François Villeroy de Galhau: The challenges of the multilateral economic order - what European responses?

Special lecture by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Waseda University, Tokyo, 4 December 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and Gentlemen,

It is a pleasure to be in Tokyo this afternoon and to give this lecture at the Waseda University, in this splendid auditorium named after your illustrious founder, [Ōkuma Shigenobu]. The Waseda University is well known for the quality of its teaching and its founding principles - independence of learning, practical utilization of knowledge, education of good citizens - reflect the educational ambition of this place. I would like to warmly thank President Kaoru Kamata and Professor Kazumi Shimizu for their kind welcome speeches. Both of you lived in France and have maintained strong links with our country since then. It is thus no coincidence that the Waseda University under the Presidency of Mr Kamata is an active and remarkable example of the strong ties between Japan and France. It is therefore an appropriate place to talk about the challenges of the multilateral economic order, all the more so as Japan pays special attention to international cooperation. This issue can be considered on two levels: internationally and regionally. This afternoon, I will start by elaborating on the international level and the need for active multilateralism to face our global challenges. Then, I will dwell on the regional response. I will not elaborate on Asia, but on Europe, and the European Monetary and Economic Union.