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France's Moulin tells parliament he can run Bank of France in an independent manner

BY Reuters | ECONOMIC | 03:33 AM EDT

PARIS, May 20 (Reuters) - Emmanuel Moulin, President Emmanuel Macron's pick to head the Bank of France and his former chief of staff, said on Wednesday in hearings ahead of a vote by Parliament on Moulin's confirmation that he was sure he would run the national central bank in an independent manner.

"I am convinced that I can run in an independent manner an institution proud of its history and looking to the future, in the service of a trusted currency and of a strong and stable economy," Moulin told the French Senate. As governor of the 226-year-old Bank of France, Moulin would sit on the European Central Bank's rate-setting governing council and be responsible for regulating French banks.

Moulin, a former banker and finance ministry official, has sterling credentials as an experienced policymaker, but he has faced questions about his independence from Macron and the opposition could block him if they garner more than 60% of the vote. (Reporting by Leigh Thomas, Dominique Vidalon, Sudip Kar-Gupta and Ingrid Melander; Editing by Makini Brice)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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