French Economists Protest New Central Bank Nominee

Nearly 150 French economists have protested against the appointment of a former BNP Paribas banker to head France’s central bank.

The economists, mostly academics, wrote in Le Monde newspaper that Francois Villeroy de Galhau’s background posed a conflict of interest.

Mr Villeroy de Galhau has assured the government that that would not be the case.
Current bank governor Christian Noyer retires at the end of next month.
His appointment is still subject to government approval.

The economists, which included inequality expert Thomas Piketty and ex-World Bank chief economist Francois Bourguignon, called on politicians to reject his nomination in confirmation hearings before the finance committees of both houses of parliament on 29 September.

“It’s a total illusion to say that one can serve the banking industry and several months later assume its regulation with impartiality and total independence,” they said.

Via BBC News

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza