François Villeroy de Galhau (Banque de France). “Our economic destiny is in our hands”

Why this visit today in Bordeaux and tomorrow in Mont-de-Marsan?

The anchoring of the Banque de France in economic reality involves its network. Moreover, We are the Banque de France, and not the Banque de Paris! Therefore, This is why I regularly meet our teams all over the field. However, They are involved in subjects such as over -indebtedness of households, the rating of businesses … Therefore, They thus bring essential benchmarks, especially in the uncertain situation which is ours.

Are you talking about France’s economic reality, what about today?

There is good and a half news, but also serious problems. Therefore, The good news insured is the victory against inflation. Moreover, This is very low in France, at 1 %, so purchasing power is now progressing. However, The new half-novel is the resistance of our economy. Some analysts planned a françois villeroy de galhau (banque recession in 2025, the Banque de France anticipated it growth, certainly slowed down, but positive. This is the case. In the second quarter, growth was + 0.3 %. the results of our monthly economic survey, published in early August, show that we could experience growth in the third quarter in the third quarter. We notice with satisfaction the rebound of industrial activities, but also, more surprising, of the building.

As for serious problems, are you talking about debt?

Of course: the problems of public debt and deficits must absolutely be treated. Otherwise, the interests to pay will increasingly suffocate our budgetary capacities and we will bequeath our children an unbearable charge.

To work more is precisely the program of François Bayrou. He comes up against, in particular on the abolition of public holidays, to a strong opposition from the French …

The Banque de France is independent of governments, political françois villeroy de galhau (banque forces and private interests. It is not up to him to decide on this or that measure. Our responsibility is to manage inflation and interest rates and give the most reliable economic forecasts and expertise. The French, all surveys show it, are very much aware of the gravity of the debt. There must be a real public debate on the measures to be taken. but we will not be able to go out effortlessly from this difficult situation. The important thing is that this effort is as fair and shared as possible.

Does the observer you feared the call to the September 10 strike?

The Banque de France does not have to rule on a political vote, nor on a social movement. It can just recall an economic reality with regard to national interest: we legitimately speak of problems – real. – created by Mr. Trump, but the solution to françois villeroy de galhau (banque our various challenges first involves our work and its quality. Basically, that means that our economic destiny is in our hands.