French ECB Presidential Hopeful Tells Germans He’s Their Friend

(Bloomberg) -- France’s top contender for the presidency of the European Central Bank is appealing to Germans to treat him as one of their kind.

Speaking -- in German -- to an audience of family businesses in Berlin on Friday, Bank of France Governor Francois Villeroy de Galhau highlighted his cultural and ideological links to the country. He said he shares German values, such as solidity, stability and realism, and understands the nation’s fears over financing other countries’ debts.

“I speak before you as a convinced European and a friend of Germany. I am French, but my family roots have been in Saarland for over two centuries. I love Germany, its language, its culture.”
-- Francois Villeroy de Galhau in Berlin, June 28

The 60-year old is considered one of the leading contenders to replace ECB President Mario Draghi when his term ends in October, though Bloomberg’s latest survey of economists shows him slipping behind Bundesbank President Jens Weidmann. European Union leaders are in Brussels this weekend to try to make a decision on that and other top policy positions.

Weidmann is popular in Germany for his criticism of some of the ECB’s key crisis-fighting tools, and of political proposals that would see euro-zone nations sharing more risk.

See our survey on the ECB presidential race

Villeroy comes from the family that owns the Germany-based ceramics maker Villeroy & Boch, and said he “always” vacations in the country. He spoke out against the concept of the Eurobonds that would collectivize countries’ debts, and praised the values that the ECB inherited from Germany’s Bundesbank during its creation.

He also said France and Germany need to work together more than ever.

“Without a doubt we’re facing growing uncertainty, unprecedented geopolitical tensions and populism on the rise -- including in Europe, from Brexit to Italy,” he said. “Germany and France also unfortunately experience these tensions in their relationship with each other. We have our differences, but I would like to express my strong conviction: but in today’s world, in today’s Europe, there is no more reliable partner for France than Germany -- and none for Germany than France.”

To contact the reporters on this story: Carolynn Look in Frankfurt at clook4@bloomberg.net;Patrick Donahue in Berlin at pdonahue1@bloomberg.net

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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