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103-467: Until the 20th century, Magnanville had a population of only about 100 people. The village expanded in the twentieth century, with significant house building taking place from the 1970s. Archaeological excavations have found evidence of a small agricultural settlement in the fifth century BCE. In 1750, Charles Savalette, keeper of the Royal Exchequer, employed the architect François Franque to build

206-418: A 42-year-old police officer named Jean-Baptiste Salvaing died after being stabbed nine times by a man who shouted " allahu akbar " and praises for ISIS . The terrorist then took Salvaing's wife, police administrative worker Jessica Schneider, and their son hostage in their house and later killed Schneider. RAID stormed the house and killed the terrorist and rescued the young boy. ISIS claimed responsibility for

309-540: A European war was true "only so long as English commerce does not suffer". Louis either failed to appreciate this or decided to ignore it and his actions gradually eroded Tory opposition. In early 1701, Louis registered Philip's claim to the French throne with the Parlement of Paris , raising the possibility of union with Spain, contrary to Charles' will, though Philip was only third in the French succession. In February,

412-617: A central bank was the Banque Générale (Banque Générale Privée or "General Private Bank"), set up by John Law at the behest of the Duke of Orléans after the death of Louis XIV . Law received the bank's 20-year charter in May 1716 and its stock consisted of 1,200 shares valued at 5,000 livres apiece. It was meant to stimulate France's stagnant economy and pay down its staggering national debt acquired from Louis XIV's wars, including

515-570: A mixture of anti-Castilian and anti-French sentiment meant the others supported Archduke Charles, the most important being Catalonia. Allied victory at Vigo Bay in October 1702 persuaded Peter II of Portugal to switch sides, giving them an operational base in this area. Archduke Charles landed at Lisbon in March 1704 to begin a land campaign, while the British-Dutch capture of Gibraltar

618-520: A natural embarkation point for an attack on England, as demonstrated in 1688 . The third was to maintain a navy strong enough to protect British trade, control her waters and launch attacks on her enemies' commercial routes and coastal areas. Alignment on reducing the power of France and securing the Protestant succession for the British throne masked differences on how to achieve them. In general,

721-488: A navy , and as the campaigns of 1708–1710 proved, even under severe pressure it could defend its borders. The Nine Years' War had shown France could not impose its objectives without support, and its new alliance with Spain and Bavaria made a successful outcome more likely. However, the previous wars had left France with severe economic problems. This was recognized by the Marquis de Chamlay , who advised Louis to not take on

824-464: A new thoroughfare, the rue du Colonel-Driant  [ fr ] . It entailed the erection of a new complex for the bank above a large underground bunker known as the Souterraine  [ fr ] , designed by architect Alphonse Defrasse . The Bank of France commissioned the erection of branches in many French towns and cities, which are often prominent in the urban landscape. In 2019,

927-551: A number of American and British banking syndicates to defend the franc from exchange-rate fluctuations. The Bank also began to hoard gold reserves and, at its peak, held 28.3 percent of the world's gold stock (only behind the United States at 30.4 percent). Some scholars have asserted that this gold accumulation was a contributing factor to the Great Depression . Under Émile Moreau , Governor from 1926 to 1930,

1030-512: A periodical Financial Stability Review ( Revue de la Stabilité Financière ). The Bank of France provides services to households, businesses, and the French state: The governor of the Bank of France is appointed by the president and is, as of 2019, François Villeroy de Galhau , since 1 November 2015. He presides over the Bank's General Council, the body responsible for deliberating on all matters relating to non-Eurosystem activities. As of late 2023,

1133-537: A policy weapon. The 1651–1663 Navigation Acts were a major factor in the Anglo-Dutch Wars , while between 1690 and 1704, English import duties on foreign goods increased by 400%. On 6 September 1700, France banned the import of English manufactured goods such as cloth and imposed prohibitive duties on a wide range of others. The field armies that operated in the Southern Netherlands during

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1236-637: A purely offensive strategy. He argued that the combined might of the Grand Alliance forces made it highly improbable for France to launch a successful attack. The Dutch and Imperial fortresses were located far from convenient Franco-Spanish bases, and the Netherlands and Rhineland lacked easily navigable rivers for the Bourbon armies. Furthermore, besieging a major Dutch fortress demanded the commitment of two full armies. The French would thus pursue

1339-644: A reversal of long-standing strategic policy, with France now supporting the Spanish position in Lombardy, rather than seeking to weaken it, and Austria doing the opposite. While Victor Amadeus initially allied Savoy with France, his long-term goal was the acquisition of the Duchy of Milan , which neither Bourbons nor Habsburgs would relinquish voluntarily. As discussed elsewhere in this article, securing his borders in Italy

1442-665: A separate peace but could not agree on the terms. The Great Frost of 1709 caused widespread famine in France and Spain, forcing Louis to re-open negotiations and he hinted at his willingness to cede French fortresses to the Dutch Republic. In May 1709 the Allies presented him with the preliminaries of the Hague. Britain and Austria still insisted on an undivided Spanish monarchy for Archduke Charles. The Allies demanded that Philip

