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Quarterly Selection of Articles n°45: Spring 2017

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Rue de la Banque n°45

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Economic and financial publications Rue de la Banque

The difference in public spending in France and Germany

  • Published on 07/13/2017
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Economic and financial publications Working Paper Series

Should euro area countries cut taxes on labour or capital in order to boost their growth?

  • Published on 07/10/2017
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Economic and financial publications Research Newsletter

First quarter of 2017

  • Published on 07/07/2017
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Rue de la Banque

Rue de la Banque No. 46, July 2017

The difference in public spending in France and Germany

Public spending in 2015 represented 57% of GDP in France compared with 44% in Germany. The difference was only around five percentage points of GDP from 1996 to 2002. Since then, the slowdown in per capita GDP growth in France has not been accompanied by a weaker progression in per capita public spending. Germany has been more successful in keeping its public spending in check, by implementing important reforms, while reporting faster growth in per capita GDP. Divergence in per capita GDP growth accounts for half of the divergence in public spending ratios. Breaking down spending by government function shows that certain differences have remained relatively stable (education, health, defence), and are due primarily to demographic factors or public/private organisation. Others, particularly pension spending, have widened and therefore deserve special attention.

Rapport annuel
Banque de France Annual Report

Annual Report Banque de France 2015


- The Governor’s Foreword
- 2015 in figures
- Monetary strategy
- Financial stability
- Provision of services to the economy
- Transformation strategy
- Governance
- Corporate social responsibility
- Financial management and the accounts
- Organisation of the Banque de France at 1 March 2016
- The recycling of euro banknotes and coins by private operators in 2015
- Summary of the Household Debt Commissions’ activity reports

Bulletin de la Banque de France
Quarterly Selection of Articles

Quarterly Selection of Articles n°45: Spring 2017

Main articles:

- An alternative method for capturing tensions in the residential property market
- Fiscal consolidation episodes in OECD countries: the role of tax compliance and fiscal space
-12th Annual Central Bank Workshop on the Microstructure of Financial Markets 29‑30 September 2016, Banque de France(Non‑technical summary)
- French banks confirm their fourth rankin international banking 
- The labour market: institutions and reforms Summary of the third Labour Market Conference held in Aix-en-Provence on 1 and 2 December 2016 by the Aix-Marseille School of Economics and the Banque de France
- The financial situation of companies in France in 2015 

évaluation des risques du système financier français
Assessment of Risks to the French Financial System

Assessment of risks to the French financial system December 2016

The following report seeks to identify the risks and vulnerabilities present in the French financial system along with the system’s strengths and sources of resilience. This analysis is used in particular to inform the deliberations of the Banque de France’s governing authorities and of the HCSF. It seeks to provide support for proposals on macroprudential policy made by the governor of the Banque de France to the HCSF and, where appplicable, to assess the impact of these prudential proposals or measures on financial stability.