The 28th Conference of Governors of Francophone Central Banks concludes in Phnom Penh

Gathered on May 28 and 29 in Phnom Penh, twenty-six central bank governors debated institutional autonomy and financial technologies against a global backdrop marked by geopolitical uncertainties.

The Cambodian capital hosted, on May 28 and 29, 2026, the 28th edition of the Conference of Governors of Central Banks of Francophone Countries, organized by the National Bank of Cambodia (NBC) in partnership with the Banque de France. The event concluded with a series of joint commitments on economic stability and financial innovation.

Held under the theme "The Autonomy of Central Banks in the Face of State and Public Expectations," the gathering brought together twenty-six governors from Africa, the Americas, Asia, Europe, the Middle East and the Pacific — a geographical scope that in itself illustrates the reach of the French-speaking world in global economic governance.

Independence, a prerequisite for credibility

The question of the institutional autonomy of central banks was the central thread running through the discussions. In his opening remarks, François Villeroy de Galhau, Governor of the Banque de France, framed the issue clearly:

"Independence is a condition for ensuring the effectiveness of the central bank, and transparency is a condition for its recognition."

A formulation that resonates particularly in a context where several emerging economies are facing growing political pressures on their central banks.

Christine Lagarde, Governor of the European Central Bank, for her part emphasised the collective dimension of the challenge. In a world she described as "fragmented and uncertain," cooperation among French-speaking countries represents, in her view, "a valuable framework for strengthening mutual trust."

Digital technology: a vector for inclusion or a source of vulnerability?

Technological innovation in the financial sector occupied a central place in the discussions. Chea Serey, Governor of the NBC, was keen to dispel a common misunderstanding about the role of regulators vis-à-vis fintechs: "The central bank does not seek to hinder innovation, but to ensure that these innovations serve the interests of populations rather than creating vulnerabilities."

New financial technologies are profoundly transforming the ways in which people access banking services, particularly in economies where banking penetration remains low. They represent, in this respect, a major lever for financial inclusion — provided that their deployment is accompanied by an appropriate regulatory framework.

The governors also shared their analyses of common challenges on the horizon: inflationary pressures, the reshaping of global value chains, climate risks to financial systems, and the transition to central bank digital currencies.

Thirty years of Francophone dialogue

Created in 1994 on the initiative of the Banque de France, the Conference of Governors of Francophone Central Banks is one of the rare multilateral forums dedicated exclusively to the French-speaking world in the economic sphere. It offers member institutions an informal space for dialogue, complementary to the Bretton Woods institutions or the G20.

For the National Bank of Cambodia, hosting this edition carries particular significance: it is the third time Phnom Penh has taken on this role, after 1996 and 2011. A sustained commitment that reflects Cambodia's growing integration into multilateral economic cooperation networks.