 2019) • Union for Savings and Sustainable Investment Green finance and energy transition Banking Union

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