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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, Governor of the Banque de France
Paris Europlace International Financial Forum – Tokyo, 5 December 2016

Interview of François Villeroy de Galhau, Governor of the Banque de France
« We are pragmatic and have many options open for the adaptation of our purchase programme »
Expansión - 24 November 2016

Speech by François Villeroy de Galhau, Governor of the Banque de France
« Europe facing a new political economy »
Asociación de Mercados Financieros Annual Financial Convention- Madrid - 21 November 2016

Introductory speech by François Villeroy de Galhau, Governor of the Banque de France 
“Savings glut, or investment deficit?”
‘The future of savings’ conference – 4 November 2016

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

Biography of Francois Villeroy de Galhau

>All the speeches

Rue de la Banque

Rue de la Banque No. 34, November 2016 - Economic policy uncertainty in advanced countries and portfolio capital flows to emerging markets

Uncertainty in advanced countries’ economic policies spills over to emerging markets via portfolio bond and equity flows. A negative uncertainty shock in an advanced country has two opposing effects on portfolio flows: i) it can trigger a portfolio rebalancing in the form of flows towards other economies; and ii) it can prompt a flight to quality, potentially leading to a reduction in flows to EMEs. Flights to quality tend to be more marked during periods of stress in global financial markets, so that an uncertainty shock that might have had a positive impact during a “tranquil” period can instead have a negligible or even negative impact. For example, an increase in policy uncertainty in the United States has no effect on equity flows to EMEs during calm periods, but a negative impact during periods of heightened global risk.

> The new publication


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