PARIS (Reuters) – The governor of the Banque de France (BDF), François Villeroy de Galhau, says he does not think that there is currently a “war of currencies”, believing that the current movements on the currencies were more revisions of economic perspectives, while noting an expectation through the world of “diversification of the monetary system”.
“The war of currencies would be a situation where each country very actively uses its exchange rate to try to conquer an economic advantage. We are not there,” he said in an interview with the newspapers of the EBRA group published on Friday. “Current movements on currencies are rather a consequence of revisions of economic perspectives,” he adds.
Recalling that the United States is long concerned with the role and level of the US dollar, François Villeroy de Galhau considers, however, that “the intentions of the administration (President Donald) Trump are less obvious” about the level of the dollar. As for China, “we do not see today an abnormal monetary behavior,” he said.
The governor of the Banque de France also notes that there is “in the world a expectation of diversification of the monetary system”. “The euro has its place,” he continues, also evoking preparations for a digital euro which could be a “answer” to the cryptos which he says he does not consider as coins but as “risky financial assets”.
(Written by Jean Terzian)
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