ContextSpeech by the Governor of the Banque de France presenting the yearly report of the ACPR, the French banking supervisor, for the eleventh and last time.
Why it mattersTakes stock of ten years of French banking supervision and its lessons.
Problems raised
Europe moved from post-crisis recovery to deep uncertainty.
New risks keep emerging for banks and insurers.
Supervision must adapt to a turbulent environment.
Solutions proposed
Build on ten years of stronger French supervision (ACPR).
Take stock of progress to prepare future challenges.
Keep the supervisor strong and recognised across Europe.
ContextSpeech by the Governor of the Banque de France at a GIC–Banque de France conference in Paris, presented as his last speech on monetary policy as Governor.
Why it mattersThe Banque de France Governor answers critics of central banks and explains how firmly to react to supply shocks.
Problems raised
Central banks have been effective but increasingly challenged.
Their price stability mandate is questioned.
Supply shocks tempt central banks to react too little.
Solutions proposed
Keep a clear focus on price stability and the 2% target.
Stay credible and responsive, as in 2022-23.
React firmly enough to supply shocks to limit inflation.
ContextSpeech (virtually) by François Villeroy de Galhau, Governor of the Bank of France, at the 2026 Eurofi High Level Seminar, Nicosia, 27 March 2026.
Why it mattersA sharp call from the Banque de France Governor for Europe to act faster on capital markets, with clear deadlines.
Problems raised
Market fragmentation blocks EU firms from scaling up.
Access to capital is a key obstacle.
Europe fears the risks of action more than those of inaction.
Solutions proposed
Act fast with clear deadlines on reforms.
Unify capital markets to finance growth.
Seize the moment as US policy becomes less predictable.
ContextSpeech by the Governor of the Banque de France opening the third Tracfin Forum in Paris, for the 35th anniversary of France's anti-money-laundering unit.
Why it mattersThe Banque de France Governor on the fight against money laundering and terrorist financing in France.
Problems raised
Money laundering and terrorism financing threaten finance.
Threats keep changing.
Agencies must work efficiently together.
Solutions proposed
Strengthen operational efficiency against financial crime.
Anticipate new threats.
Cooperate closely between supervisors and Tracfin.
ContextWelcome speech at the sixth ACPR-AMF Fintech Forum, held at the Banque de France in Paris; the Banque de France and its supervisor ACPR keep finance stable and must oversee fast-growing fintech firms.
Why it mattersCovers fintech supervision, multi-issuer stablecoins and cyber risk.
Problems raised
Fintechs need attention and dialogue from supervisors.
Multi-issued stablecoins create arbitrage risks.
Cyber risk threatens financial entities.
Solutions proposed
Keep the Fintech Charter commitments.
Regulate stablecoin multi-issuance strictly.
Apply DORA security testing and incident reporting.
ContextSpeech of François Villeroy de Galhau, Governor of the Bank of France, at the conference "Where do savings go?", jointly organised by the Association Européenne de l'Économie Financière et des Régulations (AEFR) and the Réunions d'Économie Financière (REF), Paris, 11 September 2025.
Why it mattersThe French governor lists concrete levers to move European savings toward equity, answering doubts about the Savings and Investments Union.
Problems raised
European savings are not channelled into European investment.
ContextSpeech of François Villeroy de Galhau, Governor of the Bank of France, delivered for the departure of Robert Holzmann, Governor of the Oesterreichische Nationalbank, Vienna, 3 September 2025.
Why it mattersThe Banque de France governor presents the digital euro and central bank independence as defences against privatised money through stablecoins.
Problems raised
Stablecoins risk privatising the currency.
Central bank independence is questioned.
Monetary sovereignty must extend to finance.
Solutions proposed
Support the digital euro and a wholesale digital currency.
ContextSpeech of François Villeroy de Galhau, Governor of the Bank of France, at the Economic and Monetary Union Laboratory (EMU Lab), Florence, 19 June 2025.
Why it mattersThe French governor argues for monetary agility, keeping credibility while adapting to frequent supply shocks.
Problems raised
Economic stability is not guaranteed.
Frequent supply shocks make inflation more volatile.
ContextHearing of François Villeroy de Galhau, Governor of the Bank of France, before the National Assembly Foreign Affairs Committee, Paris, 14 May 2025.
Why it mattersThe French governor calls the US tariff shock a moment for Europe to invest in innovation and integrate finance.
ContextSpeech at the Atlantic Council in Washington; the Banque de France keeps prices and finance stable and works in a period of strain in transatlantic relations.
