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Sylvie Goulard resigns from the Banque de France

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Sylvie Goulard resigns from the Banque de France
Written by madishthestylebar

Posted 2 Dec. 2022 at 10:10Updated 2 Dec. 2022 at 19:53

Thunderbolt at the Banque de France. Sylvie Goulard, second deputy governor of the institution, announced her resignation on Friday, a year before the end of her mandate.

“After nearly five years as Deputy Governor at the Banque de France, Sylvie Goulard wanted to join the Ministry for Europe and Foreign Affairs, which is her original administration, to pursue her recognized European and international commitment there”, the institution said in a terse statement. The decision will take effect on December 5.

The former MEP was appointed in January 2018 for a period of six years. This, after a brief stint at the Ministry of the Armed Forces in the government of Edouard Philippe, which she had to interrupt after being cited in the affair of the parliamentary assistants of the Modem. We also learned on Friday that a judicial investigation was opened on September 27 in Paris on her role as a consultant to an American institute, the Council for the Future of Europe, a think tank created by the Berggruen Institute. The National Financial Prosecutor’s Office confirmed information from Liberation on this subject. According to Sylvie Goulard’s entourage, interviewed by AFP, her departure from the Banque de France ‘has nothing to do with the investigation’.

New vacancy

Sylvie Goulard was notably in charge of financial stability within the institution. His relations with the governor, François Villeroy de Galhau, were reputed to be complicated. In its press release, the Banque de France did not thank the deputy governor for her work, as is usual practice in institutions or companies when a manager leaves.

Respected both for her European expertise and her freedom of speech, Sylvie Goulard was proposed in 2019 to become European Commissioner, but the European Parliament rejected her candidacy. According to the law, which aims to avoid the exercise of professional activities by former governors of the Banque de France, she should continue to receive her salary for three years.

His surprise departure from the Banque de France makes a new position vacant within the French financial authorities. According to the monetary and financial code, “deputy governors exercise the functions delegated to them by the governor”. In practice, one is internally oriented (Denis Beau currently) and the other towards external subjects (Sylvie Goulard until now), such as financial stability, international affairs or financial education.

Successor quest

To replace her, several sources expect a highly recognized and a priori female economist profile, the other two members of the General Council of the Banque de France being men. Agnès Benassy-Quéré, chief economist of the Treasury since 2020, would have “all the required qualifications” according to these sources, but other profiles could also emerge.

This power vacuum comes as the government must also find a successor to Dominique Laboureix, president of the Prudential Control and Resolution Authority (ACPR), the banking and insurance supervisory body attached to the Banque de France. He is due to take over the presidency of the Single Resolution Board, the mechanism that serves as a safety net for European banks, at the start of 2023.

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