1545-402: A state-owned institution. Existing shareholders received bonds to replace their shares in the company. The Bank's statute was reformed in 1973. In 1993, the Bank of France was again reformed when it obtained independence from the state. It sought to establish credibility by promising to adhere to the single mandate of price stability . Jean-Claude Trichet , Governor from 1993 to 2003, was

1648-703: A strategy described as a "mixed war" in Europe. In this strategy, the Franco-Spanish forces would primarily assume a defensive posture to safeguard the vital fortresses they needed to retain. Offensive actions, on the other hand, were characterized by assertive posturing and strategic positioning, with an emphasis on sustaining their forces by living off enemy territory whenever feasible, while blocking enemy thrusts, and trying to engage them in battle where possible. Apart from denying an undivided Spanish monarchy to others, Louis's objectives were to secure his borders with

1751-585: A strong town on the eastern side of the Dutch Republic, and took Venlo , Roermond , Stevensweert and Liège along the Meuse . The 1703 campaign was marred by Allied conflicts over strategy. Despite capturing Bonn , they failed to take Antwerp , while a Dutch contingent narrowly escaped disaster at Ekeren in June. On the Upper Rhine , Imperial forces under Louis William, Margrave of Baden-Baden remained on

1854-478: A temporary suspension of hostilities. Unlike the crowns of France or Austria , that of Spain could be inherited through the female line. This allowed Charles' sisters Maria Theresa (1638–1683) and Margaret Theresa (1651–1673) to pass their rights onto the children of their respective marriages with Louis XIV and Emperor Leopold. Louis sought to avoid conflict over the issue through direct negotiation with his main opponent William III of England while excluding

1957-586: A will leaving an undivided Spanish monarchy to Joseph Ferdinand. However, the latter's death from smallpox in February 1699 undid these arrangements. In 1685, Maria Antonia passed her claim to the Spanish throne onto Leopold's sons, Joseph and Archduke Charles. Her right to do so was doubtful, but Louis and William used this to devise the 1700 Treaty of London . Archduke Charles became the new heir, while France, Savoy and Austria received territorial compensation; however, since neither Leopold nor Charles agreed,

2060-558: Is considered a connected conflict since it affected the involvement of states such as Sweden , Saxony , Denmark–Norway and Russia . Armies in the 1688 to 1697 Nine Years' War frequently numbered over 100,000, requiring expenditure unsustainable for pre-industrial economies. The 1690s also marked the low point of the Little Ice Age , a period of cold and wet weather that drastically reduced crop yields across Europe. The Great Famine of 1695–1697 killed an estimated 15–25% of

2163-689: Is the first to set up a blockchain system. With the onset of the COVID-19 pandemic and the ensuing economic crisis, the Eurosystem resolved to inject €3 trillion of liquidity into banks, allowing them in turn to support households and businesses, particularly with regard to urgent cash flow needs. In addition to membership in the Eurosystem, the Banque de France is in charge of credit mediation. This service, which has been in very high demand during

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2266-567: Is the member of the Eurosystem for France . It was established by Napoleon Bonaparte in 1800 as a private-sector corporation with unique public status. It was granted note-issuance monopoly in Paris in 1803 and in the entire country in 1848, issuing the French franc . Long independent from direct political interference, it was brought under government control in 1936 and eventually nationalized in 1945. While other banks of issue were established in

2369-585: The Americas , the Spanish Netherlands , and colonies such as the Philippines . Negotiations between Louis and Emperor Leopold centred on dividing these territories, which the Spanish refused to allow. Since the acquisition of an undivided empire by either Austria or France would make them too powerful, its inheritance led to a war that involved most of Europe. The 1700–1721 Great Northern War

2472-729: The Banque Royale officially closed. The collapse of the Mississippi Company and the Banque Royale tarnished the word banque ("bank") so much that France abandoned central banking for almost a century, possibly precipitating Louis XVI 's economic crisis and the French Revolution . Successors such as the Caisse d'Escompte (from 1776 to 1793) and Caisse d'escompte du commerce (from 1797 to 1803) used

2575-428: The French colonial empire , the Bank of France remained Metropolitan France 's sole monetary authority until end-1998, when France adopted the euro as its currency. The Bank of France long held high prestige as an anchor of financial stability, especially before the monetary turmoil that followed World War I . In 1907, Italian economist and statesman Luigi Luzzatti referred to the Bank of France as "the centre of

2678-518: The Great Northern War , while Frederick I made his support dependent on Leopold recognising Prussia as a kingdom and making it an equal member of the Grand Alliance. Since George, Elector of Hanover , was also heir to the British throne, his support was more reliable, but the suspicion remained that the interests of Hanover came first. British foreign policy was based on three general principles, which remained largely consistent from

