Villeroy explained that he had been approached to take over the presidency of the Fondation Apprentis d’Auteuil, a Catholic charity that helps young people from difficult social backgrounds to get into the job market. He said he had taken his decision “in complete personal independence” and added that there would be enough time between now and June to organize a smooth succession.
An influential voice on the European Central Bank’s Governing Council, Villeroy is currently serving his second six-year term as governor. He has been at the head of France’s central bank for nearly 11 years and “has been a solid, well-respected governor,” according to Véron.
Quick and fulsome praise
Villeroy’s colleagues were quick to heap praise on the outgoing governor.
“The [ECB’s]Governing Council has benefited enormously from the realism combined with strong European convictions and vision that he always brings to the table,” Lagarde said in a statement, paying tribute to his “friendly, wide-ranging, team-oriented, good-humored and consistently well-articulated contributions.”
“His deep engagement with the European cause, tied to his sincere love for France and his particular attachment to the Saar, have made him a living bridge between our countries,” his German counterpart Joachim Nagel said in a statement. “In all his works and deeds, we wish that he keeps his indefatigable creativity, his unflinching optimism and his infectious clarity.”
Sylvain Broyer, an analyst with S&P Global in Frankfurt and a veteran ECB-watcher, noted that Villeroy “has often served as a compass for the markets,” helping them to gauge the direction of monetary policy at a time when the ECB has dropped its previous commitment to explicitly guiding the markets on its intentions.