François Villeroy de Galhau: Private markets - three conditions to get the good without the bad or the ugly
Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Bloomberg Forum Future of Finance, Paris, 12 March 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Ladies and Gentlemen,
Three years after its inaugural edition, I am delighted to speak again at the Bloomberg Forum – Future of Finance. Your Forum underscores the interest of financial players in the Paris financial centre, which remains the leading centre in the European Union (EU) and the 4th largest worldwide. Let me add that the recent political uncertainties have not dented France's attractiveness: the number of foreign investment projects, excluding retail outlets, slightly increased in 2025; French growth, French private savings and the leading position of French financial ecosystem remain solid. I will not make today any comment on monetary policy as I am in the so-called ECB "quiet period". But looking to the "future of finance", I would like to address today an important shift in the financial landscape: the rise of private markets, that is to say all non-bank intermediation that provides financing to NFCs through equity or credit, using instruments that are not publicly traded. This development has three main features: it is significant, it is risky, but it might also be welcome for the European economy (I). Balancing innovation with financial stability is therefore essential, and I will outline three conditions to get the Good without the Bad or the Ugly (II).