Why it mattersThe French governor defends transatlantic ties while urging Europe to channel savings into equity and venture capital.
ContextSpeech at the Foreign Policy Association in New York; the Banque de France keeps prices and finance stable and faces unpredictable US trade policy.
Why it mattersThe French governor addresses US unpredictability and calls for European financial integration in response.
ContextSpeech at the Eurofi forum in Warsaw; the Banque de France keeps prices and finance stable and supervises banks under EU rules that are being reviewed for simplification.
Why it mattersThe French governor warns that simplifying EU rules must not remove essential climate risk data.
ContextSpeech in Paris for the tenth anniversary of the Observatory for Banking Inclusion; the Banque de France keeps finance stable and helps vulnerable people keep access to banking.
Why it mattersTen years of joint work show how early detection helps fragile households avoid over-indebtedness.
ContextSpeech at a historical conference on the governance of the Banque de France; the central bank keeps prices and finance stable and draws on its history in an uncertain world.
Why it mattersThe governor draws on two centuries of institutional history to argue for steadiness amid present turmoil.
ContextSpeech at Euronext Paris on building the Savings and Investments Union; the Banque de France keeps finance stable and wants European savings to fund innovation.
Why it mattersThe French governor proposes pooling financial markets and tax regimes to fund European innovation.
ContextSpeech at an OMFIF event in London; the Banque de France keeps prices and finance stable and watches long-term yields rising while policy rates fall.
Why it mattersThe governor explains why long-dated bond rates climb even as the ECB lowers its policy rate.
ContextOpening speech at the Banque de France high-level conference in Paris on speed and innovation in market infrastructures; the central bank keeps finance stable and oversees faster settlement.
Why it mattersThe French governor proposes a European shared ledger for faster, safe settlement.
Problems raised
Speed and innovation can disrupt markets.
Market infrastructures must keep up.
A global shared infrastructure is far off.
Solutions proposed
Build regional shared ledgers, including a European one.
ContextNew Year wishes to the Paris financial centre by François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), Paris, 8 January 2025.
Why it mattersThe French governor calls for simpler European financial regulation without weakening principles.
ContextSpeech by François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), at the S.M.A.R.T. France Assureurs Event, Paris, 19 December 2024.
Why it mattersThe French governor urges insurers to use data and AI to understand new risks.
ContextSpeech in Paris at a conference titled Central banks as political players; the Banque de France keeps prices stable and must defend its independence while serving the public.
Why it mattersThe French governor criticises public action that announces plans without implementing them.
Problems raised
Public services face a crisis.
Announcements often lack action.
Plans are contradictory.
Solutions proposed
Prioritise and implement plans effectively.
Rely on the Banque de France's recognised independence.
ContextSpeech at the Banque de France in Paris for the 25th anniversary of the Euro50 Group; the central bank keeps prices stable and reviews ten years of euro area monetary policy.
Why it mattersThe French governor keeps options open on further cuts and reflects on a decade of unconventional policy.
ContextLecture at the London School of Economics; the Banque de France keeps prices stable and prepares monetary policy for a future of high volatility.
Why it mattersThe French governor sets landmarks for policy in an era of great volatility.
Problems raised
The decade brought an unlikely sequence of shocks.
ContextOpening speech at the ACPR-AMF Fintech Forum in Paris; the Banque de France and its supervisor ACPR keep finance stable and must work with fast-moving fintech firms.
Why it mattersThe French governor presents DORA cyber testing as protection for fintechs too.
ContextSpeech at the Global Interdependence Center conference in Paris; the Banque de France keeps prices stable and adapts to the end of the era of very low rates.
Why it mattersThe French governor says the era of easy stability is over for central banks.
ContextSpeech (virtual) by François Villeroy de Galhau, Governor of the Bank of France, at the Central Banks and Supervisors Network for Greening the Financial System (NGFS) Annual Plenary meeting and Plenary Workshop, London, 25 June 2024.
Why it mattersThe French governor warns against climate disengagement and backs NGFS guidance.
ContextSpeech marking ten years of the ECB's single bank supervision; the Banque de France and its supervisor ACPR keep banks sound and want to complete the banking union.
Why it mattersThe governor reviews a decade of common bank supervision and what remains unfinished.
ContextSpeech at the Austrian central bank and SUERF conference in Vienna; the Banque de France keeps prices stable and faces growing public expectations of central banks.
Why it mattersDays after the first ECB cut, the French governor discusses a soft landing amid rising public expectations.