2781-583: The Rhine and Adda , while their absence limited operations in areas like Northern Spain. Better logistics, unified command, and simpler internal lines of communication gave Bourbon armies an advantage over their opponents. In 1700, Spain remained a great power in terms of territory control; recent research moreover shows that imports of bullion from the Americas reached their highest level between 1670 and 1700. However, this concealed major structural weaknesses;

2884-567: The Spanish Americas . For the Dutch, despite attaining their long sought-after Barrier Treaty , the war is seen as marking the beginning of their decline as a significant European power. Although Louis succeeded in placing his grandson on the Spanish throne, France was left financially exhausted. Charles II of Spain succeeded his father Philip IV at the age of four in 1665. Subject to extended periods of ill-health for much of his life,

2987-549: The Spanish Netherlands , large parts of Italy , and the Americas . Its acquisition by either France or Austria threatened the European balance of power , and Philip's proclamation as king of Spain on 16 November 1700 led to war. The French held the advantage in the early stages but were forced onto the defensive after 1706. Although the Allies continued to advance in northern France, by 1709 Philip had cemented his position in Spain,

3090-534: The Swiss Confederation established the LMU franc as a common bimetallic currency. In World War I, the Bank sold short-term Treasury bonds abroad to help pay for wartime expenditures. France abandoned the gold standard shortly after the outbreak of war. Debts amounted to approximately 42 billion francs by 1919. Following the war, the Bank sought to re-establish the gold standard and acquired capital from

3193-655: The Tories favoured a mercantilist strategy of using the Royal Navy to attack French and Spanish trade while protecting and expanding their own; land commitments were viewed as expensive and primarily of benefit to others. The Whigs argued France could not be defeated by seapower alone, making a Continental strategy essential, while Britain's financial strength made it the only member of the Alliance able to operate on all fronts against France. The Dutch had been engaged in

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3296-656: The War of the Spanish Succession . It was nationalized in December 1718 at Law's request and formally renamed the Banque Royale a month later. It saw great initial success, increasing industry 60% in two years, but Law's mercantilist policies saw him seek to establish large monopolies, leading to the Mississippi bubble . The bubble ultimately burst in a financial crisis in 1720, and on 27 November of that year,

3399-664: The West Indies , which produced sugar , then a hugely profitable commodity. Also, there were minor trade conflicts in South America, India, and Asia; the financial strains of war particularly affected the Dutch East India Company , as it was a huge drain on scarce naval resources. Related conflicts include Rákóczi's War of Independence in Hungary , which was funded by France and a serious concern for

3502-543: The capture of Menorca in 1708 allowed the Royal Navy to dominate the Western Mediterranean. Since many British politicians considered this their primary objective, they became reluctant to approve further expensive land campaigns in this theatre. The close links between war and trade meant conflict extended beyond Europe, particularly in North America, where it is known as Queen Anne's War , and

3605-539: The foreign exchange reserves of the ECB. The Bank of France participates in the prudential oversight of the French financial sector through the Prudential Supervision and Resolution Authority (ACPR) which operates under its aegis. In 2018, the French financial sector was composed of 777 banks and 827 insurance and mutual insurance companies. It also monitors payment systems and means, and publishes

3708-584: The strategic depth needed to protect their commercial and demographic heartlands around Amsterdam against attack from the south. However, with the help of Maximilian of Bavaria, the governor of the Spanish Netherlands, the Dutch garrison troops had been replaced by French troops by 1701. Dutch priorities were to re-establish and strengthen the Barrier fortresses, retain control of the economically vital Scheldt estuary, and gain access to trade in

3811-610: The 'Barrier' fortresses in the Spanish Netherlands , granted at Ryswick. It also threatened the Dutch monopoly over the Scheldt granted by the 1648 Peace of Münster , while French control of Antwerp and Ostend would allow them to blockade the English Channel at will. Combined with other French actions that threatened English trade, this produced a clear majority for war and in May 1701, Parliament urged William to negotiate an anti-French alliance. On 7 September, Leopold,

3914-473: The 16th through the 20th centuries. The first, overriding all others, was to preserve a balance of power in Europe, an objective threatened by French expansion under Louis XIV. The second was to prevent the Low Countries from being controlled by a hostile power or one stronger than Britain; this included both the Spanish Netherlands and the Dutch Republic, whose deep harbours and prevailing winds made her

4017-536: The 1707 Convention of Milan Emperor Joseph gave French troops in Lombardy free passage to Southern France. A combined Savoyard-Imperial attack on the French base of Toulon planned for April was postponed when Imperial troops were diverted to seize the Spanish Bourbon Kingdom of Naples . By the time they besieged Toulon in August, the French were too strong, and they were forced to withdraw. By

4120-448: The Americas. While modern economists generally assume a constantly growing market, the then dominant theory of mercantilism viewed it as relatively static. This meant increasing your own share of a market required taking it from someone else, with the state facilitating this by attacking opponents' merchant ships and colonies. As a result, the war quickly expanded to North America , India , and other parts of Asia, with tariffs used as

