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French Central Bank Governor François Villeroy de Galhau at Semafor World Economy
Semafor World Economy Summit 2026
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May 1, 2026
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14:27
Conference
Interview
French Central Bank Governor François Villeroy de Galhau at Semafor World Economy
From
Semafor World Economy Summit 2026
· 2026
François Villeroy de Galhau
(Governor, Banque de France, guest)
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Executive Summary
The European Central Bank (ECB) is cautiously optimistic, expecting the Eurozone to avoid a recession despite new energy-related supply shocks, thanks to a strong starting position at the beginning of the year.
The ECB will maintain a data-dependent monetary policy, independent of the US Federal Reserve, and sees no rush to make a decision in April, focusing instead on second-round inflation effects like wages and inflation expectations.
The Eurozone has overcome its past 'core vs.
periphery' economic divisions, but now faces challenges of fiscal discipline in major economies like France, which is committed to reducing its deficit to 3% by 2029.
Europe's key long-term challenge is competitiveness, which requires mobilizing its high private savings rate (15%) and further integrating its single market to fund strategic areas like AI, energy, and defense, as outlined in the Draghi report.
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