François Villeroy de Galhau: 10 years of the Observatory for Banking Inclusion - an example of collective efficiency

The Chairman of the Cour des Comptes, dear Pierre,
Ladies and gentlemen, 

I am delighted to be here with you to celebrate the tenth anniversary of the Observatoire de l'inclusion bancaire (OIB – Observatory for Banking Inclusion). It is a great pleasure to welcome the Chairman of the Cour des comptes (Court of Auditors), Pierre Moscovici, who, as Minister of Finance, introduced the 2013 Banking Law that led to the creation of the Observatory.

I have played my own modest part in this collective endeavour by chairing 21 of the 25 meetings of the OIB since September 2014. The Observatory was born out of a strong conviction – perhaps contrary to the commonly-held view – that finance and banks can act as a lever for social inclusion. Let me be clear: the Banque de France, which is often associated with sovereign missions (money and financial stability), is also proud to have social missions, which are essential for our Network and for me as Governor. 

In 10 years, the Observatory has made significant progress. Unfortunately, in France and in Europe – unlike in the United States – we are quicker to lament our failures than to acknowledge our successes. So, this morning, it is a pleasure to celebrate a collective source of pride and, allow me to draw some broader lessons for public policy in our country at a time fraught with doubt. Effective public policy requires at least three ingredients: sustained action (I), quantified assessment (II), and a partnership and regional approach (III). However, we can't afford to rest on our laurels, so I will conclude with some forward-looking comments (IV).