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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.

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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.

December

Publication Banque de France Bulletin n°243 : article 1
French households and inflation in 2022

Inflation expectations that are stable and close to 2% help the central bank to achieve its price stability objective. In light of the recent acceleration in price rises, the Banque de France and the polling institute CSA questioned French households...

By Bignon Vincent, Gautier Erwan
Thematic: Politique monétaire et inflation
  • Published on 12/09/2022
  • 11 pages
  • EN
  • PDF (391.08 KB)
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November

Publication Banque de France Bulletin n°242 : article 5
Non-residents held more shares in French CAC 40 companies in 2021

For the first time in eight years, non residents increased their share of ownership in French CAC 40 companies. At end 2021, they owned 40.5% of the total market capitalisation, i.e. EUR 866 billion out of EUR 2,137 billion. This rise can be attributed...

By Hodeau Aurélie, Sirello Olivier
Thematic: Economy and international financing
  • Published on 11/24/2022
  • 11 pages
  • EN
  • PDF (387.55 KB)
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November

Publication Banque de France Bulletin n°242 : article 6
Exchange rate pass through to import prices in France: the role of invoicing currencies

The US dollar is widely used in global trade to facilitate international transactions. In France, nearly 60% of France’s non EU imports are invoiced in US dollars every year. Thus, taking account of US dollar invoicing in international transactions can...

By Berthou Antoine, Schmidt Julia
Thematic: Economic research
  • Published on 11/23/2022
  • 8 pages
  • EN
  • PDF (514.5 KB)
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November

Publication Banque de France Bulletin n°242 : article 7
Why is inflation rising so little in Japan?

The level of long term inflation is far lower in Japan than in other advanced countries, partly because of weak household consumption. Consumption was first severely affected by the banking crisis in the early 1990s and then by the debt deflation...

By Chatelais Nicolas
Thematic: Economic research
  • Published on 11/15/2022
  • 12 pages
  • EN
  • PDF (439.45 KB)
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November

Publication Banque de France Bulletin n°242 : article 1
European instruments aimed at reducing greenhouse gas emissions

The European Commission’s “Fit for 55” legislative package aims to equip the European Union (EU) with the means to reach climate neutrality by 2050 by reducing greenhouse gas emissions. It proposes (i) to revise the emissions trading system to set a...

By Bellec Chloé, Bouthevillain Carine
Thematic: Macroeconomics, microeconomics and structures
  • Published on 11/08/2022
  • 14 pages
  • EN
  • PDF (425.8 KB)
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October

Publication Banque de France Bulletin n°241 : article 2
How did the Eurosystem’s collateral strategy adapt to the Covid-19 crisis?

A central bank’s collateral policy consists in defining the eligibility criteria of the assets that banks pledge as collateral for their credit operations. Holding sufficient eligible collateral is therefore essential for the banking sector to ensure...

By Brueckner Béatrice, Lez Pauline, Nguyen Benoît
Thematic: Politique monétaire et inflation
  • Published on 10/20/2022
  • 13 pages
  • EN
  • PDF (389.81 KB)
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September

Publication Banque de France Bulletin n°242 : article 2
The euro: in our pockets for 20 years

In 2022, the euro is celebrating the 20th anniversary of its launch in the form of banknotes and coins. The transition to a common currency was a milestone in European integration. The euro banknotes and coins have changed dramatically over the past...

By Gardiennet Pascale, Giner Julien, De Pastor Raymond, De Tarlé Hugo
Thematic: Means of payment and currency in circulation
  • Published on 09/16/2022
  • 7 pages
  • EN
  • PDF (579.38 KB)
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September

Publication Banque de France Bulletin n°241 : article 4
Large French banking groups are increasingly concentrating their international activities in the euro area

The large banking groups studied in this Bulletin (BNP Paribas, BPCE Group, Crédit Agricole Group, Crédit Mutuel Group, Société Générale and HSBC Continental Europe) had total consolidated assets of EUR 8,073 billion at the end of 2021, accounting for...

By Bottineau Isabelle, Coffinet Jérôme, Le Meur Chloé
Thematic: Financial stability and financial system
  • Published on 09/13/2022
  • 13 pages
  • EN
  • PDF (2.83 MB)
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September

Publication Banque de France Bulletin n°240 : article 3
European unemployment insurance and macroeconomic stabilisation: are permanent fiscal transfers between States needed?

The creation of a European unemployment insurance scheme is often cited as an important step towards macroeconomic smoothing within the euro area and deepening of European integration. Depending on the features envisaged, such a mechanism could be...

By Gossé Jean-Baptiste, Jehle Camille, Perdereau Yann, Vicquéry Roger
Thematic: Macroeconomics, microeconomics and structures
  • Published on 09/09/2022
  • 12 pages
  • EN
  • PDF (395.38 KB)
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September

Publication Banque de France Bulletin n°240 : article 4
How globalisation affects inflation

Inflation is accelerating sharply in France and the euro area (5.8% year on year and 8.1% respectively in May 2022), and even more so in the United States and the United Kingdom, under the influence of global variables, mainly energy and food prices,...

By De Bandt Olivier, Carluccio Juan
Thematic: Economic research
  • Published on 09/02/2022
  • 10 pages
  • EN
  • PDF (269.21 KB)
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August

Publication Banque de France Bulletin n°241 : article 1
Climate scenario analysis to assess financial risks: some encouraging first steps

A growing number of institutions around the world – spurred on by the Central Banks and Supervisors Network for Greening the Financial System (NGFS) and its reference scenarios – are currently carrying out or planning their first climate scenario...

By Boirard Antoine, Payerols Clément, Overton George, Soares De Albergaria Solène, Vernet Lucas
Thematic: Financial stability and financial system
  • Published on 08/11/2022
  • 8 pages
  • EN
  • PDF (393.42 KB)
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July

Publication Banque de France Bulletin n°241 : article 3
India at the global forefront in digital payments

Digital payments have grown exponentially in India in recent years, thanks notably to the real time payment system, Unified Payments Interface (UPI). The rise has largely been driven by the Reserve Bank of India (RBI) and the National Payments...

By Revelin David, Salez Paul
Thematic: Means of payment and currency in circulation
  • Published on 07/18/2022
  • 6 pages
  • EN
  • PDF (268.79 KB)
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