François Villeroy de Galhau: Can our tax debate be rational?
Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at a symposium marking the 20th anniversary of the Council of Mandatory Contributions (CPO), Paris, 27 November 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Ladies and gentlemen,
It is a great pleasure for me to open today's symposium dedicated to the 20th anniversary of the Conseil des prélèvements obligatoires (CPO) in our Jacques Delors amphitheater. I would like to pay tribute to the CPO, which since its creation in 2005 has embodied values that are precious – and increasingly rare – in the public debate: objectivity, expertise and independence. The Banque de France fully identifies with these values. I am familiar with the CPO's requirements, having produced a report for its predecessor, the Tax Council, in the 1980s, and then having served as Director General for Taxes.
Allow me to begin with a semantic observation: in English, the word "fiscal" [which appears in the French title of this symposium: « Notre débat fiscal peut-il être rationnel ? »] means "budgetary", including spending; in France, it refers solely to taxes. This may be a sign of a distinctly French passion for taxation, even more so than among our neighbours. That said, can our tax debate be rational rather than passionate? Your twenty years of experience invite us to take a long-term view of taxes and social security contributions in France, with two perspectives - historical (1) and spatial (2) - and a praise of tax wisdom (3). I will then conclude with a few remarks on our current budget debate (4).