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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


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

Speech by François Villeroy de Galhau, Governor of the Banque de France 
"Low interest rates and the implications for financial stability"
First ESRB annual conference - 23 September 2016


Interview of François Villeroy de Galhau, Governor of the Banque de France 
"In a world of uncertainty, European monetary policy is a yardstick of stability.”" with Corriere della Serra - 16 September 2016

Interview of François Villeroy de Galhau, Governor of the Banque de France , with the news weekly WirtschaftsWoche – 28 July 2016

Interview of François Villeroy de Galhau, Governor of the Banque de France 
"Avoiding post-Brexit economic uncertainty" La Croix - Monday 11 July 2016


Biography of Francois Villeroy de Galhau

>All the speeches

Rue de la Banque

Rue de la Banque No. 30, September 2016 - The role of China in the trade slowdown

Many analysts worry about the recent international trade slowdown. After the 2008 financial crisis, international trade of goods and world industrial production grew nearly at the same pace implying a trade elasticity of one. This stands in sharp contrast to the pre-crisis period when global trade increased more than two times faster than industrial production. This Rue de la Banque argues that (1) the long-run elasticity of world trade to income is one indeed, but (2) structural changes in China go a long way to explaining changes in trade elasticity;
the trade acceleration observed before the crisis was largely driven by the supply side shock of China integration in the world trade while the recent trade deceleration is closely linked to the shift of China’s
production towards domestic demand.


> The new publication


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