ContextPress conference in Paris presenting the 2023 annual report of the ACPR, the French bank and insurance supervisor; the Banque de France and ACPR keep financial firms sound.
Why it mattersVilleroy says the rate cycle can now reverse and calls for innovation in tokenised money.
Problems raised
Rates rose to fight inflation.
Solidity and competitiveness seem opposed.
National obstacles fragment Europe.
Solutions proposed
Reverse the rate cycle as inflation falls.
Innovate in tokenised deposits and infrastructures.
ContextSpeech on the fall in inflation published by the Banque de France; the central bank keeps prices stable and seeks a controlled landing after a sharp tightening.
Why it mattersVilleroy credits monetary policy for the fall in inflation and sees risks as now symmetric.
Problems raised
Energy shocks and supply disruptions drove inflation.
ContextWelcome speech in Paris to the Bellagio group of economists and officials; the Banque de France keeps prices stable and studies how monetary policy spills across borders.
Why it mattersVilleroy examines how US and European monetary decisions spill over to each other.
ContextSpeech at the Eurofi Financial Forum 2023 in Santiago de Compostela; the Banque de France keeps prices stable and calls for fiscal policy that helps fight inflation.
Why it mattersVilleroy describes inflation as a disease that needs both tight money and fiscal discipline.
Problems raised
Inflation is a disease that must be cured.
Fiscal and monetary policy must not work against each other.
Basel 3 implementation is uneven.
Solutions proposed
Combine monetary tightening with fiscal discipline.
ContextSpeech in Paris at the launch of the NGFS framework on nature-related financial risks; the Banque de France keeps finance stable and leads central bank work on climate and nature.
Why it mattersSupervisors gain a first common way to think about losses from biodiversity decline and ecosystem damage.
Problems raised
Nature loss creates financial risks.
Understanding of nature-related risks is still limited.
ContextSpeech at the Global Official Institutions Conference; the Banque de France keeps finance stable and wants a resilient European banking and payment sector.
Why it mattersVilleroy argues that strong rules kept European banks safe from the spring turmoil.
Problems raised
Banking turmoil hit the US and Switzerland.
Europe must remain safe from such crises.
Payments are becoming digital and dominated by private players.
Solutions proposed
Build on strong European regulation and supervision.
Complete the banking union.
Prepare a digital euro issued by the central bank.
ContextSpeech at the Académie des sciences morales et politiques in Paris; the Banque de France keeps prices stable and comments on the governance of public spending.
Why it mattersVilleroy questions whether France can control its high public spending.
Problems raised
French public spending is very high.
Past reform plans had limited success.
Public services must improve despite budget limits.
ContextSpeech in Paris at a conference on the euro's international role and capital markets union; the Banque de France keeps prices stable and supports a stronger euro.
Why it mattersVilleroy argues for a stronger euro in a more multipolar monetary system.
Problems raised
Inflation is still too high in the euro area.
Forces push for more diversification in the international monetary system.
ContextPress conference in Paris presenting the 2022 annual report of the ACPR, the French bank and insurance supervisor; the Banque de France and ACPR keep financial firms sound.
Why it mattersVilleroy flags opacity in single-name credit default swap markets.
Problems raised
2022 brought major challenges for banks and insurers.
Market segments like single-issuer CDS lack transparency.
Systemic risks can arise from opaque markets.
Solutions proposed
Build on the soundness of the French financial sector.
Reinforce regulation and supervision.
Improve understanding of transactions and participants in CDS markets.
ContextSpeech at the 2023 International Symposium of the National Association for Business Economics in Paris; the Banque de France keeps prices stable and checks how rate rises are passed on.
Why it mattersVilleroy says inflation has started to fall but core pressures persist.
ContextSpeech at the Eurofi High-level Seminar 2023 in Stockholm; the Banque de France keeps finance stable and draws lessons from the spring 2023 banking turmoil.
Why it mattersVilleroy wants resolution tools extended to smaller banks.
Problems raised
The 2023 banking turmoil exposed weaknesses in bank crisis management.
Smaller banks cannot always be resolved smoothly.
Non-viable banks must exit the market without disorder.
Solutions proposed
Draw lessons from the turmoil for European regulation.
Adopt the revised crisis management and deposit insurance framework.
ContextSpeech at Macro Week 2023 at the Peterson Institute in Washington; the Banque de France keeps prices stable and faces financial instability and global fragmentation.
Why it mattersVilleroy argues for central bank credibility as geopolitics shifts.
ContextHearing of François Villeroy de Galhau, Governor of the Bank of France, before the Finance Committee of the French National Assembly, Paris, 1 March 2023.
