François Villeroy de Galhau Public Service Career and Challenges

François Villeroy de Galhau has had a distinguished public service career, serving as the Governor of the Bank of France from 2015 to 2021.

He was appointed Governor by President François Hollande in 2015, marking the beginning of his tenure.

As Governor, Villeroy de Galhau played a crucial role in shaping the Bank of France's monetary policy, working closely with the European Central Bank to maintain price stability in the eurozone.

Throughout his tenure, he also served as a member of the Governing Council of the European Central Bank.

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François Villeroy de Galhau was born in Strasbourg and descends from the family Villeroy de Galhau, which has ties to the ceramic manufacturer Villeroy & Boch.

He speaks German fluently, a skill likely useful given his family's background in Saarland.

After completing his French baccalaureate degree at the Lycée Saint-Louis-de-Gonzague, Villeroy de Galhau went on to earn his engineering degree at the École Polytechnique.

He later studied at ÉNA (École nationale d'administration) from 1982 to 1984.

Villeroy de Galhau's education and background have clearly prepared him for a life of leadership and service.

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As Governor of the Bank of France, François Villeroy de Galhau has played a significant role in shaping the country's monetary policy. He was nominated by President François Hollande in 2015 and succeeded Christian Noyer.

Villeroy de Galhau presides over the General Council, which deliberates on non-Eurosystem activities. He also conducts the three main missions of the Banque de France: monetary strategy, financial stability, and providing economic services to households and small businesses.

As Bank of France governor, Villeroy de Galhau sits in the Governing Council of the European Central Bank, making monetary policy decisions for the Eurozone.

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François Villeroy de Galhau was nominated as the next Governor of the Bank of France by President François Hollande in September 2015. He succeeded Christian Noyer and presides over the General Council.

As Governor, Villeroy de Galhau conducts the three main missions of the Banque de France: monetary strategy, financial stability, and the provision of economic service to households and small businesses. He also sits in the Governing Council of the European Central Bank.

Villeroy de Galhau amplified the transformation plan of his predecessor Christian Noyer, which he named "Ambition 2020". He transferred billions of euros to the French state, including 4.5 billion euros in 2016, 5 billion euros in 2017, 5.6 billion euros in 2018, and 6.5 billion euros in 2019.

Most of the transferred funds stemmed from interest income earned from asset purchases programs conducted in the Eurosystem as part of the ECB's monetary policy. He also took part in the launch of the Network for Greening the Financial System.

Under his leadership, the Banque de France announced plans to exit from coal and limit exposure to gas and oil in its investment portfolio by 2024.

The Governor of the Bank of France, Villeroy de Galhau, believes that savings, not debt, can finance EU growth. Savings can be a powerful tool for economic growth, as it allows individuals and businesses to invest in the future.

Villeroy de Galhau thinks that the last leg of disinflation in the eurozone should not be too difficult. Disinflation is the process of reducing inflation, which is a sign of a healthy economy.

Eurozone inflation declined sharply in May from 7% to 6.1%, and core inflation declined to 5.3%. This is a positive sign for the economy, as it suggests that prices are stabilizing.

The Governor calls for a capital markets union to adopt a "higher purpose". This means that the capital markets union should have a clear goal of promoting economic growth and stability.

Villeroy de Galhau's views on savings and debt financing EU growth are in contrast to some other opinions on the ECB governing council. However, his ideas are worth considering, especially in the current economic climate.

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François Villeroy de Galhau has a deep understanding of public service, having started his career at the Inspection générale des finances and working in various departments, including the Direction du Trésor in Bercy and the Permanent Mission of France in Brussels.

He has held several key positions, including directeur de cabinet for Dominique Strauss-Kahn and Christian Sautter, Minister of the Economy, Finances and Industry, and director general of the Direction générale des Impôts.

As Governor of the Bank of France, Villeroy de Galhau has been a key player in shaping public services, aiming to provide the best services on the ground at the lowest cost. He has also been a passionate advocate for the European social model, which has produced cohesive societies and competent public authorities.

However, he acknowledges that public action is becoming more extended and expected, less well financed and financeable, and often perceived as less effective.

Villeroy de Galhau started his career in the public sector at the Inspection générale des finances.

He worked as European politics adviser to the Finance Minister of France and then the Prime Minister of France, Pierre Bérégovoy, from 1990 to 1993.

Villeroy de Galhau held various positions at the Direction du Trésor in Bercy and in Brussels, serving as conseiller financier in the Permanent Mission of France.

He was directeur de cabinet to Dominique Strauss-Kahn from 1997 to 1999 and then to Christian Sautter from 1999 to 2000.

As director general of the Direction générale des Impôts, Villeroy de Galhau led the department from February 2000 to 26 August 2003.

He was appointed to lead a committee scanning the financing of investments in May 2015, and delivered his report on 26 September 2015.

Public services are facing significant challenges, and it's essential to address them head-on. François Villeroy de Galhau, the Banque de France governor, believes that central banks can play a crucial role in overcoming these challenges.

Visible difficulties are increasing in almost all advanced countries, including France, where public action is becoming more extended and expected, but less well financed and financeable. This is a pressing issue that requires immediate attention.

The Banque de France aims to provide the best services on the ground at the lowest cost, striving to be a catalyst for inclusion through its battle against inflation and overindebtedness. This commitment to financial literacy and inclusion is a vital step towards addressing the challenges facing public services.

In France, the public service model has been successful in producing cohesive societies and competent public authorities. However, this model is facing difficulties, and it's essential to take a step back to understand the challenges over time.

François Villeroy de Galhau has a notable body of work in the form of articles. He has written for various publications, including Sociétal, En temps réel, Études, and La Vie.

Some of his notable articles include "Le changement dans l'État, c'est possible" in Sociétal, which was published in 2002. He also wrote "Bercy : la réforme sans le grand soir ?" for En temps réel in 2004.

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In addition to these, Villeroy de Galhau has contributed to Études with "Justice et fiscalité" in 2007, and to La Vie with "La vocation d'un dirigeant est aussi d'être un serviteur à l'écoute" in 2008.

More recently, he wrote "De l'urgence d'aujourd'hui aux premières réflexions pour demain" for Le Monde in 2020.

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