Interestingly, neither the New York Fed nor the Banque de France charge Germany to store its gold.

FORBES: Germany Repatriating Gold From NY, Paris 'In Case Of A Currency Crisis'

If the Governor of the Banque de France, Christian Noyer, is correct when he says that French banks are adequately solvent, then a default should not cause them too much hardship.

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The governments tried to be predictable in their succession plan for Mr Duisenberg, ordaining that, halfway through his eight-year term, he would resign in favour of Jean-Claude Trichet of the Banque de France.

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Last month, the governor of the Banque de France told the Financial Times the City of London should be deposed as the euro's main financial center so the single currency club can "control" most financial business in the eurozone.

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Banque de France Governor Christian Noyer said at the weekend that predictions that fiscal tightening would cause European growth to tip over the edge have been proved to be ill-judged and outweighed by the rise of private sector confidence lifting the economy back to a healthy growth rate.

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Specifically, the Bundesbank will be bringing to Frankfurt all of its 374 metric tons stored at the Banque de France (11% of its total reserves), and 300 metric tons held in the vault of the New York Fed, reducing its share in the U.S. from 45% to 37%.

FORBES: Germany Repatriating Gold From NY, Paris 'In Case Of A Currency Crisis'