François Villeroy de Galhau, governor of the Bank of France, has announced his early departure from office in early June, although his mandate was set to end in late 2027. This surprise decision was shared with bank staff and authorities. He will next lead the Fondation Apprentis d’Auteuil.
François Villeroy de Galhau, appointed governor of the Bank of France in November 2015 and reappointed in 2021 for six years, informed the institution's staff on Monday, February 9, of his departure in early June. In a letter seen by AFP, he states the decision was made 'in complete personal independence,' shared recently with President Emmanuel Macron, the government, and ECB President Christine Lagarde.
'My nearly eleven years at the helm of the Bank of France and in service of the euro are and will remain the honor of my public career,' he declares in a press release. At 66, this polytechnicien and énarque from Strasbourg, from the industrial family Villeroy and Boch, ends a tenure marked by major economic challenges: Donald Trump's first term, the Covid-19 crisis, and the Ukraine war.
Under his leadership, the Bank of France underwent major reorganization, cutting nearly 30 percent of its staff and launching a new bill-printing facility. 'We have transformed this great public institution,' he writes to employees, highlighting achievements since 2015 despite their limits. The bank plays a vital role in monetary policy, combating over-indebtedness, setting the Livret A rate, and producing banknotes.
Economy Minister Roland Lescure praises 'the commitment and sense of service' of Mr. Villeroy de Galhau, guided by 'rigor, independence, and concern for the general interest.' Joachim Nagel, Bundesbank president, calls him an 'exceptional central banker,' contributor to financial stability and a 'living bridge between France and Germany.'
Following his exit, he will chair the Fondation Apprentis d’Auteuil, focused on child protection, to continue serving the public good. Rumors swirl about his successor, including Agnès Bénassy-Quéré, Laurence Boone, Benoît Cœuré, and Emmanuel Moulin.