4223-470: The Bank consolidated gold reserves created a stabilization insurance fund ( fonds de stabilisation ), and tested new monetary policies in the wake of a global depression. In World War II, the Bank oversaw the transfer of gold reserves overseas, which mainly included Canada , the United States , and the French overseas territories . In 1945, the Bank was nationalized by Charles de Gaulle and became

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4326-595: The Bourbons or the Habsburgs from doing so. This divergence and Austria's financial collapse in 1703 meant the campaign in Spain was reliant on Anglo-Dutch naval support and after 1706, British funding. Particularly during the reign of Joseph I , the priority for the Habsburgs was to secure their southern borders from French intervention in northern Italy and suppress Rákóczi's War of Independence in Hungary. Much of

4429-512: The Castilian elite. The Spanish Netherlands had been governed by prince-elector Max Emanuel of Bavaria since 1692, while links with Italy, traditionally the major source of Spanish recruits and funding, had been weakened by decades of neglect and heavy taxation. It was widely, if reluctantly, accepted in Madrid that preserving an independent Spanish Empire required comprehensive reforms, including

4532-513: The Count of Toulouse in the rue de la Vrillière in Paris for its headquarters. The bank's head office subsequently expanded from that original property, through the acquisition and remodeling of adjacent buildings and in the surrounding neighborhood. A major expansion occurred in 1924-1927 as part of an urban renewal project that entailed the demolition of several historical buildings and the creation of

4635-595: The Dutch Republic and Britain signed the Treaty of The Hague renewing the 1689 Grand Alliance . Its provisions included securing the Dutch Barrier in the Spanish Netherlands, the Protestant succession in England and Scotland and an independent Spain but did not refer to placing Archduke Charles on the Spanish throne. When the exiled James II of England died on 16 September 1701, Louis reneged on his recognition of

4738-601: The Emperor. On 16 January 1808, a decree set out the "Basic Statutes", which were to govern the Bank's operations until 1936. For the first fifteen years, the Bank of France was the sole issuer of bank notes in Paris, and this privilege was extended to other financially important cities and the rest of the country by 1848. The Bank was also instrumental in the creation of the Latin Monetary Union (LMU) in 1865. The countries of France, Belgium , Italy , and

4841-557: The French behind the Adda River . Louis Joseph, Duke of Vendôme , one of the best French generals, took command and was substantially reinforced; Prince Eugene managed a draw at the Battle of Luzzara but the French recovered most of the territory and lost the year before. In October 1703, Victor Amadeus declared war on France; by May 1706, the French held most of Savoy except Turin while victories at Cassano and Calcinato forced

4944-613: The French would prevent the Allies from making a decisive breach in their frontiers. British involvement was primarily driven by the need to protect their trade routes in the Mediterranean. By putting Archduke Charles on the Spanish throne, they also hoped to gain commercial privileges within the Spanish Empire. Despite their dynastic claim, the Austrian Habsburgs viewed securing Northern Italy and suppressing

5047-493: The Grand Alliance in 1701 had been achieved, but success in 1708 made them overconfident. French diplomats focused on the Dutch, whom they considered were more likely to favour peace than their allies, for victory at Ramillies removed any direct military threat to the Republic, while highlighting differences with Britain on the Spanish Netherlands. Peace talks broke down in late 1708 because the Allies had agreed not to negotiate

5150-404: The Habsburgs throughout the war. In South-Eastern France, Britain funded the Huguenot 1704-1710 Camisard rebellion; one objective of the 1707 campaign in Northern Italy and Southern France was to support this revolt, one of a series that began in the 1620s. By the end of 1708, the French had withdrawn from Northern Italy, while the maritime powers controlled the Spanish Netherlands, and secured

5253-400: The Holy Roman Empire, weaken his rival Austria, and increase French commercial strength through access to trade with the Americas. Despite being the dominant power within the Holy Roman Empire, Austrian and Imperial interests did not always coincide. The Habsburgs wanted to put Archduke Charles on the throne of an undivided Spanish monarchy, while their Allies were fighting to prevent either

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5356-470: The Hungarian revolt as higher priorities. With the Dutch focusing on Flanders post-1704, this theatre was largely dependent on British naval and military support. Spain at the time was a personal union between the Crowns of Castile and Aragon . The latter was further divided into the separate entities of Catalonia , Aragon , Valencia , Majorca , Sicily , Naples , and Sardinia . In 1701, Majorca, Naples, Sicily, and Sardinia declared for Philip, while

5459-412: The Imperialists into the Trentino valley. However, in July 1706, Vendôme and any available forces were sent to reinforce France's northern frontier after the defeat at Ramillies . Reinforced by German auxiliaries led by Leopold of Anhalt-Dessau , Prince Eugene broke the siege of Turin in September; despite a minor French victory at Castiglione , the war in Italy was over. To the fury of his allies,

