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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. 32, October 2016 - Monetary policy measures in the euro area and their effects since 2014?

Inflation in the euro area has been significantly below its target level since the end of 2013. This can be passed on to long-term inflation expectations and is a reflection of the very progressive recovery. At a time when price stability was coming under threat, the Eurosystem embarked on a new phase of monetary accommodation in the summer of 2014, marked notably by massive purchases of government securities and negative policy rates. According to Eurosystem estimates, the asset purchase programme and the other non-standard measures taken since 2014 are expected to have an effect on average annual inflation of around 0.5 percentage point over the period 2015-2018 and a cumulative effect on the economic growth of the euro area of about 1.6 percentage points by 2018.

> The new publication


CAD 1.46020
USD 1.09250
JPY 113.97000
GBP 0.89465
CNY 7.39540
CHF 1.08380

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