Business · Economy · 12 hrs ago
Former French central bank chief urges action on debt and public spending
Former Bank of France governor François Villeroy de Galhau says France must address its public debt and wider social challenges.
He left the post in June 2026 and now leads a foundation that supports young people in difficulty.
France is facing financial and social strain, with the interview describing weak growth and market interest rates close to 5%.
Villeroy argues that letting debt keep growing shifts choices against young people.
He calls for public spending to be made more effective and for three European projects in AI, energy and defence by 2029.
In his view, problems such as debt, education and energy costs become crises when they are not dealt with in time.
Former Banque de France governor François Villeroy de Galhau called for action to address France’s debt and improve the efficiency of public spending.
He said allowing debt to rise would mean making choices against young people.
Villeroy, who left the central bank in June 2026, proposed three European projects by 2029 in artificial intelligence, energy and defense.
He said problems including debt, education and energy had become crises because they were not addressed in time.
- Who
- François Villeroy de Galhau, former governor of the Banque de France.
- What
- He called for action on debt and more efficient public spending, and proposed European projects in artificial intelligence, energy and defense.
- When
- The interview was published on November 8, 2026. He left his post in June 2026.
- Where
- France and Europe.
- Why
- He said problems that were not addressed in time had turned into crises, including a financial crisis linked to debt.
This story does not have two clearly opposing sides.
François Villeroy de Galhau became governor of the Banque de France.
Villeroy left his post as governor.
Le Monde published its interview with Villeroy.
Villeroy called for three major European projects in artificial intelligence, energy and defense.
- Former governor
- François Villeroy de Galhau
- Term as governor
- November 2015 to June 2026
- Proposed project horizon
- 2029
- European project areas
- Artificial intelligence, energy and defense
- Current role
- President of the Apprentis d’Auteuil foundation
What people are saying
Allowing debt to run away means making choices against young people, gerontocratic choices
I prefer the word hope
The problems you mentioned all turn into crises because we did not address them in time