5562-473: The Nine Years' War had often reached 100,000 men. The size of armies continued to grow during the War of the Spanish Succession. Between 1702 and 1707, the field armies in the Southern Netherlands had a strength of 60,000 to 80,000 men, and from 1708 onwards, over 120,000 men. These extensive armies placed immense strain on pre-industrial economies. Armies were restricted by their dependence on water-borne transport for supplies, so campaigns focused on rivers like

5665-399: The Protestant William III as king of England and Scotland and supported the claim of James' son, James Francis Edward Stuart . War became inevitable and when William himself died in March 1702, his successor Queen Anne confirmed her support for the Treaty of the Hague. The Dutch now led by Grand Pensionary Anthonie Heinsius did the same, despite French hopes that without a Stadtholder

5768-417: The Rhine, joined forces with Louis of Baden and Prince Eugene, and crossed the Danube on 2 July. Allied victory at Blenheim on 13 August forced Bavaria out of the war and the Treaty of Ilbersheim placed it under Austrian rule. Allied efforts to exploit their victory in 1705 floundered on poor coordination, tactical disputes, and command rivalries. A diplomatic crisis between the Dutch Republic and England

5871-443: The Spanish Empire. Although the English Duke of Marlborough was Allied commander in the Low Countries , the Dutch provided most of the manpower and supplies. Strategy in this theatre was thus subject to the approval of their field deputies and generals. When Dutch forces operated outside the Spanish Netherlands this was often a concession to their English allies. Throughout the 17th century, Savoy sought to replace Spain as

5974-441: The Spanish Succession The War of the Spanish Succession was a European great power conflict fought between 1701 and 1714. The immediate cause was the death of the childless Charles II of Spain in November 1700, which led to a struggle for control of the Spanish Empire between supporters of the French Bourbons and the Habsburgs . Charles named his heir as Philip of Anjou , a grandson of Louis XIV of France , whose claim

6077-403: The Spanish nobility resented what they considered to be the arrogance of the Austrians, a key factor in the selection of Philip as their preferred candidate in 1700. In return for British support, Charles agreed to major commercial concessions within the empire, as well as accepting British control of Gibraltar and Menorca . These made him widely unpopular at all levels of Spanish society, and he

6180-406: The Spanish-controlled Duchy of Milan and allied Duchy of Mantua in Northern Italy announced their support for Philip and accepted French troops. Combined with efforts to build an alliance between France and Imperial German states in Swabia and Franconia , these were challenges Leopold could not ignore. Helped by the governor, Max Emanuel of Bavaria , French troops replaced Dutch garrisons in

6283-495: The Spanish. Leopold and Margaret's daughter Maria Antonia (1669–1692) married Maximilian II Emanuel, Elector of Bavaria in 1685, and on 28 October 1692, they had a son, Joseph Ferdinand . Under the October 1698 Treaty of the Hague between France, Britain and the Dutch Republic, five-year-old Joseph was designated heir to Charles II; in return, France and Austria would receive parts of Spain's European territories. Charles refused to accept this; on 14 November 1698, he published

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6386-444: The attack. The terrorist was identified as Larossi Abballa, who had spent time in jail for terrorist offences. [REDACTED] Media related to Magnanville at Wikimedia Commons This Yvelines geographical article is a stub . You can help Misplaced Pages by expanding it . Bank of France The Bank of France ( French : Banque de France , the name used by the bank to refer to itself in all English communications)

6489-473: The bank opened its museum, the Cité de l'économie et de la monnaie , in a former branch in the 17th arrondissement of Paris. This followed comparable initiatives in Europe such as the Museum of the National Bank of Belgium (opened 1982), the Bank of England Museum (1988), and the Bundesbank Money Museum  [ de ] (1999). 48°51′52″N 2°20′21″E  /  48.864478°N 2.339289°E  / 48.864478; 2.339289 War of

6592-410: The borders of the Dutch Republic; in the Mediterranean, the maritime powers had achieved naval supremacy, and Britain acquired permanent bases in Gibraltar and Menorca. However, as Marlborough himself pointed out, the French frontiers remained largely intact, their army showed no signs of being defeated, while Philip proved far more popular with the Spanish than his rival. Many of the objectives set out by

6695-437: The chateau de Magnanville on the site of a smaller chateau that had fallen into disrepair. The chateau was demolished in 1803, but one wing was rebuilt four years later by Baron Jacques-Florent Robillard, governor of the Bank of France . The chateau served as a military hospital in World War II, and has since become a care home. On 13 June 2016, Magnanville was the site of a terrorist attack . At about 9:00 p.m. local time,

6798-458: The continued existence of the empire was not due to Spanish strength but to maintain a balance between the powers competing for a share of its markets. Despite fighting a series of wars against Spain from 1667 to 1697, France was also its most significant economic partner, supplying labour and controlling a large proportion of its foreign trade. This consideration was an important factor in the decision to name Philip his heir. Its dependence on others

