Banque de France
France’s national central bank and French pillar of the Eurosystem.
Last updated November 4, 2026
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Overview
The Banque de France, commonly rendered in English as the Bank of France but retaining its French name in its own English communications, is France’s national central bank and a member of the Eurosystem. It contributes to the formulation of euro-area monetary policy through the European Central Bank, implements that policy in France, manages substantial parts of the national cash and foreign-exchange infrastructure, and supports the stability of the French financial system. Its modern public role combines central banking, financial-market infrastructure oversight, economic research, statistics, public financial services, and assistance for households and businesses. The institution was established on 18 January 1800 under the Consulate at the initiative of First Consul Napoleon Bonaparte. It began as a private company with a distinctive public mandate: issuing banknotes payable on demand and discounting commercial bills. In 1803, it received the exclusive right to issue notes in Paris, and the 1806 reforms placed it under a governor and two deputy governors appointed by the head of state. Its territorial role expanded gradually through a branch network, and the 1848 reforms extended its banknote-issuance privilege across France. The bank therefore evolved from a Paris-centered issuer into the country’s principal monetary institution. During the nineteenth and twentieth centuries, the Banque de France supported commerce, industry, public finance, and monetary stabilization. It participated in the creation of the Latin Monetary Union in 1865 and played an important role in financing the French state during the First World War. Its management of gold and exchange reserves became especially significant during the interwar period. The relationship between the bank and the state was repeatedly redefined: the 1936 reforms placed its governance more firmly under public control, and the law of 2 December 1945 nationalized it, making the French state its sole shareholder. A major institutional shift occurred in the 1990s. The law of 4 August 1993 established the Banque de France’s independence in defining and implementing monetary policy, while the creation of the European System of Central Banks and the ECB in 1998 transferred euro-area monetary policy to the European level. France joined the Eurosystem when the euro was introduced in 1999; euro banknotes and coins replaced the franc in everyday circulation in 2002. Since then, the Banque de France has remained the French national central bank within a federal monetary system rather than an autonomous issuer of a national currency. The bank describes its current responsibilities through three broad missions: monetary strategy, financial stability, and services to the economy and society. In monetary affairs, it contributes research, forecasts, policy analysis, ECB decision-making, banknote production, cash circulation, counterfeit prevention, and management of part of the Eurosystem’s foreign-exchange reserves. In financial stability, it oversees payment systems and selected financial-market infrastructures, participates in European banking supervision, and operates alongside the Prudential Supervision and Resolution Authority, or ACPR, which is housed under the Banque de France’s aegis but has a distinct governance framework. Its public-facing economic services include credit mediation for companies, credit assessments for non-listed firms, support for very small businesses, over-indebtedness procedures for households, access-to-basic-bank-account mechanisms, economic statistics, and financial education. It operates educational resources such as ABC de l’économie and supports Citéco, an interactive economic-education museum in Paris. The bank also coordinates France’s national financial-literacy strategy, including the annual Semaine de l’Éducation Financière. As of 2026, the institution is led by Governor Emmanuel Moulin, appointed for a six-year term beginning 2 June 2026. It remains a state-owned, active public institution headquartered in Paris, operating primarily in France while participating institutionally in the euro area and wider European financial system.
