It is a great honor for me to have the opportunity once again to give a speech at the Paris Europlace Financial Forum. Among the many occasions I was invited to this Forum in the past, I talked about financial innovation in the last two years. This year, I would like to talk about another long-term issue faced by many advanced economies; namely, demographic changes. Among advanced economies, France has led the way in tackling the issues brought about by declining population. The total fertility rate has been gradually increasing; however, it continues to face the challenges of an aging population. Meanwhile, Japan ... (full story)