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Banque de France's Annual Report 2015

International Symposium


Global imbalances, in particular the polarisation of current account deficits and surpluses, have increased during the 2000s, until the outbreak of the financial crisis. As underlined by G20 heads of States and Government: "inconsistent and insufficiently coordinated macroeconomic policies, inadequate structural reforms […] led to unsustainable global macroeconomic outcomes." (summit on financial markets and the world economy, Washington, November 15, 2008). This leads to today’s key question of regulation in the face of global imbalances.

This international symposium, organised by the Banque de France, will bring together a wide group of central bank governors, leading academics from all over the world as well as senior officials of major financial institutions and international organisations. The participants will debate themes that are relevant to the G20 French presidency, such as the reform of the regulation of the international monetary and financial system or the progress in the coordination of economic and financial policies.

This conference will be broadcasted in live on Friday, November 7th from 9 hours on Banque de France website. Connect!

<media 83348 - type-pdf>Download the full symposium program</media>

Speeches by the Bank's Authorities


Speech by François Villeroy de Galhau, Chairman of the Autorité de Contrôle Prudentiel et de Résolution and Governor of the Banque de France
“Towards the insurance of tomorrow” 8th International Insurance Conference - 14 October 2016

Interview of François Villeroy de Galhau, Governor of the Banque de France  The Banker - 10 October 2016

Columm by François Villeroy de Galhau, Governor of the Banque de France 
"The challenge of Brexit: banks’ resilience is no excuse for complacency" The Banker - 3 October 2016

Interview of François Villeroy de Galhau, Governor of the Banque de France 
"France needs to bring its public deficit down to below 3 %" with Le Monde - 29 September 2016

Hearing of the Committee on Economic and Monetary Affairs of the European Parliament – 28 September 2016


Biography of Francois Villeroy de Galhau

>All the speeches

Rue de la Banque

Rue de la Banque No. 31, October 2016 - What caused current account imbalances in euro area periphery countries?

External imbalances may exacerbate the vulnerability of countries. As regards euro area periphery countries, the widening of these imbalances began in 1996, before the introduction of the euro. This Rue de la Banque tests different explanations for the build-up of these imbalances since 1996. Account is taken of the role played by changes in economic agents’ expectations which could have been triggered by the announcement, in December 1995, of the exact timeline of the transition to the single currency. Current account and real exchange rate imbalances in the euro area periphery countries were largely driven by an anticipated decrease in relative (to the core countries) external borrowing costs and not by a catching-up process (i.e. capital was not flowing simply towards countries with higher current or expected rates of return).

> The new publication


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