6901-403: The crisis, provides assistance to companies facing difficulties in their relations with financial institutions. The Banque de France manages procedures to resolve overindebtedness, and while its premises are no longer open to the public, requests continue to be processed. The Bank of France describes itself as responsible for three missions: monetary strategy, financial stability, and services to

7004-419: The defensive, although they took Landau in 1702. Supported by the Bavarians, during the 1703 campaign French forces retook Landau, won victories at Friedlingen , Höchstädt and Speyerbach , then captured Kehl and Breisach . With Austrian resources absorbed by Rákóczi's War of Independence in Hungary, the Franco-Bavarian plan for 1704 was to march on Vienna. To relieve the pressure, Marlborough marched up

7107-495: The dominant power in Northern Italy . Savoy consisted of two main geographic segments; Piedmont , which contained the capital Turin , and the Duchy of Aosta on the Italian side of the Alps , with the Duchy of Savoy and County of Nice in Transalpine France. The latter were almost impossible to defend and combined with the anti-Habsburg policy pursued by Louis XIV and his predecessors, this meant Savoy generally sided with France. However, Piedmont provided foreign powers access to

7210-526: The economy. The Bank of France contributes to the design of the monetary policy of the euro zone , through macroeconomic research and forecast and by taking part in the deliberations on ECB decisions, and implements it in France. It prints euro bank notes, in larger volumes than any of its Eurosystem peers, and manages the circulation of bank notes and coins. It also participates in the fight against counterfeit money , by training bank employees, merchants, police, and other stakeholders. It manages part of

7313-452: The elimination of the privileges or Fueros held by the Aragonese states. It was no coincidence Archduke Charles had strong support in areas that were part of the Crown of Aragon, including Catalonia and Valencia . Under Louis XIV , France was the most powerful state in Europe, with revenue-generating capacities that far exceeded those of its rivals. Its geographical position provided enormous tactical flexibility; unlike Austria, it had

7416-425: The end of 1707, fighting in Italy ceased, apart from small-scale attempts by Victor Amadeus to recover Nice and Savoy. The first objective for the Grand Alliance in this theatre was to secure the Dutch frontiers, threatened by the alliance between France, Bavaria, and Joseph Clemens of Bavaria , ruler of Liège and Cologne . During 1702, the Grand Alliance repelled an assault on Nijmegen , captured Kaiserswerth ,

7519-538: The final Governor of the Bank until the establishment of the European Central Bank (ECB) in June 1998. Today, the ECB sets monetary policy and oversees price stability for all countries in the Eurozone , including France. On 1 June 1998, a new institution was created, the European Central Bank (ECB), charged with steering the single monetary policy for the euro . The body formed by the ECB, and

7622-483: The financial elite that would become referred to in France as the Haute banque , were deeply involved in the agitations leading up to the French Revolution . When the revolutionary violence got out of hand, they orchestrated the rise of Napoleon Bonaparte , whom they regarded as the restorer of order. As a reward for their support, Napoleon, in 1800, gave the bankers a monopoly over French finance by giving them control of

7725-415: The first deputy governor was Denis Beau  [ fr ] and the second deputy governor was Agnès Bénassy-Quéré . In 2019, the main key figures of the Bank of France are as follows: The Bank distributed dividends to the French state of 4.5 billion euros in 2016, 5.0 billion euros in 2017 and 6.1 billion euros in 2019. A decree on 6 March 1808 authorized the Bank to purchase the former mansion of

7828-560: The issue of his successor was a matter of diplomatic debate for decades. For example, in 1670 Charles II of England agreed to support the rights of Louis XIV of France , while the 1689 Grand Alliance committed England and the Dutch Republic to back those of Leopold I, Holy Roman Emperor . When Charles died in 1700, the Spanish Empire was no longer the dominant great power , but still included much of Italy and

7931-610: The national central banks (NCB) of all the member states of the European Union , constitute the European System of Central Banks (ESCB). According to the Maastrict Treaty , the Bank would oversee the functioning of the payment system and conduct independent research on the French economy, while the newly established European Central Bank conducted monetary policy for the entire Eurozone . The French franc

8034-529: The new Bank of France (Banque de France). Banker Claude Perier drafted the first statutes and Emmanuel Crétet was the first governor of the Bank . On 24 Germinal , year XI (14 April 1803), the new Bank received its first official charter granting it the exclusive right to issue paper money in Paris for fifteen years. On 22 April 1806, a new law replaced the Central Committee with a Governor and two Deputy Governors. All three were appointed by

8137-458: The ostensible cause of the war. When Emperor Joseph I died in 1711, Archduke Charles succeeded his brother as Holy Roman Emperor . Since a union of Spain and Austria was as unwelcome as one with France, the new British government argued it was pointless to continue. By now, only British subsidies kept their allies in the war, and their withdrawal led to the Peace of Utrecht in 1713, followed by

