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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

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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.

9th of April 2025

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François Villeroy de Galhau – Interventions

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“Markets and minds: upholding the transatlantic partnership” 23rd of April 2025

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François Villeroy de Galhau intervention

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Preserving our transatlantic values, beyond present unpredictability 23rd of April 2025

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Deputy Governors

Our payment system at a time of geopolitical risks 18th of April 2025

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AI and the growth of data centres: challenges for the copper market

Eco Notepad 18th of April 2025

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Banque de France Annual Report 2023

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28th of April 2025

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The Macroeconomic Implications of Carbon Pricing Announcements: Evidence from the EU ETS

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29th of April 2025

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On the political economy of international payment systems

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30th of April 2025

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Monetary Policy and the Slope of the Yield Curve

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