Jacques Rueff was a central figure in the management of the French economy during the Great Depression, serving as a financial attaché in London where he oversaw the Bank of France’s sterling reserves. As a committed conservative and classical liberal economist, he played a critical role in advising French presidents while shaping national monetary policy throughout the twentieth century.
Early Career and Administrative Roles
Born in the 3rd arrondissement of Paris in 1896, Rueff was educated at the École polytechnique, Sciences Po, Lycée Saint-Louis, and Lycée Charlemagne. By the mid-1930s, he emerged as a senior official, serving as the general director of the Treasury between 1936 and 1939. He later held the position of deputy governor of the Banque de France from 1939 until 1941, when he was dismissed from office due to the anti-Semitic laws enacted by the Vichy regime.
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Rueff was a vocal opponent of John Maynard Keynes, famously critiquing the principles presented in The General Theory of Employment, Interest and Money. His academic output included works such as L'Ordre Social and The Monetary Sin of the West. Following the Second World War, he served as the minister of state of Monaco from 1949 to 1950 and became a prominent member of the Mont Pelerin Society.
Post-War Institutional Impact
In 1958, Rueff began advising President Charles de Gaulle, helping to implement the Rueff-Pinay Plan, which balanced the national budget and stabilized the franc during a period of intense decolonization. He also served as a judge at the European Court of Justice from 1958 to 1962. His influence continued with the 1960 publication of the Rueff-Armand report, which focused on suppressing barriers to economic growth.
Later Years and Recognition
By the 1960s, Rueff became a strong advocate for returning to the gold standard, warning that relying on the dollar as a reserve unit would trigger global inflation. His contributions were recognized by numerous distinctions, including the Grand Cross of the Legion of Honour and the Grand Officer of the Order of Saint-Charles. In 1964, he was elected to seat 31 of the Académie française. He died in 1978 in the 7th arrondissement of Paris and was buried at Père Lachaise Cemetery.
Fast facts
- Born: 1896, 3rd arrondissement of Paris
- Died: 1978, 7th arrondissement of Paris
- Education: École polytechnique, École Libre des Sciences Politiques
- Key Role: Deputy governor of the Banque de France (1939-1941)
- Judicial Role: Judge of the European Court of Justice (1958-1962)
- Académie française: Member, seat 31 (1964-1978)
- Notable Recognition: Grand Cross of the Legion of Honour
- Interment: Père Lachaise Cemetery
Questions readers ask
What was the primary goal of the Rueff-Pinay Plan?
The plan was designed to balance the French budget and secure the convertibility of the franc during a time of economic instability.
What was Jacques Rueff's stance on the gold standard?
He was a major proponent of returning to the gold standard and warned against using the dollar as a global unit of reserve.
Achievements
- Grand Cross of the Legion of Honour
- Commander of the French Order of Academic Palms
- Grand Officer of the Order of Saint-Charles — 1950
- Educated at École polytechnique and Lycée Saint-Louis
