Francois Villeroy de Galhau is Governor of Banque de France, and as such a member of the European Central Bank monetary policy committee, the Governing Council. The Governing Council consists of the six members of the Executive Board, plus the governors of the national central banks of the 19 euro area countries.

Villeroy spoke over the weekend, in an interview with France's LCI television.

  • said that the European Central Bank should raise interest rates by 50 basis points at its next meeting (December 15)
  • expects rate hikes will continue after that meeting, and says he is unable to forecast when they would stop


  • "I expect inflation will be beaten by around 2024-2025"
  • thinks that France and Europe will escape a hard economic landing
  • thinks that a recession next year is unlikely


I think he might be a bit optimistic on recession avoidance!