Georges Janssen
Encyclopedia
Georges Janssen was a Belgian
lawyer, civil servant and governor of the National Bank of Belgium
(NBB) from 1938 until 1941.
(now split into the Université Libre de Bruxelles
and the Vrije Universiteit Brussel
). Beside this he also worked as an administrator at the Mutuelle Solvay (1928) and the Société Belge de Banque (1932). When in 1935 the Banking Commission was established, he was appointed as its president.
Georges Janssen was appointed as a director of the NBB on 13 October 1937 and one week later became its vice-governor. On the death of Louis Franck
, he was appointed governor of the bank on 13 January 1938. He was criticised for combining the positions of governor of the NBB and president of the Banking Commission, which made him resign in September 1938 from the Banking Commission.
In 1938 heavily speculative attack
s were launched against the belgian franc
, which he had to ward off in order to protect the Belgian currency. He succeeded in establishing the leadership of the National Bank in monetary matters. During his term as governor, arrangements were made to safeguard the Belgian gold
reserves by transferring them abroad before the outbreak of World War II
.
When the war broke out in May 1940, he followed the Belgian government to France
but returned to Belgium, with the approval of Camille Gutt
, after the Franco-German armistice in June 1940. Although he resumed his post as governor of the National Bank, he almost immediately came into conflict with the Nazis who occupied Belgium. The conflict centered around such matters as payment for the occupation costs, the circulation of banknotes and the Bank’s gold, which had been transferred to the United Kingdom
. In addition, he also came into conflict on the situation of the Université Libre de Bruxelles. The mounting conflicts with the occupying forces and his deteriorating health would lead to his death on 9 June 1941.
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
lawyer, civil servant and governor of the National Bank of Belgium
National Bank of Belgium
The National Bank of Belgium has been the central bank of Belgium since 1850...
(NBB) from 1938 until 1941.
Career
He stated his career as a lawyer and als built an academic career, as from 1928 he was a professor in the Law Faculty of the Free University of BrusselsFree University of Brussels
The Free University of Brussels was a university in Brussels, Belgium. In 1969, it split into the Université Libre de Bruxelles and the Dutch-speaking Vrije Universiteit Brussel....
(now split into the Université Libre de Bruxelles
Université Libre de Bruxelles
The Université libre de Bruxelles is a French-speaking university in Brussels, Belgium. It has 21,000 students, 29% of whom come from abroad, and an equally cosmopolitan staff.-Name:...
and the Vrije Universiteit Brussel
Vrije Universiteit Brussel
The Vrije Universiteit Brussel is a Flemish university located in Brussels, Belgium. It has two campuses referred to as Etterbeek and Jette.The university's name is sometimes abbreviated by "VUB" or translated to "Free University of Brussels"...
). Beside this he also worked as an administrator at the Mutuelle Solvay (1928) and the Société Belge de Banque (1932). When in 1935 the Banking Commission was established, he was appointed as its president.
Georges Janssen was appointed as a director of the NBB on 13 October 1937 and one week later became its vice-governor. On the death of Louis Franck
Louis Franck
This article is about Louis Franck the lawyer and not about Louis Franck the frontman of Esthetic Education.Louis Marie François Franck was a Belgian lawyer, liberal politician and statesman.-Education:...
, he was appointed governor of the bank on 13 January 1938. He was criticised for combining the positions of governor of the NBB and president of the Banking Commission, which made him resign in September 1938 from the Banking Commission.
In 1938 heavily speculative attack
Speculative attack
A speculative attack is a term used by economists to denote a precipitous acquisition of something by previously inactive speculators. The first model of a speculative attack was contained in a 1975 discussion paper on the gold market by Stephen Salant and Dale Henderson at the Federal Reserve Board...
s were launched against the belgian franc
Belgian franc
The franc was the currency of Belgium until 2002 when the euro was introduced into circulation. It was subdivided into centimes , 100 centiem or Centime .-History:...
, which he had to ward off in order to protect the Belgian currency. He succeeded in establishing the leadership of the National Bank in monetary matters. During his term as governor, arrangements were made to safeguard the Belgian gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
reserves by transferring them abroad before the outbreak of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
When the war broke out in May 1940, he followed the Belgian government to France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
but returned to Belgium, with the approval of Camille Gutt
Camille Gutt
Camille Gutt , born Camille Guttenstein, was a Belgian economist, politician, and industrialist. He served as the first Managing Director of the International Monetary Fund from 6 May 1946 to 5 May 1951...
, after the Franco-German armistice in June 1940. Although he resumed his post as governor of the National Bank, he almost immediately came into conflict with the Nazis who occupied Belgium. The conflict centered around such matters as payment for the occupation costs, the circulation of banknotes and the Bank’s gold, which had been transferred to the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. In addition, he also came into conflict on the situation of the Université Libre de Bruxelles. The mounting conflicts with the occupying forces and his deteriorating health would lead to his death on 9 June 1941.