François Villeroy de Galhau: Ethics of currency - a possible guide for central bankers?

Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Michel Camdessus Central Banking Lecture, Washington DC, 14 September 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and Gentlemen,

It is my great pleasure to be in Washington with you today, and to deliver this speech in honour of Michel Camdessus. I would like to take this opportunity to pay a special tribute to him, and express my personal gratitude. Michel is not only one of my predecessors as a Governor of the Banque de France, but also a friend of mine and – yes – a master. My speech was prepared with his precious help, so today you can almost enjoy a "Camdessus Lecture by Michel Camdessus himself". The theme we chose together, the "ethics of currency", has guided him throughout his career. In the murky waters that we central bankers are navigating, it should more than ever serve as a golden thread. I will briefly discuss the reasons why I dare to talk about the ethics of currency (I), then elaborate on the golden triangle of trust today (II) and finally raise the question as to whether the international dimension of trust can still inspire us (III).