François Villeroy de Galhau: From the emergency crisis response to initial thinking on the post-crisis environment

Hearing of Mr François Villeroy de Galhau, Governor of the Bank of France, before the Section for the Economy and Finance of the French Economic, Social and Environmental Council, Paris, 8 April 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Madam President, Vice-Presidents, Section Members

Thank you for this "virtual" invitation, which is nevertheless essential to maintaining a productive dialogue on the economy between our two institutions during this crisis: the Banque de France is fully mobilised in the economic battle to support our businesses, and, of course, representatives of civil society such as yourselves are following the situation extremely closely. This afternoon, I will briefly present the findings of our monthly business survey published today. It is the first French survey to analyse the economic impact of the first fifteen days of lockdown. I shall then turn, in greater detail, to the economic policy responses: those introduced in the short term, for which there is a solid consensus, and those that will have to be devised once we emerge from the crisis. In this respect, questions remain open.