8th blog on the Economy of France

I was trying to think of what I was going to write for my seventh post and I figured I would write about the Banque de France.

I looked it up and came across the actual site, banque-france.fr and looked for history about the Banque de France. According to this website, it was created on January 18th 1800 by Napoleon Bonaparte. Back at this time in the Revolutionary period, France's economy had taken a turn for the worse and was in a recession, therefore this was created in order to help restore the economy. Back then, France had paper money called Assignats that was used in the French Revolution. The Revolutionary Government's assignas had a downfall and the only way they believed the people's trust could be rebuilt with their money was if the Banque de France was ran separately from the government. By February 20th of 1880, the bank was officially opened. On April 14th of 1803, The Banque de France was allowed to give out paper money to all of Paris.

The Banque de France had several difficulties but fastforwarding too many years later, 1993. In 1993, there was a big event that took place that would be very important for The Banque de France. The Act of 4 August 1993 helped The Banque de France did have it credibility to be an independent Bank. Indepence for the Bank would mean that it would be a good way to help for when the European Monetary Union came into play. When the European Monetary Union formed around that time was when the Euro came ino existence, trying to bring together a common currency.