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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

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
Denis Beau Intervention
Our payment system at a time of geopolitical risks
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18th of April 2025
Agnes Benassy Quere intervention
Central bank accounts: the corollary of success
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27th of March 2025
Mosaïques d'hexagones avec avec en fond des symboles de réseau et d'analyse
Macroeconomic interim projections – March 2025
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12th of March 2025

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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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Uncertainty and the Business Cycle when Inflation is High
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Danish krone now available in all TARGET Services
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Banque de France

23rd of April 2025
Remise du rapport « Mieux connaître les dispositifs existants de détection précoce et de soutien aux entreprises en difficulté »
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23rd of April 2025
Lettre au Président de la République : De la tétanie à la mobilisation générale, comment agir face au basculement américain
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9th of April 2025

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Updated on the 22nd of April 2025

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