Jacques de Larosière
Jacques de Larosière de Champfeu | |
|---|---|
| Born | November 12, 1929 France |
| Occupation(s) | Civil servant, international finance official |
| Years active | 1965–present |
| Known for | President of the European Bank for Reconstruction and Development (1993–1998); Governor of the Banque de France (1987–1993); Managing Director of the International Monetary Fund (1978–1987) |
Jacques de Larosière de Champfeu (; born 12 November 1929) is a retired French civil servant who held the position of president at the European Bank for Reconstruction and Development (EBRD) from 1993 until 1998. Prior to this, he was governor of the Banque de France between 1987 and 1993 and served as the sixth managing director of the International Monetary Fund (IMF) from 1978 to 1987.
Early life and education
Larosière completed his studies at Lycée Louis-le-Grand and Institut d'Etudes Politiques de Paris, before graduating from the prestigious École nationale d'administration in 1958. Subsequently, he entered the French Finance Ministry’s elite internal audit body, the Inspection générale des finances.
Government
Between 1965 and 1974, Larosière was employed at the Directorate-General of the Treasury within the French Finance Ministry. He briefly served in the private office of Finance Minister Valéry Giscard d'Estaing and was appointed Director of the French Treasury in 1974, a role he fulfilled for four years.
International finance
From June 1978 to January 1987, Larosière held the role of Managing Director at the International Monetary Fund. Following this tenure, he became Governor of the Banque de France, serving until 1993.
After a competitive selection process involving prominent figures such as Giuliano Amato, Leszek Balcerowicz, and Henning Christophersen, Larosière was named President of the London-based EBRD in September 1993. His appointment came in the wake of controversies that led to the resignation of EBRD’s inaugural president, Jacques Attali. During his presidency, Larosière successfully rehabilitated the institution’s standing and left office in 1998.
Later career
In 1992, Larosière became a member of the Washington-based Group of Thirty. He co-founded Eurofi in 2000, initially serving as co-chair alongside , before assuming sole chairmanship from 2011 through 2016.
Following the Bankruptcy of Lehman Brothers, European Commission President José Manuel Barroso entrusted Larosière with leading a high-level group that authored the influential "Larosière Report" published in February 2009. This report advocated for a comprehensive reform of the European Union’s financial regulatory architecture. Its recommendations were integrated into legislation enacted in 2010, which established key bodies such as the European Banking Authority, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority, and the European Systemic Risk Board.
As of 2021, Larosière continues to serve as Chairman of the Strategic Committee for France’s debt management agency, Agence France Trésor, while also acting as an advisor to BNP Paribas.
Honours
- Grand Officer rank within the Legion of Honour
- Recipient of the 2nd Class Order of the Cross of Terra Mariana
- Honorary Knight Commander title in the Most Excellent Order of the British Empire