8240-466: The popularity of the motto "Gallicus amicus non vicinus" (France is a good friend, not a good neighbour) within the Dutch Republic. The War of Devolution (1667–68) and the Franco-Dutch War (1672–78) showed the Spanish could not defend the Southern Netherlands, and so the 1697 Treaty of Ryswick allowed the Dutch to place garrisons in eight key cities. They hoped this barrier would provide

8343-484: The population in present-day Scotland , Scandinavia and the Baltic states , plus another two million in France and Northern Italy . This combination of financial exhaustion and famine led to the October 1697 Treaty of Ryswick , a compromise that left the succession unresolved. Since it now seemed clear Charles would die without children, Leopold signed only with extreme reluctance, and all sides viewed Ryswick as only

8446-537: The republic would be torn apart internally. On 8 May the Dutch Republic declared war on France, followed by the British and the Emperor on 15 May and the Imperial Diet on 30 September. The importance of trade and economic interests to the participants is often underestimated; contemporaries viewed Dutch and English support for the Habsburg cause as primarily driven by a desire for access to Spanish markets in

8549-557: The restive southern French provinces of the Dauphiné and Vaunage , former Huguenot strongholds with a long history of rebellion. This provided Victor Amadeus II with a degree of leverage, allowing him to manoeuvre between opposing parties to expand his territories. During the Nine Years' War in 1690, Savoy joined the Grand Alliance before agreeing to a separate peace with France in 1696. The accession of Philip V in 1701 led to

8652-459: The struggle to contain France since the Rampjaar (Disaster Year) of 1672, when the Dutch Republic had nearly been overrun by the French army. Apart from the worry about the balance of power, the Dutch had long been concerned with the fate of the Spanish Netherlands, viewing it as a strategic buffer against France. This perception endured even during periods of alliance with France, as evidenced by

8755-520: The succession of Archduke Charles, insisting William help him enforce the Treaty of London meant he might achieve his territorial aims without fighting. However, his son the Dauphin rejected the idea; French diplomats also advised Austria would fight regardless, while neither the British nor Dutch would go to war for a settlement intended to avoid war. Louis therefore accepted on behalf of his grandson, who

8858-478: The sum of €384,900,000 for colluding to charge unjustified fees on check processing , especially for extra fees charged during the transition from paper check transfer to " Exchanges Check-Image " electronic transfer. The Bank recently established a "Lab", located on the Rue Réaumur in Paris, where start-ups and small businesses work on blockchain , artificial intelligence , and virtual reality . The Bank

8961-409: The treaties of Rastatt and Baden in 1714. Philip was confirmed as king of Spain but renounced his claim and those of his descendants to the French throne. The Spanish Empire ceded much of its Italian territories to Savoy and Austria, along with the Spanish Netherlands, although it remained largely intact outside Europe. Britain received Gibraltar and Menorca and acquired major trade concessions in

9064-430: The treaty was largely pointless. By early October 1700, Charles was dying; his final will left the throne to Louis XIV's grandson Philip, Duke of Anjou ; if he refused, the offer would pass to his younger brother the Duke of Berry , followed by Archduke Charles. Charles died on 1 November 1700, and on the 9th, Spanish ambassadors formally offered the throne to Philip. Louis briefly considered refusing; although it meant

9167-482: The vast majority of these imports were used to fund debt or pay foreign merchants. When the new Bourbon administration took over in 1701, they found the empire bankrupt and effectively defenceless, with fewer than 15,000 troops in Spain itself and a navy consisting of 20 ships in total. Almost constant warfare during the 17th century made the economy subject to long periods of low productivity and depression, and largely reliant upon others for its prosperity. In many ways,

9270-1064: The word " caisse " instead, until Napoleon retook the term with la Banque de France ("Bank of France") in 1800. In 1803, financial power in France was in the hands of fifteen members of the Haute Banque, when the shareholders' meeting ratified the appointment of a “Council of Regency” composed of Jean-Frédéric Perregaux , Guillaume Mallet  [ fr ] , Jean-Barthélemy Le Couteulx de Canteleu , Joseph Hugues-Lagarde  [ fr ] , Jacques-Rose Récamier , Jean-Pierre Germain  [ fr ] , Carié-Bézard  [ fr ] , Pierre-Léon Basterrèche  [ fr ] , Jean-Auguste Sévène  [ fr ] , Alexandre Barrillon  [ fr ] , Georges-Antoine Ricard  [ fr ] , Georges-Victor Demautort  [ fr ] , Claude Perier , Pierre-Nicolas Perrée-Duhamel  [ fr ] , Jacques-Florent Robillard  [ fr ] , and Jean-Conrad Hottinguer . These powerful bankers, representative of