History
The Banque de France emerged from France’s long and difficult experience with public finance and monetary experimentation. Earlier institutions, including John Law’s Banque Générale and Banque Royale in the early eighteenth century, collapsed amid the Mississippi Bubble crisis. Later entities used the term caisse rather than banque, reflecting the reputational damage associated with failed central-banking experiments. Napoleon Bonaparte revived the idea of a national bank under the Consulate, and the Banque de France was founded on 18 January 1800 by a group of bankers acting at his instigation. The original institution was privately capitalized but carried a public mandate. It discounted commercial bills and issued notes payable to bearer. In 1803 it obtained the exclusive right to issue banknotes in Paris. Following a financial crisis in 1805, the government strengthened its influence: a 1806 law replaced the earlier central committee with a governor and two deputy governors appointed by the head of state. The 1808 Basic Statutes then provided a durable framework for the bank’s organization and operations. For much of the early nineteenth century, the Banque de France was primarily the Bank of Paris. It expanded through provincial branches, including offices established in Lyon and Rouen in 1808 and Lille in 1810. The revolutionary upheavals of 1830 and 1848 tested its resilience, while the 1848 reforms extended its note-issuance monopoly throughout France. Departmental banks were absorbed into the national network, helping turn the institution into a territorial central bank and strengthening its role in commercial and industrial development. The bank participated in wider European monetary cooperation through the Latin Monetary Union, created in 1865 by France, Belgium, Italy, and Switzerland around a common bimetallic standard. During the First World War, it supported government borrowing and helped finance wartime expenditure. France suspended convertibility to gold soon after the war began. In the interwar period, the bank attempted to stabilize the franc and rebuild gold reserves. Its large accumulation of gold became part of later debates about international monetary policy and the causes of the Great Depression, although interpretations differ. The Second World War brought extraordinary pressures. Before the German occupation, gold reserves were transferred overseas to locations including Canada, the United States, and French overseas territories. After the occupation of Paris, the bank was required to administer state payments imposed by Germany. Following Liberation, the law of 2 December 1945 nationalized the Banque de France and made the French state its sole shareholder. The bank subsequently supported reconstruction, modernization, public credit arrangements, and European monetary cooperation. The institution’s postwar role was gradually reshaped by European integration and changing views of central-bank independence. The 1973 statute reform preceded the more decisive Law of 4 August 1993, which established the Banque de France’s independence in the definition and implementation of monetary policy. In 1998 it joined the European System of Central Banks and became one of the principal national shareholders of the newly created European Central Bank. The euro was introduced as a currency in 1999, and euro notes and coins replaced the franc in 2002. Since then, monetary policy has been decided at Eurosystem level, while the Banque de France implements decisions domestically and contributes research and analysis to the ECB process. In the twenty-first century, the bank’s responsibilities have broadened beyond currency issuance. It supports the Eurosystem’s asset-purchase and liquidity operations, oversees important payment systems and market infrastructures, contributes to European banking supervision, and works with the ACPR on prudential supervision and resolution. It also delivers direct public services: corporate credit mediation, company assessments, household over-indebtedness procedures, access to basic banking services, financial-literacy programs, and economic statistics. The Banque de France has increasingly emphasized public understanding of economics and finance. Its ABC de l’économie resources provide articles, videos, games, competitions, and classroom materials, while Citéco offers a physical museum and educational venue in Paris. The annual Semaine de l’Éducation Financière extends this educational mission nationwide. In 2026, governance changed when Emmanuel Moulin succeeded François Villeroy de Galhau as governor. The institution remains a state-owned, active central bank whose national functions are integrated into the euro area’s federal monetary architecture.
- 2026
Emmanuel Moulin became governor
[9]Emmanuel Moulin took office on 2 June 2026 for a six-year term, succeeding François Villeroy de Galhau.
- 2019
Citéco inaugurated
[6]The Banque de France supported the restoration and opening of Citéco, an interactive museum devoted to economic education.
- 2013
ACPR established in its modern form
[4]The Prudential Supervision and Resolution Authority became the principal French prudential authority operating under the Banque de France’s aegis.
- 2002
Euro cash replaced the French franc
[4]Euro banknotes and coins replaced franc cash in everyday circulation in France.
- 1999
Joined the Eurosystem
[1]The bank became the French pillar of the Eurosystem when the euro was introduced as a common currency.
- 1998
Joined the European System of Central Banks
[1]The Banque de France became a national central bank within the ESCB and a major shareholder of the ECB.
- 1993
Central-bank independence established
[1]French law guaranteed the Banque de France’s independence in defining and implementing monetary policy.
- 1945
Banque de France nationalized
[1]The law of 2 December 1945 made the French state the institution’s sole shareholder.
- 1936
Governance placed under stronger state control
[1]Reforms replaced the former regency structure with a General Council whose members were appointed mainly by public authorities.
- 1865
Latin Monetary Union created
[4]France joined Belgium, Italy, and Switzerland in establishing the Latin Monetary Union’s common bimetallic monetary framework.
