Our economies now need predictability, and this would be the most powerful engine for global growth . . . On the US side, beyond the best possible resolution of the Iran conflict, this predictability calls for a soft landing on trade. And on the European side, for an acceleration on growth and innovation.
The recent US Supreme Court decision on the IEEPA tariffs reminds us that American checks and balances might well be alive. But by invalidating the tariffs, it has also reopened legal uncertainty.
Protectionism is not the solution to these global imbalances . . . The first and foremost effect of protectionism would be to have slower growth everywhere . . . So it’s a lose-lose solution
It's a practical reality that [the] independence of central banks is more efficient, to have low inflation and to have low interest rates.
When Europeans stress that might alone, might without right, can be misleading, it's sometimes worth listening to them.
François Villeroy de Galhau
Governor of the Banque de France
François Villeroy de Galhau
Governor of the Banque de France
François Villeroy de Galhau
Governor of the Banque de France
François Villeroy de Galhau
Governor of the Banque de France
François Villeroy de Galhau
Governor of the Banque de France