IN MOST countries a stint at a big international bank is no disqualification for a top job at a central bank. Mark Carney of the Bank of England (ex-Goldman Sachs), Mario Draghi of the European Central Bank (Goldman again) and Bill Dudley of the Federal Reserve Bank of New York (yes, Goldman too) are three prime exhibits. Yet the nomination of François Villeroy de Galhau, until recently a senior executive at BNP Paribas, as the new governor of the Bank of France has prompted an unusual rumpus.
Mr Villeroy de Galhau (pictured) is the impeccable product of French elite education. He graduated from not one but two of the country’s top public graduate schools—the Ecole Nationale d’Administration and Polytechnique—and is a former member of the inspection des finances, an elite corps of finance-ministry officials. Situated on what friends call “the Catholic left”, he also has long had ties to the Socialist Party of President François Hollande. Before joining BNP in 2003, he was chief of staff to two Socialist finance ministers, Christian Sautter and Dominique...Continue reading
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