comprising a governor (most frequently the finance minister or head of the central bank) and an alternate governor for each member country, it approves quota increases, allocation of special drawing rights (SDR), admittance of new members, compulsory withdrawal of members and amendments to the Fund's Articles of Agreement and By-Laws.
The Governor of the Banque de France is currently the alternate and the French Finance Minister is the governor. Historically, the Governor has sometimes held the position of governor for France at the IMF (W. Baumgartner from 1959 to 1960, J. Brunet from 1960 to 1969, O. Wormser from 1969 to 1972, R. de la Genière from 1982 to 1984, M. Camdessus from 1984 to 1987) and sometimes of alternate governor (E. Monick from 1945 to 1949, W. Baumgartner from 1949 to 1959, J-C. Trichet from 1995 to 2003 and C. Noyer from 2003 to 2015, F. Villeroy de Galhau since 2016) at the IMF Board of Governors and World Bank Annual Meetings.
The Governor of the Banque de France also takes part as an alternate or participates (in place of the Minister of Finance) in the International Monetary and Financial Committee (IMFC, an advisory committee to the Board of Governors) responsible for examining proposed amendments to the Articles of Agreement submitted by the Executive Board and any other questions of shared interest at two annual meetings, the IMF Spring Meeting and its Annual Meeting in the autumn.
In addition to the biannual meetings of the IMF governors, the Banque de France participates throughout the year in the work of the Fund, sharing its views via the office of the executive representing France, on all questions addressed at the meetings of the IMF Executive Board: major Fund policy orientations, evolution of the international monetary system, international coordination of economic policies. If the executive is designated by the Treasury, the Banque de France appoints an advisor to the executive. The Banque de France thus takes part in fulfilling the mandate of the IMF, in particular in its surveillance mission.
In the financial arena, all relations between France and the IMF are conducted by the Banque de France in accordance with an agreement with the French government.
Updated on: 12/01/2016 11:48