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Letter to the President of the Republic: From stupefaction to a general mobilisation, how to respond to America’s policy shift

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By François Villeroy de Galhau, Governor of the Banque de France

This 2025 Letter is published at a time of exceptionally strong uncertainty, and a technical update was carried out (section 1.2) on the evening of 10 April to reflect the changes announced by Mr Trump on the evening of 9 April.

9th of April 2025

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François Villeroy de Galhau – Interventions

Speech Governor

“Where there is danger, a rescuing element grows as well” 10th of June 2025

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News Inflation

French households and inflation from 2022 to 2024 - How did they perceive the wave of inflation and its decline? 8th of April 2025

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News European Union

Identifying European public goods: economic foundations and practical challenges 27th of March 2025

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Corporate bankruptcies and productivity in the wake of the pandemic

Eco Notepad 30th of May 2025

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Banque de France Annual Report 2023

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11th of June 2025

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Economic Consequences of Houthi Attacks in the Red Sea

Seminar Central bank

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17th of June 2025

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Nonlinear Effects of Loan-to-Value Constraints

Seminar Central bank

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18th of June 2025

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Evaluating Monetary Policy Counterfactuals: (When) Do We Need Structural Models?

Seminar Central bank

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