Governor of the French Central Bank, François Villeroy de Galhau: The Middle East shock impacts all economies, and rising interest rates affect both strong and weak fiscal states alike

智通财经2026/10/08 07:36

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(1) Banque de France Governor François Villeroy de Galhau stated that the Middle East crisis has triggered geopolitical shocks impacting all economies, including those with relatively strong public finances. (2) As a member of the European Central Bank’s Governing Council, he did not directly mention France’s current difficulties when discussing inflation’s impact on global bond yields. (3) Villeroy de Galhau said, “We observe a strong correlation between oil prices, US long-term interest rates, and European interest rates. This rise in rates affects all countries, regardless of their fiscal health. In fact, some countries with very strong public finances are equally affected, just like those in weaker fiscal positions.” (4) France is currently under close investor scrutiny as it strives to pass a budget and narrow its large fiscal deficit, with related tensions evoking memories of the eurozone debt crisis. (5) Earlier on Thursday, French Finance Minister Bruno Le Maire insisted that there is no difficulty selling French government bonds. (6) Villeroy de Galhau also pointed out that consumer price increases driven by oil and gas price shocks have not significantly spread to other sectors.

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(1) Banque de France Governor Villeroy de Galhau stated that the geopolitical shock triggered by the Middle East crisis is affecting all economies, even countries with relatively strong public finances are not exempt. (2) As a member of the European Central Bank’s Governing Council, when discussing the impact of inflation on global bond yields, he did not directly mention the difficulties currently faced by France. (3) Villeroy said: “We see a strong correlation between oil prices and long-term US interest rates as well as European rates. This rise in rates is affecting all countries, regardless of their fiscal situation. In fact, some countries with very strong fiscal positions are also being impacted, just like those with weaker fiscal conditions.” (4) Currently, France is under close scrutiny by investors. The country is working to pass a budget and reduce its large fiscal deficit, with the related turmoil reminiscent of the Eurozone debt crisis. (5) Earlier on Thursday, French Finance Minister Le Maire insisted that there are no difficulties selling French government bonds. (6) Villeroy also pointed out that the rise in consumer prices caused by shocks in oil and gas prices has not spread significantly to other sectors.

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