François Villeroy de Galhau on four lessons from a decade of central banking turmoil

WHEN I BECAME governor of the Banque de France in 2015, a friend predicted plain sailing. The decade that followed was anything but.

For us central bankers—stability-lovers and devout internationalists—deeply held convictions were tested.

These years could be viewed as purely chaotic and negative, with slowing economic growth, rising debt and surging populism. Yet beyond this bleak picture, I draw four vital lessons.

With multilateralism in crisis, new ways must be found to co-operate, argues the departing head of the Banque de France.