9373-587: The world's monetary power." The French framework for banking supervision was initiated by the Vichy Government in 1941 and entrusted from the start to a separate body under the aegis of the Bank of France, which in 2013 became the French Prudential Supervision and Resolution Authority (French acronym ACPR). The ACPR lost its notional autonomy from the Bank of France in 2017. The Kingdom of France 's first experiment with

9476-488: Was a significant blow to Bourbon prestige. An attempt to retake it was defeated in August , with a land siege being abandoned in April 1705. The 1705 Pact of Genoa between Catalan representatives and Britain opened a second front in the north-east; the loss of Barcelona and Valencia left Toulon as the only major port available to the Bourbons in the Western Mediterranean. Philip tried to retake Barcelona in May 1706 but

9579-477: Was backed by France and most of Spain . His rival, Archduke Charles of Austria , was supported by the Grand Alliance , whose primary members included Austria , the Dutch Republic , and Great Britain . Significant related conflicts include the 1700 to 1721 Great Northern War , and Queen Anne's War . Although by 1701 Spain was no longer the predominant European power, its global empire still included

9682-459: Was given two months to cede his throne to Charles, while France was required to remove him by force if he did not comply, besides having to cede the strongholds, Thionville , Cambrai and Valenciennes as collateral. Although Spain was of less importance to them, the Dutch negotiators, led by Heinsius, considered these strict conditions necessary to ensure that peace conditions were honoured, as they doubted Louis' sincerity. They were concerned that

9785-515: Was illustrated in 1703; despite the presence of an invading Allied army, the French ambassador urged Louis to allow Dutch and English merchants to purchase wool from Spanish farmers, "otherwise the flocks cannot be maintained". Enacting political or economic reform was extremely complex since Habsburg Spain was a personal union between the Crowns of Castile and Aragon , each with very different political cultures. Most of Philip's support came from

9888-473: Was initially successful when the French surprised the Allied garrisons at Ghent and Bruges , it failed after the Allies defeated them at the Battle of Oudenaarde . In its aftermath the Allies managed to capture Lille , the strongest fortress of the French fortress belts, while a French assault on Brussels was reppelled and Ghent and Bruges recaptured. But despite losses like Lille and other strongpoints,

9991-620: Was never able to sustain himself outside the coastal regions, which could be supplied by the Anglo-Dutch navies. The Wittelsbach -controlled states of Bavaria , Liège , and Cologne allied with France, but the vast majority of the Empire remained neutral, or limited their involvement to the supply of mercenaries. Like Bavaria, the larger entities pursued their own policies; his claim to the Polish crown meant Augustus of Saxony focused on

10094-888: Was of greater concern to Emperor Leopold than Spain itself. This meant Britain was the only power inclined to help Victor Amadeus achieve this objective and he changed sides in 1703 after the Anglo-Dutch navies won control of the Western Mediterranean. The war in Italy primarily involved the Spanish-ruled Duchy of Milan and the French-allied Duchy of Mantua , considered essential to the security of Austria's southern borders. In 1701, French troops occupied both cities and Victor Amadeus II , Duke of Savoy, allied with France, his daughter Maria Luisa marrying Philip V. In May 1701, an Imperial army under Prince Eugene of Savoy moved into Northern Italy; by February 1702, victories at Carpi , Chiari , and Cremona forced

10197-478: Was only averted by the dismissal of General Slangenburg , while the imposition of Austrian rule in Bavaria caused a brief but vicious peasant revolt . In May 1706, the French were comprehensively defeated at Ramillies by an Allied army under Marlborough, which then occupied much of the Spanish Netherlands in under two weeks. France assumed a largely defensive posture for the rest of the war. The 1707 campaign

10300-570: Was proclaimed Philip V of Spain on 16 November 1700. With most of his objectives achieved by diplomacy, Louis now made a series of moves that combined to make war inevitable. The Tory majority in the English Parliament objected to the Partition Treaties, chiefly the French acquisition of Sicily , an important link in the lucrative Levant trade. However, a foreign diplomat observed their refusal to become involved in

10403-527: Was replaced by the Euro as a virtual currency on 1 January 1999, being replaced entirely with coins and banknotes on 1 March 2002. Following the Great Recession , the Bank of France implemented quantitative easing for the account of the ECB. In 2010, the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Bank of France,

10506-495: Was repulsed, while his absence allowed an Allied force from Portugal to enter Madrid and Zaragoza . However, lack of popular support and logistical issues meant the Allies could not hold territory away from the coastline, and by November, Philip controlled Castile, Murcia , and parts of Valencia. Allied efforts to regain the initiative ended with defeat at Almansa in April 1707, followed by an unsuccessful siege of Toulon in August. Despite these failures, control of Gibraltar and

10609-515: Was without any significant events, as both parties focussed on other fronts. The French, now under Marshal Vendôme, avoided battle and Marlborough did little to force one upon them. By 1708, the focus of both sides was again almost entirely on the fighting in the Low Countries. The allies once more set their sights on breaking French fortification belts, while the French themselves planned a major counteroffensive . Although this counteroffensive

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