Since its inception on October 28, 2003, the International Finance Forum (IFF) has followed the principles of comprehensive sustainable development – ​​new capital, new value, and new world. I must point out that this purpose of IFF is most close to the current trend of improving the international economy and the new financial structure.

The stage we are in now comes at a turning point in the global economy and financial system. After the global financial crisis, we have developed new rules, new systems and new prudential regulations on a global scale. It is extremely important that the development of the new rules is no longer just a discussion within the developed economies, but that all emerging economies are also involved. Of course, the most important of these is China. The new rules are set at the expansion of the Basel Committee, the central bank governor, the head of the regulatory body and the Financial Stability Board, and the G20 meeting, in which emerging economies play a pivotal role. These are the extremely difficult tasks that have been completed since the outbreak of the financial crisis.

At the same time, I have to say that we still have a long way to go. Therefore, it is extremely important to discuss further work at this annual meeting. I believe that under the guidance of President Cheng Siwei and Chairman Dai Xianglong, the 2014 IFF Annual Meeting will definitely inspire us to inspire new concepts, new ideas and new proposals.

Global economic growth has gradually slowed down. This was also highlighted recently at meetings of the International Monetary Fund and the World Bank in Washington. At the same time, the world faces downside risks and cannot be ignored. Both financial risks are related to long-term low interest rates, triggering a chase for yields. Of course, we also face other global economic risks, including geopolitical risks, which cannot be ignored in today's world.

Equally important, for some advanced economies, long-term low inflation is risky and can have a range of consequences. I personally believe that all developed economies should have the same standards for price stability, say 2%. I have also noticed that the price level of major developed countries is now below 2%. This is an unusual phenomenon, and this will bring a series of effects for a long time.

I hope that all the guests will participate actively, and I wish that the IFF 2014 Global Annual Conference will achieve fruitful results and play an important role in achieving a complete success.

(This article is a speech by Mr. Trichet at the 2014 International Annual Meeting of IFF)