François Villeroy de Galhau, Governor of the Bank of France and member of the European Central Bank's Governing Council, stated that the current global economic tensions should be characterized as a trade war rather than a currency war. He emphasized that recent market volatility reflects trade disputes rather than competitive currency devaluations. Villeroy de Galhau's remarks clarify the ECB's stance amid ongoing international economic frictions, asserting that the situation does not constitute a currency war.