Money François Villeroy de Galhau: "Europe and the euro are the best protection"

10:30  30 july  2020
10:30  30 july  2020 Source:   parismatch.com

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François Villeroy de Galhau was born in Strasbourg on 24 February 1959 into an industrial family from the East of France with roots in Saarland. He studied at the Lycée Saint-Louis- de -Gonzague and graduated from the École Polytechnique (class of 1978) and the ENA (class of 1984 “Louise Michel”).

Speech by Mr François Villeroy de Galhau , Governor of the Bank of France, Munich, 15 February 2018. In the euro area, we therefore need better economic policy coordination. Countries will continue to be responsible for their economic policies, but we can aim for a better collective economic

For the Governor of the Banque de France, the key to reconstruction is confidence.

  François Villeroy de Galhau : © Kasia WANDYCZ / Paris Match

Paris Match. Does the European recovery plan seem to you to be in line with the current challenges?

François Villeroy de Galhau . Its development was laborious, but its result is up to the difficulties created by the health crisis and its consequences. It is first of all an unprecedented act of solidarity towards the countries most affected by a pandemic itself without equivalent. This plan translates into more than a doubling of the annual budget. It should then be noted that for the first time in the history of the Union, a European-wide loan was decided. This is a major step forward, which initiates a real common fiscal policy. However, EU central banks have long wanted Europe's economic policy to no longer depend solely on monetary policy actions. It is therefore an additional satisfaction for the Bank of France and the European Central Bank .

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Speech by Mr François Villeroy de Galhau , Governor of the Bank of France, at the Conference at LUISS University, Rome, 29 November 2018. I remember Rome in December 1990 and the Palazzo Montecitorio, where we opened the Intergovernmental Conference on Economic and Monetary Union

Address by Francois Villeroy de Galhau , Governor of Banque de France, Chair BdF-PSE - Продолжительность: 28:04 Banque de France 146 просмотров. 25 Best Places to Visit in Europe - Travel Europe - Продолжительность: 25:55 touropia Recommended for you.

Is this a founding moment for a more federal European Union?

In my opinion, it is too early to tell. But this plan shows that Europe is much stronger than people say. It has been able to react to the three recent crises, in 2008 with the financial crisis, in 2015 with the Greek debt crisis, and finally today. At the foot of the wall, the Europeans - including the Germans - have chosen the EU and the euro. Thus opting for the best protection in an uncertain world, subject to many antagonisms.


Such a brutal recession has not occurred since 1945


Is the euro so popular with EU citizens?

Yes. European membership of the euro is measured every six months. It is currently at 76%, its highest level in a long time.

Will the consequences of the pandemic be as serious as what many experts predict?

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Speech by Mr François Villeroy de Galhau , Governor of the Bank of France, at the Osservatorio Permanente Giovani-Editori, Florence, 7 February 2017. Maastricht and the euro are naturally part of a broader history: the history of Europe , and its singular achievement of making the transition from

Speech by Mr François Villeroy de Galhau , Governor of the Bank of France, at the Europadialog The projects for a better Europe must be chosen with care and prioritised; and we mustn't just talk Europe is lagging far behind in this area: such financing only represents 67% of GDP in the euro

The shock is very severe. Such a brutal recession had not occurred since 1945. Economic activity fell by more than 30% at the height of the crisis. But this plunge will be temporary, provided that the consequences are well managed. What was put in place during the most acute phase turned out to be very effective: mobilization and the public shield played an essential role, particularly in France, which has the largest amount of loans guaranteed by the State in within the EU. Better yet, 75% of these were intended for SMEs and very vulnerable enterprises. And it is also in France that their rates are the lowest in Europe, while the partial activity measures have protected a very large number of employees. At the same time, sectoral plans in the automotive, aeronautics and tourism sectors have been well targeted and appear to be working well.


French savings will amount to 100 billion euros at the end of the year

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Keynote speech by Mr François Villeroy de Galhau , Governor of the Bank of France, at the EconPol Europe ( European Network for Economic The aim is to better steer the euro area’s EUR 350 billion annual savings surplus towards productive investment, notably by shoring up equity which is the key

Speech by Mr François Villeroy de Galhau , Governor of the Bank of France, at the The success stories can be seen in the north of Europe , but also in the south, with Spain and Portugal; and all As well as this need for the right reforms in our two countries, the decentralisation of the euro area has


What now?

The reconstruction phase is necessarily different. This is where the right choices must be made: public money is not unlimited, it is ours and that of our children. In France, the state cannot do everything, nor do it alone. The “whatever the cost” must gradually give way to a more selective “when it's worth it”. It is essential to restore private confidence, that of households and businesses. It is the key to a relatively rapid recovery. Our forecasts are based on a 10% drop in GDP this year: it may be better, in order to hope to regain the level of pre-Covid activity in early 2022.

How can households and businesses act?

French savings will represent 100 billion euros at the end of the year, or the equivalent of 4 or 5 points of growth reservoir. It must be mobilized for successful reconstruction. For this, guaranteeing fiscal stability is essential: neither increase nor decrease in taxes. The pledges given to maintain unemployment insurance at its current level help to restore confidence, as do initiatives in favor of youth employment and apprenticeship. To prevent this exceptional savings from turning into precautionary savings, restoring confidence is one of the biggest challenges. For businesses too.

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