Jacques de Larosière

Jacques de Larosière de Champfeu (born 12 November 1929) is a French former civil servant who served as the president of the European Bank for Reconstruction and Development from 1993 to 1998. He previously served as the governor of the Banque de France from 1987 to 1993. Before that appointment, he was also the sixth managing director of the International Monetary Fund (IMF) from 1978 to 1987

Jacques de Larosière
Larosière at a Eurofi event, 2011
President of the European Bank for Reconstruction and Development
In office September 1993 – January 1998
Preceded by	Jacques Attali
Succeeded by	Horst Köhler
Governor of the Banque de France
In office 15 January 1987 – 16 January 1993
Preceded by	Michel Camdessus
Succeeded by	Jean-Claude Trichet
Managing Director of the International Monetary Fund
In office 17 June 1978 – 15 January 1987
Preceded by	Johan Witteveen
Succeeded by	Michel Camdessus
Directeur du Trésor
In office 1974–1978
Preceded by	Claude Pierre-Brossolette
Succeeded by	Jean-Yves Haberer
Personal details
Born	(1929-11-12) 12 November 1929 Paris, France
Education	Lycée Louis-le-Grand
Alma mater	Sciences Po École nationale d'administration

Early life and education

Larosière descends from Joseph Thebaud. He studied at Lycée Louis-le-Grand and Institut d'Etudes Politiques de Paris. He graduated from École nationale d'administration in 1958 and entered the elite French Finance Ministry internal inspectorate known as the Inspection générale des finances.

Career

Career in government

From 1965 to 1974 Larosière worked at the Directorate of the Treasury within the French Finance Ministry. He then briefly joined the private office (cabinet) of Finance Minister Valéry Giscard d'Estaing, and following the latter election as French President, was appointed Director of the French Treasury in 1974, a position he held for the next four years.

Career in international finance

Larosière served as the Managing Director of the International Monetary Fund (IMF) from 17 June 1978 to 15 January 1987.

From 1987 to 1993 he was the Governor of the Banque de France.

After successfully competing against Giuliano Amato, Leszek Balcerowicz and Henning Christophersen to become the European Union's nominee for the post, Larosière became President of the London-based European Bank for Reconstruction and Development in September 1993. His appointment came in the wake of the scandals that led to the departure of the EBRD's first president, Jacques Attali. He left this position in 1998 after restoring the bank's reputation and credibility.

Later career

In 1992 Larosière became a member of the Washington-based Group of Thirty. In 2000 he co-created Eurofi and became its co-chair together with Daniel Lebègue, then sole chair from 2011 to 2016.

In the wake of the Bankruptcy of Lehman Brothers, European Commission President José Manuel Barroso asked Larosière to lead a high-level group that in February 2009 produced a landmark report, known as the "Larosière Report" and recommending a broad overhaul of the European Union financial regulatory architecture. The Larosiere Report's suggestions were adopted in EU legislation enacted in 2010 that created the European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority, and the European Systemic Risk Board.

As of 2021 he remains Chairman of the Strategic Committee of the French debt management office, the Agence France Trésor, and advisor to BNP Paribas.

Honours

• Grand Officer of the Legion of Honour
• Order of the Cross of Terra Mariana, 2nd Class
• Honorary Knight Commander of the Most Excellent Order of the British Empire

See also

• Delors Committee