Banque de France Annual Report 2020

By François Villeroy de Galhau

The year 2020 will remain the year of the Covid shock. Threatened by the epidemic, our societies and their leaders reacted with determination: emergency measures were followed by stimulus packages. The Annual Report presents the actions taken by the Banque de France to continue to perform its missions, maintain confidence in the currency and ensure the smooth financing of the economy. For the 9,500 staff of the Banque de France, 2020 was a year of challenges but also a year of pride. The challenge was to switch massively to telework within two days in mid-March, and be present on all the “fronts” and in all the areas where we were expected. But pride because we did our duty in the service of the country and were recognised for it; and pride for having completed our “Ambitions 2020” transformation plan on time despite the crisis. I would like to express my warmest thanks to all the managers and staff of the Banque de France.