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Letter to the President of the Republic: From stupefaction to a general mobilisation, how to respond to America’s policy shift
9th of April 2025
By François Villeroy de Galhau, Governor of the Banque de France
This 2025 Letter is published at a time of exceptionally strong uncertainty, and a technical update was carried out (section 1.2) on the evening of 10 April to reflect the changes announced by Mr Trump on the evening of 9 April.
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Ten years of bank stress tests in Europe and the United States
29th of April 2025
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