François Villeroy de Galhau: Broadening the horizon - lessons from a decade of banking supervision

I am delighted to be with you this morning to present once again – and for the eleventh and final time, the ACPR Annual Report. When I first appeared before you in early 2016, I had just taken over the presidency of a relatively young authority (the ACP was created in 2010 and became the ACPR in 2013).

I have had both the responsibility and privilege of seeing the ACPR strengthen its position as a leading authority, recognised by its peers across Europe and, I believe, by financial institutions – along the way, we have also made some semantic progress, as we now refer to entities as being "supervised" rather than "subject" to supervision. The Authority owes this recognition to its staff who, over the years, have successfully taken on new responsibilities. This speech is therefore an opportunity to step back from the somewhat turbulent news cycle, take stock of the progress made since 2015 (1), and outline some of the challenges that lie ahead (2).

1. 2015-25: from post-crisis convalescence to a time of uncertainty

2015: between the end of the beginning and the beginning of the end

2015 marked the final major episode of the Greek crisis. However, it can no longer quite be seen as the peak of the banking crisis, even though it came after five extremely difficult years. From the subprime crisis of 2007 – which became the 2008 Great Financial Crisis – and the subsequent sovereign debt crises in the euro area's so-called "peripheral" countries, we had just gone through the worst period of financial stress since the 1930s. International talks were under way to finalise the "London Agenda" adopted by the G20 in 2009.