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Banque de France Bulletin

The Banque de France Bulletin covers a range of subjects monitored, handled or studied by central banks. It serves as an information tool for a broad readership and offers educational insights so that all readers can form their own opinions.
As of the March-April 2018 edition, the articles will be published on a staggered basis and then translated into English.

Previously, the Quarterly Selection of Articles was published every three months and included a selection of articles that had already appeared in French.

As of the May-June 2019 issue, the Banque de France Bulletin includes an "Economic Research" section. In this section, Banque de France researchers present their views on a subject, condensed into a few non-technical pages, with charts and a bibliography for further reading.

June

Publication Banque de France Bulletin n°234 : article 7
What explains the persistent weakness of euro area inflation since 2013?

Annual inflation in the euro area, as measured by the Harmonised Index of Consumer Prices (HICP), fell by an average of 1.1 percentage points between the period 1999 2007, which preceded the financial crisis, and the period 2013 19 which followed it....

  • Published on 06/11/2021
  • 9 pages
  • EN
  • PDF (422.15 KB)

June

Publication Banque de France Bulletin n°234 : article 6
A European safe asset: new perspectives

A genuine European safe asset would have several benefits for financial stability and European integration and would facilitate the financing of public policies by reducing borrowing costs. Many proposals aim at creating a European safe asset, often...

By Gossé Jean-Baptiste, Anass Mourjane
Thematic: Economy and international financing
  • Published on 06/04/2021
  • 10 pages
  • EN
  • PDF (367.26 KB)

June

Publication Banque de France Bulletin n°234 : article 2
Money and its counterparts: instruments and reflections of monetary policy

Crisis periods, such as the Covid-19 pandemic, represent major shocks to growth and inflation and are characterised by a high degree of uncertainty. In the face of such events, it is essential to draw on a broad set of indicators to guide monetary...

By El Amri Wydad, Mouriaux François, Wicky Yann, Bussière Matthieu, Horny Guillaume, Sahuc Jean-Guillaume
  • Published on 06/03/2021
  • 13 pages
  • EN
  • PDF (496.76 KB)

May

Publication Banque de France Bulletin n°234 : article 4
Responsible investment: an issue of growing importance for the Banque de France and the central banking community

Over recent years, responsible investment has come to the fore as a major focus of work by central banks. ...

By Afota Amandine, Bonnin Benjamin, Bourgey Clément
Thematic: Financial stability and financial system
  • Published on 05/28/2021
  • 8 pages
  • EN
  • PDF (348.27 KB)

May

Publication Banque de France Bulletin n°234 : article 3
Inflation in France during the lockdowns

Measured at a monthly frequency by INSEE, France’s national statistical office, inflation reflects the change in the prices of French households’ average consumption basket. Each product is assigned an importance in the price index equal to its weight...

By Castelletti-Font Barbara, Ulgazi Youssef, Vertier Paul, Gautier Erwan
Thematic: Economic research
  • Published on 05/21/2021
  • 12 pages
  • EN
  • PDF (532.5 KB)

April

Publication Banque de France Bulletin n°233 : article 4
Public and private French debt securities are among the most held by non-residents

France is the fifth largest issuer of debt securities, far behind the United States (39% of the world total), Japan and China. Its share of the world total (5%) is close to that of the United Kingdom, but higher than that of Germany (4%). ...

By Gervais Emmanuel
  • Published on 04/30/2021
  • 9 pages
  • EN
  • PDF (471.47 KB)

April

Publication Banque de France Bulletin n°234 : article 1
Monetary policy measures during the first phase of the Covid-19 crisis

Covid-19 began to circulate in the euro area with a significant number of cases in late February and early March 2020. By 11 March, it had been declared a “global pandemic” by the World Health ...

  • Published on 04/15/2021
  • 9 pages
  • EN
  • PDF (376.11 KB)

March

Publication Banque de France Bulletin n°233 : article 3
The financial position of French companies: strengths and weaknesses on the eve of the pandemic

Non financial corporations entered the pandemic with several factors in their favour: three straight years of robust growth, higher profit shares, consistently low interest rates and increasing cash balances. ...

By Bureau Benjamin, Py Loriane
Thematic: Companies
  • Published on 03/29/2021
  • 17 pages
  • FR
  • PDF (510.4 KB)

March

Publication Banque de France Bulletin n°233 : article 1
The financial health of VSEs-SMEs: an essential determinant of their credit access

Since 2012, the Banque de France has carried out a quarterly survey of very small enterprises (VSEs) and small and medium-sized enterprises (SMEs) to assess their access to bank credit. The vast majority of demand for investment loans is met, with an...

By Gerardin Mathilde, Nicolas Théo
Thematic: Credit and financing
  • Published on 03/17/2021
  • 11 pages
  • EN
  • PDF (445.63 KB)

March

Publication Banque de France Bulletin n°232 : article 5
Insurers’ investments weather the crisis despite tensions

Investments by insurers established in France reached EUR 2,813 billion at end-2019, up EUR 211 billion on the previous year. Under pressure from the further fall in interest rates, insurers favoured bonds issued by the private sector and by non-euro...

By Arias Liliana, Capitaine Gaëlle, Ferrand-Tenot Élodie, Guimiot Frédéric, Roero Côme
Thematic: Credit and financing
  • Published on 03/08/2021
  • 16 pages
  • EN
  • PDF (570.12 KB)

February

Publication Banque de France Bulletin n°232 : article 8
The link between money and inflation since 2008

The unconventional monetary policies implemented by central banks in the wake of the 2008 financial crisis, and subsequently in that of the Covid-19 health crisis, have led to a faster increase in money than in prices, prompting a review of the link...

Thematic: Economic research
  • Published on 02/26/2021
  • 8 pages
  • EN
  • PDF (429.26 KB)

February

Publication Banque de France Bulletin n°232 : article 7
Outstanding loans to enterprises increased sharply in France in the first half of 2020

Since the outbreak of the Covid-19 crisis in March 2020, outstanding bank loans to enterprises have surged: between end-February and end-June 2020, they rose by EUR 101 billion. This upswing can be attributed first and foremost to substantial drawing...

By Vinas Frédéric
Thematic: Companies
  • Published on 02/24/2021
  • 7 pages
  • EN
  • PDF (343.75 KB)