Former Governor, Bank of France
Search every verified François de Galhau interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. François Villeroy de Galhau, former Governor of the Banque de France, delivered the CFM–RCM lecture at the London School of Economics on 30 September 2026, discussing monetary policy amid geopolitical fragmentation. He argued that central bank independence was conferred by democracy and is a precondition for controlling inflation, and he cautioned against replacing forward guidance with excessive reliance on market signals, noting that markets can be volatile and overshoot. He also addressed the Eurosystem's liquidity framework, stating that an ample reserve regime would better control interbank rates and mitigate financial stability risks compared to scarce liquidity. On 1 October 2026, Villeroy de Galhau received the OMFIF Achievement Award for his contributions to central banking and European monetary cooperation, followed by a fireside chat with Bundesbank President Joachim Nagel. In his remarks, he said the euro's success stemmed from its visibility to citizens and proposed a European community for artificial intelligence. He also stated that US unpredictability and fiscal profligacy are gradually eroding the US dollar's dominance, while noting the dollar remains central to the international monetary system and that non-traditional reserve currencies, including the Chinese renminbi, have risen.
Watch this Centre for Macroeconomics and Rokos Capital Management (CFM–RCM) lecture with François Villeroy de Galhau, Honorary Governor of the Banque de France. Wednesday 30 September 2026 London School of Economics
OMFIF is pleased to honour François Villeroy de Galhau, former governor of Banque de France, with the OMFIF Achievement Award in recognition of his distinguished contribution to central banking, European monetary co-operation and international economic policy. Following the award presentation, François Villeroy de Galhau delivers a lecture, offering reflections on the major economic and monetary developments that have shaped his tenure and the outlook for Europe and the global economy. The event concludes with a conversation featuring Joachim Nagel, president of the Deutsche Bundesbank, Fran…
Dans quel état sont les finances publiques françaises ? À combien s’élève notre dette ? Et notre réserve d’or ? Quels sont les risques économiques liés aux tensions internationales, dont la guerre en Iran et les politiques de Donald Trump ? Que se passera-t-il si le détroit d’Ormuz ne s’ouvre pas ? Pour répondre à ces questions, nous recevons François Villeroy de Galhau, gouverneur de la Banque de France depuis 2015. Il se confie dans Quotidien avant de quitter ses fonctions début juin, près d’un an avant la fin de son mandat. ► Plus de vidéos Quotidien : http://bit.ly/Quotidien ► Instagram…
François Villeroy de Galhau, gouverneur de la Banque de France, était l'invité du Face-à-Face de ce lundi 4 mai sur BFMTV et RMC.
CNBC interviews the French central bank governor and ECB Governing Council member on the sidelines of the IMF Spring Meetings in Washington, D.C..
As his term comes to a close, François Villeroy de Galhau, governor of the Banque de France, reflects on his tenure at a time of major shifting in Europe’s monetary landscape. He joins the Atlantic Council for a conversation on the role of the euro, lessons from recent crises, and the evolving challenges facing central banks. #IMFWBSM2026
Crédit photo : Philippe Jacob.
How can the economy be steered when uncertainty reigns? François Villeroy de Galhau, Governor of the Bank of France, returns to Sciences Po for a nuanced analysis of monetary policy in the face of current crises. Twenty years after teaching in the iconic Émile Boutmy amphitheater, François Villeroy de Galhau shares his expertise with Sciences Po students. Drawing on theoretical foundations (Frank Knight) and practical realities, he deciphers the decision-making processes of a central banker confronting the geopolitical tensions of the Middle East and the vulnerabilities of the Eurozone.
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Au lendemain de la réunion de politique monétaire de la BCE, François Villeroy de Galhau, gouverneur de la Banque de France, était l'invité exclusif de l'émission Ecorama du 20 mars 2026, présentée par David Jacquot sur Boursorama.com. Parmi les sujets abordés : la flambée des prix de l’énergie due à la guerre en Iran, les risques de contagion sur l'économie, les scénarios de politique monétaire de la BCE et les marges de manœuvre budgétaires des États européens. __________________________________________________________________________________________ → Retrouvez la dernière interview de Fran…
Au lendemain de la réunion de politique monétaire de la BCE, François Villeroy de Galhau, gouverneur de la Banque de France, était l'invité exclusif de l'émission Ecorama du 20 mars 2026, présentée par David Jacquot sur Boursorama.com. Parmi les sujets abordés : la flambée des prix de l’énergie dû à la guerre en Iran, les risques de contagion sur l'économie, les scénarios de politique monétaire de la BCE et les marges de manœuvre budgétaires des États européens. __________________________________________________________________________________________ → Retrouvez l'interview complète de Franço…
“I agree on the limits of forward guidance, but I don't think it should be replaced by an excessive market guidance. Markets are useful, but they can be wrong and overshoot. They tend to be volatile and nonlinear and to miss economic or financial signals for long periods and then react abruptly. Their behavior does not help here and can create serious financial stability problems and crisis. A further issue is one mor”
“No, independence is not a democratic anomaly. And it's very important to stress. On the contrary, independence was conferred by democracy itself and not self-conferred by central bankers. Attacking it is in contradiction with the law and this is what is dangerous for democracy. And no, independence is not an obstacle to reasonably low interest rates, on the contrary it is a precondition for them by making it possible”
“The US unpredictability and fiscal profligacy gradually erodes the dominance of the US dollar. It's a very gradual erosion. The US dollar remains and will remain at the center of the international monetary system. But as you can see, we have already a significant rise of so-called non-traditional reserve currencies including, let us say it bluntly, the Chinese renminbi. Second and still more, and I will insist on tec”
“The euro succeeded because it was visible for all citizens. The euro in the pocket and tomorrow the digital euro. At present, I think that there are at least three obvious tangible expectations from our fellow citizens to address. First, AI and digital. If my compatriot Robert Schuman from the eastern border of France where I was grown was back here in London and had to issue a call, it wouldn't be about coal and ste”
“Nous on a la masse de l'Europe mais on est beaucoup trop divisé. On a des en matière économique, on garde beaucoup trop de frontières de réglementation nationale. Donc ils vont plus vite. On a un décliné. fois je dis he pour le résumer par une image très simple pour que l'Europe se mette en mouvement plus vite pour que tout le monde en profite parce que plus de croissance ça veut dire plus de pouvoir d'achat mais il ”
“Si on le vendait, ça représente moins de 10 % de la dette. Donc c'est comme si on avait vendu les bijoux de famille et on resterait la dette plus de 3000 milliards. On aurait vendu les bijoux de famille et on serait plutôt à et ça sert à rien. Par ailleurs, il y a une très bonne raison de le garder, c'est que ça ne cesse de s'apprécier hein dans le monde très incertain.”
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