Products and positioning
Public central bank positioned around monetary and price stability, financial-system resilience, secure payment infrastructure, evidence-based economic analysis, and practical services for households, businesses, and the French state.
Central banking · 1800
Monetary-policy implementation
The Banque de France contributes economic research, forecasts, and policy analysis to Eurosystem decisions and implements euro-area monetary policy in France. It acts as the operational national central bank for French credit institutions and participates in the transmission of ECB policy to the domestic economy.
Currency and payments · 1999
Euro banknote and cash services
The bank produces euro banknotes in significant volumes, manages the circulation and quality of notes and coins, supports counterfeit detection, and provides training for banks, retailers, law-enforcement bodies, and other cash-handling stakeholders.
Financial infrastructure · 1998
Payment-system oversight
The Banque de France oversees or cooperates in the oversight of important retail payment systems, securities settlement systems, central counterparties, and other market infrastructures. Its work focuses on safety, reliability, resilience, and orderly functioning of payment arrangements.
Business services
Company credit assessment
The bank evaluates the credit quality of many non-listed French companies. These assessments can help businesses communicate their financial profile to lenders and support the analysis of credit conditions in the French economy.
Business services · 2008
Credit mediation
Credit mediation helps companies experiencing difficulties with banks, credit insurers, or other financial institutions. The service became particularly visible during periods of economic stress when firms faced urgent liquidity and financing problems.
Public financial services
Household over-indebtedness services
The Banque de France manages statutory procedures for households in severe financial difficulty, including the examination and resolution of over-indebtedness cases. It also supports access to basic banking services for eligible individuals.
Public education · 2016
Financial and economic education
Through ABC de l’économie, Citéco, EDUCFI, and related programs, the bank provides educational content, exhibitions, workshops, competitions, and training intended to improve understanding of money, budgeting, credit, saving, inflation, and the wider economy.
Controversies
2010
Cheque-processing fee collusion case
The French competition authority fined eleven banks, including the Banque de France, a combined EUR 384.9 million for coordinated interbank charges applied during the transition from paper-based cheque processing to electronic image exchange. The conduct concerned fees charged from January 2002 to July 2007.
Marketing campaigns
- 2026Financial Education Week 2026
France
The 2026 edition used conferences, roundtables, workshops, and online resources to address personal and professional financial decision-making, vulnerable households, school education, payments, savings, investment, and insurance.
Outcome. The program continued the Banque de France’s role as national operator of the EDUCFI strategy.
- 2019Citéco
France
The bank financed the restoration and adaptation of Hôtel Gaillard in Paris for Citéco, an interactive museum designed to make economic and financial subjects accessible to broad audiences.
Outcome. Citéco was inaugurated in May 2019 and opened as a public educational and cultural venue.
- 2016Semaine de l’Éducation Financière
France
The Banque de France established and promoted an annual national financial-literacy initiative aligned with the OECD’s Global Money Week. Activities include workshops, conferences, school programs, and guidance on budgeting, credit, saving, insurance, and fraud prevention.
Outcome. The initiative became a recurring nationwide component of France’s EDUCFI strategy.
Brand decisions
2026
Governor succession from François Villeroy de Galhau to Emmanuel MoulinOtherBackground
François Villeroy de Galhau announced his departure after more than ten years in office, and the French government initiated the statutory appointment process.
Action taken
Emmanuel Moulin was appointed by decree and took office on 2 June 2026 for a six-year term.
Aftermath
Moulin assumed the governorship alongside First Deputy Governor Denis Beau and Second Deputy Governor Agnès Bénassy-Quéré.
2026
Reported 2025 profit and gold-stock standardizationOtherBackground
The bank’s 2025 accounts reflected changing Eurosystem interest conditions and a technical operation involving a residual portion of gold held outside Europe.
Action taken
The Banque de France reported net profit of EUR 8.1 billion for the year ended 31 December 2025 and used it to clear EUR 7.7 billion of losses carried forward from 2024.
Aftermath
The bank reported strongly positive net equity and stated that the quantity of France’s gold reserves remained unchanged while part of the stock was brought into line with market standards.
