French governor warns of the perils of ‘impatience’

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François Villeroy de Galhau

The governor of the Banque de France has warned central banks not to trade off long-term interests in favour of the short-term, regardless of political pressure.

Speaking in Luxembourg on January 10, François Villeroy de Galhau said in the past, independence was “conceived as a response to the temptation to make trade-offs between growth and price stability”.

Today, however, the governor said the real temptation was to trade off long-term interests in favour of the short term.

“Financial

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