Eugène Prévinaire
Encyclopedia
Eugène Marie Ignace Prévinaire (18 October 1805–2 June 1877) was a Belgian
businessman, liberal politician, civil servant, and former governor of the National Bank of Belgium
(NBB) from 1870 until 1877.
Born in Leuven
on 18 October 1805, Prévinaire started his career as a civil servant, but after a few years he established a cotton mill
in Huizingen
in 1839.
Together with its first governor, François-Philippe de Haussy
, he was one of the pioneers in establishing the NBB. Walthère Frère-Orban appointed him as secretary-director of the newly established bank in 1850, of which he became vice-governor in 1864 and governor in 1870.
During his first year as governor of the NBB, the Franco-Prussian War
of 1870 broke out. In order to control the financial consequences of the war, Eugène Prévinaire took several measures such as doubling the discount rate
and transferring the Belgian gold
reserves to the fortified city of Antwerp.
After the war followed several years of economic prosperity, and the term of Eugène Prévinaire as governor of the NBB was extended by thirty years in 1872. On 20 June 1873 the law on cheques was published and banknotes became legal tender. He died in Brussels
on 2 June 1877.
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...
businessman, liberal politician, civil servant, and former 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 1870 until 1877.
Born in Leuven
Leuven
Leuven is the capital of the province of Flemish Brabant in the Flemish Region, Belgium...
on 18 October 1805, Prévinaire started his career as a civil servant, but after a few years he established a cotton mill
Cotton mill
A cotton mill is a factory that houses spinning and weaving machinery. Typically built between 1775 and 1930, mills spun cotton which was an important product during the Industrial Revolution....
in Huizingen
Beersel
Beersel is a municipality located in the Belgian province of Flemish Brabant. The municipality comprises the towns of Alsemberg, Beersel proper, Dworp, Huizingen and Lot. On January 1, 2006 Beersel had a total population of 23,433. The total area is 30.01 km² which gives a population density of 781...
in 1839.
Together with its first governor, François-Philippe de Haussy
François-Philippe de Haussy
François Philippe Louis Hyacinthe Joseph de Haussy was a Belgian businessman, liberal politician and civil servant. He was Belgian minister of justice from 1847 until 1850....
, he was one of the pioneers in establishing the NBB. Walthère Frère-Orban appointed him as secretary-director of the newly established bank in 1850, of which he became vice-governor in 1864 and governor in 1870.
During his first year as governor of the NBB, the Franco-Prussian War
Franco-Prussian War
The Franco-Prussian War or Franco-German War, often referred to in France as the 1870 War was a conflict between the Second French Empire and the Kingdom of Prussia. Prussia was aided by the North German Confederation, of which it was a member, and the South German states of Baden, Württemberg and...
of 1870 broke out. In order to control the financial consequences of the war, Eugène Prévinaire took several measures such as doubling the discount rate
Discount rate
The discount rate can mean*an interest rate a central bank charges depository institutions that borrow reserves from it, for example for the use of the Federal Reserve's discount window....
and transferring 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 to the fortified city of Antwerp.
After the war followed several years of economic prosperity, and the term of Eugène Prévinaire as governor of the NBB was extended by thirty years in 1872. On 20 June 1873 the law on cheques was published and banknotes became legal tender. He died in Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
on 2 June 1877.
Source
- De Paepe, Jean-Luc, Raindorf-Gérard, Christiane (ed.), Le Parlement Belge 1831-1894. Données Biographiques, Brussels, Académie Royale de Belgique, 1996, p. 472.
- Eugène Prévinaire
- Managing a foreign portfolio before the gold standard era: the National Bank of Belgium in the 1850s