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 The European Bank for Reconstruction and Development, shortened to EBRD ( French: ''Banque européenne pour la reconstruction et le développement'' or ''BERD''), is an international financial institution founded in 1991 in Paris. As a multilat ...

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 The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

(IMF) from 1978 to 1987

Early life and education

Larosière descends from Joseph Thebaud. He studied at

Lycée Louis-le-Grand The Lycée Louis-le-Grand (), also referred to simply as Louis-le-Grand or by its acronym LLG, is a public Lycée (French secondary school, also known as sixth form college) located on Rue Saint-Jacques (Paris), rue Saint-Jacques in central Par ...

and

Institut d'Etudes Politiques de Paris An institute is an organizational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes ca ...

. He graduated from

École nationale d'administration The (; ENA; ) was a French ''grande école'', created in 1945 by the then Provisional Government of the French Republic, provisional chief of government Charles de Gaulle and principal co-author of the Constitution of France, 1958 Constitution M ...

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 within the French Finance Ministry. He then briefly joined the private office (''cabinet'') of Finance Minister

Valéry Giscard d'Estaing Valéry René Marie Georges Giscard d'Estaing (, ; ; 2 February 19262 December 2020), also known as simply Giscard or VGE, was a French politician who served as President of France from 1974 to 1981. After serving as Ministry of the Economy ...

, 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

(IMF) from 17 June 1978 to 15 January 1987. From 1987 to 1993 he was the Governor of the

Banque de France The Bank of France ( ) is the national central bank for France within the Eurosystem. It was the French central bank between 1800 and 1998, issuing the French franc. It does not translate its name to English, and thus calls itself ''Banque de ...

. After successfully competing against

Giuliano Amato Giuliano Amato (; born 13 May 1938) is an Italian politician who twice served as Prime Minister of Italy, first from 1992 to 1993 and again from 2000 to 2001. Upon Arnaldo Forlani's death in July 2023, Amato became the country's earliest-servin ...

Leszek Balcerowicz Leszek Henryk Balcerowicz (pronounced ; born 19 January 1947) is a Polish economist, statesman, and Professor at Warsaw School of Economics. He served as Chairman of the National Bank of Poland (2001–2007) and twice as Deputy Prime Minister of ...

and Henning Christophersen to become the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

's nominee for the post, Larosière became President of the London-based

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 The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sec ...

. In 2000 he co-created Eurofi and became its co-chair together with , then sole chair from 2011 to 2016. In the wake of the

Bankruptcy of Lehman Brothers The bankruptcy of Lehman Brothers, also known as the Crash of '08 and the Lehman Shock, on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to i ...

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

President

José Manuel Barroso José Manuel Durão Barroso (; born 23 March 1956) is a Portuguese politician and law professor. He previously served from 2002 to 2004 as the List of Prime Ministers of Portugal, 114th prime minister of Portugal and from 2004–2014 as the 11 ...

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

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 The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of three European Supervisory Authori ...

, and the European Systemic Risk Board. As of 2021 he remains Chairman of the Strategic Committee of the French debt management office, the ', and advisor to

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

Honours

Grand Officer of the

Legion of Honour The National Order of the Legion of Honour ( ), formerly the Imperial Order of the Legion of Honour (), is the highest and most prestigious French national order of merit, both military and Civil society, civil. Currently consisting of five cl ...

EST Order of the Cross of Terra Mariana - 2nd Class BAR

Order of the Cross of Terra Mariana The Order of the Cross of Terra Mariana (, also the Order of the Cross of St. Mary's Land) was instituted by the President of Estonia, Lennart Meri, on 16 May 1995 to honour the independence of the Estonian state. (The Latin name ''Terra Mariana'' ...

, 2nd Class * Honorary Knight Commander of the Most Excellent

Order of the British Empire The Most Excellent Order of the British Empire is a British order of chivalry, rewarding valuable service in a wide range of useful activities. It comprises five classes of awards across both civil and military divisions, the most senior two o ...

References

{{DEFAULTSORT:Larosiere, Jacques De 1929 births Living people Lycée Louis-le-Grand alumni Sciences Po alumni École nationale d'administration alumni Inspection générale des finances (France) Governors of the Banque de France Managing directors of the International Monetary Fund BNP Paribas people Recipients of the Order of the Cross of Terra Mariana, 2nd Class Members of the Académie des sciences morales et politiques Grand Officers of the Legion of Honour Honorary Knights Commander of the Order of the British Empire Presidents of the European Bank for Reconstruction and Development French officials of the United Nations