Ethics of currency – a possible guide for central bankers?

Mostly Economics

Mr François Villeroy de Galhau, Governor of the Bank of France, gave the Michel Camdessus Central Banking Lecture organised by IMF.

It is my great pleasure to be in Washington with you today, and to deliver this speech in honour of Michel Camdessus. I would like to take this opportunity to pay a special tribute to him, and express my personal gratitude. Michel is not only one of my predecessors as a Governor of the Banque de France, but also a friend of mine and – yes – a master. My speech was prepared with his precious help, so today you can almost enjoy a “Camdessus Lecture by Michel Camdessus himself”.

The somewhat unusual theme I proposed for today, the “ethics of currency”, has guided him throughout his career. In the murky waters that we central bankers are navigating, it should more than ever serve as a golden thread. I…

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