"Credible but not static: in praise of monetary agility"

19 June 2025 · François Villeroy de Galhau, Governor of the Banque de France (France)

Summary written by Dark Majestic in its own words · topics: inflation and price stability

19 Jun 2025 · François Villeroy de Galhau Wiki · Banque de France Wiki"Credible but not static: in praise of monetary agility"

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.
Expectations could weaken.

Solutions proposed

Stay credible but agile.
Adapt policy to changing conditions.
Protect the anchoring of expectations.

Read full speech on bis.org ↗

More speeches by François Villeroy de Galhau

Europe and China - a key economic relationship under the pressure of great uncertainty and growing imbalances · François Villeroy de Galhau (BdF), 25 May 2026
Broadening the horizon - lessons from a decade of banking supervision · François Villeroy de Galhau (BdF), 21 May 2026
A long view on monetary policy - three clarifications prompted by three challenges · François Villeroy de Galhau (BdF), 7 May 2026
One year on - why the transatlantic partnership remains of mutual interest · François Villeroy de Galhau (BdF), 15 Apr 2026

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