Net profit. -7.7 billion EUR → 8.1 billion EUR (Financial years 2024 and 2025)
1999
Transition from franc central bank to Eurosystem memberGeneration changeBackground
The launch of the euro transferred monetary sovereignty from participating national central banks to a shared European framework.
Action taken
The Banque de France joined the Eurosystem and began operating as France’s national central bank within the ECB-led monetary system.
Aftermath
The bank stopped issuing a national currency while retaining responsibility for domestic implementation, cash operations, research, and financial stability functions.
1993
Central-bank independence reformStrategyBackground
European monetary integration and the pursuit of price-stability credibility required a clearer separation between monetary policy and short-term political direction.
Action taken
French law established the Banque de France’s independence in defining and implementing monetary policy.
Aftermath
The bank became institutionally prepared for participation in the European System of Central Banks and the euro.
1945
Nationalization after LiberationStrategyBackground
Postwar reconstruction and the government’s desire to place credit and monetary institutions under public direction shaped the institutional settlement.
Action taken
The French state nationalized the Banque de France and became its sole shareholder.
Aftermath
The bank operated as a fully state-owned public institution and supported reconstruction and economic modernization.
1848
Expanded note issuance nationwideStrategyBackground
France required a more unified monetary and banking structure after political and financial upheaval.
Action taken
The Banque de France absorbed departmental issuing banks and extended its note-issuance monopoly across the country.
Aftermath
The institution became France’s national central bank rather than primarily the Bank of Paris.
1803
Secured exclusive Paris note-issuance privilegeOtherBackground
The newly established bank needed a defined monetary role and a reliable basis for issuing notes against commercial assets.
Action taken
The government granted the Banque de France the exclusive right to issue paper money in Paris for fifteen years.
Aftermath
The privilege became the foundation for later expansion of the bank’s note-issuance monopoly across France.
Recent events
- 2026
Emmanuel Moulin appointed Governor of the Banque de France[3]
Leadership change
The Council of Ministers confirmed Emmanuel Moulin as governor on 27 May 2026. He began a six-year term on 2 June 2026, succeeding François Villeroy de Galhau.
- 2026
Banque de France reports a positive 2025 net result[8]
Other
The bank reported net profit of EUR 8.1 billion for 2025, allowing it to eliminate the EUR 7.7 billion loss carried forward from 2024.
- 2026
Banque de France publishes 2025 annual results[10]
Other
The reported improvement reflected a recovery in monetary income and a one-off gain associated with bringing part of the gold stock into line with technical market standards.
- 2026
Banque de France, ACPR and AMF publish system-wide stress-test methodology[11]
Regulation
The three French financial authorities published a methodology for a stress test covering the financial system as a whole rather than isolated institutions.
- 2026
Financial Education Week launched across France[7]
Campaign
The Banque de France and EDUCFI partners organized conferences, workshops, and public activities on budgeting, saving, investment, payments, insurance, and support for financially vulnerable groups.
- 2026
Banque de France warns about impersonation fraud[11]
Other
The Banque de France and ACPR warned the public about fraudulent schemes that misuse the identities of the institutions and their leaders.
- 2019
Citéco opens as an interactive museum of economic education[6]
Product launch · Campaign
Citéco, supported and financed by the Banque de France, opened in Paris as an interactive public institution devoted to economic and financial education.
Sources11 sources
- 1The history of the Banque de Francebanque-france.fr
- 2Governance and advisory committeesbanque-france.fr
- 3Emmanuel Moulin appointed Governor of the Banque de Francebanque-france.fr
- 4Bank of Franceen.wikipedia.org
- 520 September 2010: Collusion in the banking sectorautoritedelaconcurrence.fr
- 6Citéco, first European museum for economic educationbanque-france.fr
- 7Financial Education Week 2026banque-france.fr
- 8Results for 2025banque-france.fr
- 9Decree appointing Emmanuel Moulin Governorlegifrance.gouv.fr
- 10Net profitbanque-france.fr
- 11Banque de France, ACPR and AMF publish system-wide stress-test methodologybanque-france.fr
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