The Bank of France was established in 1800. Its creation was to contribute to the stabilization sought by Napoleon after the stormy revolution period. Earlier, at the beginning of the 17th century, France had experienced a bout of massive speculation connected with the introduction of paper money and the activities of John Law. The Bank of France, formed as a joint stock company, never enjoyed the degree of independence granted to Bank of England. In 1945, it was nationalized. In 1973, reforms were initiated, aiming at a gradual restoration of its independence. The French experience includes not only 200 years of central banking, but also three attempts to act as a leader of a currency group. The first of them was the Latin Monetary Union of the 19th century, the second - the Gold Bloc of the 30s, and the third - the franc zone created after World War II.