During the campaign, President Trump took great pleasure taking potshots at the Federal Reserve, which he accused of being a political tool used by his predecessor to make the economy look better through his willing stooge, Janet Yellen. And he suggested that maybe the solution to that problem might be to end the central bank’s independence and put it under his direct control.
Trump & co., notably Treasury Secretary-designate Steve Mnuchin, have walked back a lot of those fighting words, pledging that a presidentially-controlled Fed—or any other kind of Fed reform, like, say, an audit—were not in the cards anytime soon. Like so much else emitting from the C-in-C’s mouth, the threats were ephemeral.
The Donald Trump of France, however, means every word when she says she’ll take over the Banque de France and use it to start printing as many francs as it takes to get her country out of the euro. And she’s not afraid to say that to the French Janet Yellen’s face.
Presidential candidate Marine Le Pen’s chief economic adviser Bernard Monot met with Bank of France Governor Francois Villeroy de Galhau in September and set out her party’s plans to take control of the central bank and use it to finance government spending….
The central bank has become one of Le Pen’s key targets as she fleshes out her plans for taking control of the French economy and leaving the euro. She intends to revoke the Bank of France’s independence and use it to finance French welfare payments and service the government’s debts after abandoning the European monetary union.