Former Bank Of France governors support new hire
(28 September 2015 – France) Three former governors of the Bank of France have lent their support to the appointment of former BNP Paribas banker Francois Villeroy de Galhau to head the French central bank, reports say.
(28 September 2015 – France) Three former governors of the Bank of France have lent their support to the appointment of former BNP Paribas banker Francois Villeroy de Galhau to head the French central bank, reports say.
Former Bank of France chiefs Jean-Claude Trichet, Jacques de Larosiere and Michel Camdessus sent a support letter to Villeroy de Galhau on 17 September that was seen by French publication, Les Echos.
In the letter they wrote: "We do not see anything preventing you, subject to parliament's approval, from taking on - with full competence and independence and after a mixed (professional) background - this essential mission"
The letter was sent following a protest from more than 140 economists against the appointment of the former banker to head the Bank of France, saying it could raise conflict of interest issues.
The economists, mostly academics, had written in Le Monde newspaper that Francois Villeroy de Galhau was an excellent expert on the banking sector, but that his background risked jeopardising his independence at the central bank.
President Francois Hollande named Villeroy de Galhau earlier this month to run the Bank of France, after current governor Christian Noyer retires at the end of October.
Subscribe