05/30/2021 at 4:30 PM
Here is perhaps the best student in the world of economic orthodoxy. An exceptional champion trained at ENA, passed through the cabinet of the former Minister of the Economy Dominique Strauss-Kahn and then by the BNP Paribas Bank. Like what the austerity habit can make the monk of the single thought. Now governor of the Banque de France, François Villeroy de Galhau occupies a sort of second function: extinguisher of new ideas. Any proposal out of step with the major budgetary balances immediately receives reprobation from him. Health crisis or not, deindustrialisation or not. Cancel the debt held by the European Central Bank, as very serious economists suggest? “You have to repay [her] sooner or later” he replies, right in his accounts. Relax the Maastricht ratios, as mentioned by Minister Bruno Le Maire, yet not really a fan of the budgetary open bar? These criteria constitute “useful anchors” retorts Villeroy de Galhau, just to block any hope of revising old standards.
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