Villeroy Nomination to Bank of France Criticized by Economists

The nomination of Francois Villeroy de Galhau to head the Bank of France was criticized by 150 economists in an editorial published by Le Monde newspaper.

“Given the stakes in terms of power and money, the banking sector is particularly susceptible to conflicts of interest,” the economists, including Thomas Piketty, wrote in Le Monde. “It’s totally unrealistic to have worked in the banking industry and then, a few months later, say one can control it with impartiality and total independence,” they wrote.

Villeroy was nominated Sept. 8 by French President Francois Hollande to become the next governor of the Bank of France. He spent 12 years at BNP Paribas SA, France’s biggest lender, joining the executive committee in 2008 and becoming chief operating officer in 2011 before leaving earlier this year.

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