Why it mattersVilleroy explains rate rises to French lawmakers.
Problems raised
Inflation is high and the outlook uncertain.
The war in Ukraine continues.
Higher rates affect firms, households and public debt.
ContextSpeech at the Centre des professions financières in Paris; the Banque de France keeps prices stable and explains how rate rises will bring inflation down.
Why it mattersVilleroy aims to halve inflation by the end of the year.
Problems raised
Inflation is the number one concern.
Entrenched inflation would harm confidence and growth.
ContextSpeech at the high-level BIS conference on big techs in finance; the Banque de France keeps finance stable and watches large technology firms entering finance.
Why it mattersVilleroy proposes a hybrid approach to regulating big tech in finance.
ContextNew Year wishes to the Paris financial centre by François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), Paris, 5 January 2023.
Why it mattersVilleroy presents MiCA crypto rules for the year ahead.
ContextSpeech at the Toulouse School of Economics; the Banque de France keeps prices stable and measures how energy and trade shocks hit France and the euro area.
Why it mattersVilleroy measures how the energy shock is shared across French society.
Problems raised
Energy prices sharply worsened Europe's terms of trade.
Import prices rise much faster than export prices.
The cost of the shock must be shared across society.
Solutions proposed
Measure the size and distribution of the shock carefully.
Target support to the most affected households and firms.
Keep monetary policy focused on containing inflation.
ContextSpeech on the strength of the financial system as chair of the French supervisor ACPR; the Banque de France keeps finance stable in a new rate environment.
Why it mattersVilleroy makes climate disclosure compulsory for French banks from 2023.
Problems raised
Uncertainty and volatility are high.
Climate risks are not well disclosed.
The financial system faces a new economic landscape.
Solutions proposed
Increase vigilance over all risks.
Make climate disclosure compulsory for banks from 2023.
Operationalise transition plans and climate stress tests.
ContextSpeech at the Paris Europlace Tokyo International Financial Forum 2022; the Banque de France keeps prices stable and faces the European energy crisis.
Why it mattersVilleroy argues that more productive capacity would ease the energy crisis.
ContextSpeech at the Financial System Conference in Dublin; the Banque de France keeps finance stable and shares a French view of financial regulation.
Why it mattersVilleroy warns about stress spreading from commodity markets.
ContextSpeech on disclosure, supervision and governance in sustainable finance; the Banque de France keeps finance stable and works on climate-related risks.
Why it mattersVilleroy argues that climate risks are still underestimated in finance.
ContextSpeech at the Single Resolution Board annual conference in Brussels; the Banque de France and its supervisor ACPR keep banks sound and debate proportionate rules.
Why it mattersVilleroy argues that resolution planning relies too much on bail-in.
ContextSpeech at the 2022 Paris Europlace International Finance Forum; the Banque de France keeps finance stable and studies digital money and bank lending.
Why it mattersVilleroy wants a digital euro that complements banks.
ContextPress conference in Paris presenting the 2021 annual report of the ACPR, the French bank and insurance supervisor; the Banque de France and ACPR keep financial firms sound.
Why it mattersVilleroy presents the supervisor's report amid war and inflation risks.
ContextSpeech at a conference of the Haut Conseil des Finances Publiques in Paris; the Banque de France keeps prices stable and watches French public debt as rates rise.
Why it mattersVilleroy rejects blaming accommodative policy for France's high debt.
ContextSpeech in the Global Interdependence Center's central banking series in Paris; the Banque de France keeps prices stable and outlines a path to policy normalisation.
Why it mattersVilleroy sets out a roadmap to end asset purchases and raise rates.
ContextSpeech (virtual) by François Villeroy de Galhau, Governor of the Bank of France, at the Bank for International Settlement's Innovation Summit, 22 March 2022.
Why it mattersVilleroy applies the principle of same activity, same rules to distributed ledgers.
ContextSpeech as chair of the BIS Board on achieving a European Financing Union; the Banque de France keeps finance stable and wants savings to fund European investment.
Why it mattersVilleroy argues that Europe's savings should fund its own companies across borders.
Problems raised
European banking and financial systems are fragmented.
ContextSpeech at an Association Dauphine debate at the House of Finance in Paris; the Banque de France keeps prices stable and supports the post-Covid recovery.
Why it mattersVilleroy sets a goal of raising French potential growth.
ContextNew Year wishes to the Paris financial centre by François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), Paris, 4 January 2022.
Why it mattersVilleroy addresses market participants as the Covid ordeal lasts.
