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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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July

Publication Banque de France Bulletin n°240 : article 1
A possible new indicator to measure core inflation in the euro area

Inflation for the euro area as a whole is measured using the Harmonised Index of Consumer Prices (HICP). This index faithfully reflects the changes in the average price of the entire household consumption basket, but is notorious for being disrupted by...

By Lalliard Antoine, Robert Pierre-Antoine
Thematic: Politique monétaire et inflation
  • Published on 07/07/2022
  • 12 pages
  • EN
  • PDF (452.08 KB)
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April

Publication Banque de France Bulletin n°239 : article 6
Technological change and outsourcing: an illustration through broadband Internet access in France

The work organisation in companies is increasingly “fragmented” due to the growing use of outsourcing of activities that are not considered as “core business”. Outsourcing is the process whereby a company separates itself from an activity that was...

By Bergeaud Antonin, Mazet-Sonilhac Clément
Thematic: Economic research
  • Published on 04/14/2022
  • 8 pages
  • EN
  • PDF (16.58 MB)
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March

Publication Banque de France Bulletin n°239 : article 3
Covid 19 crisis and capital outflows from emerging economies: global safety nets are effective, but need to be strengthened

The Covid 19 crisis has led to greater capital outflows from emerging countries than those observed in 2008. At the national level, in response to this crisis, countries have implemented effective and unprecedented counter cyclical policies: fiscal,...

By Cezar Rafaël, Lecat Rémy, Marsilli Clément, Van Den Hove Floriane
Thematic: Economy and international financing
  • Published on 03/31/2022
  • 11 pages
  • EN
  • PDF (398.79 KB)
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March

Publication Banque de France Bulletin n°239 : article 5
The adaptation of economies to climate change: lessons from the economic research

Beyond the issues of energy transition and the development of a sustainable economic model, the process of climate change is already having measurable negative impacts: lower agricultural yields, a fall in the labour supply, weaker productivity growth....

By Lé Mathias
Thematic: Economic research
  • Published on 03/18/2022
  • 8 pages
  • EN
  • PDF (258.61 KB)
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March

Publication Banque de France Bulletin n°239 : article 4
The remarkable resilience of Hong Kong’s exchange rate regime

In 1983, Hong Kong pegged its currency to the US dollar. Since then, the special administrative region (SAR) has undergone profound transformations, changing from an industrial economy cut off from its Chinese hinterland to a key gateway for goods and...

By Cabrillac Bruno, Macaire Camille, De la Serve Marie-Elisabeth
Thematic: Economy and international financing
  • Published on 03/18/2022
  • 9 pages
  • EN
  • PDF (353.73 KB)
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March

Publication Banque de France Bulletin n°239 : article 2
The increase in the money supply during the Covid crisis: analysis and implications

Following the Covid crisis, the money supply grew at historically high rates in the euro area and in the United States in 2020, before reverting to a more moderate growth trend in 2021. These developments were due to significant money creation by...

By Bê Duc Louis, Jude Cristina, Bricongne Jean-Charles, Bussière Matthieu, Penalver Adrian, Vari Miklos, Sédillot Franck, Wicky Yann
Thematic: Politique monétaire et inflation
  • Published on 03/10/2022
  • 13 pages
  • EN
  • PDF (401.55 KB)
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February

Publication Banque de France Bulletin n°238 : article 8
French insurers’ investments: adapting to the crisis and the latest challenges

Despite a context moulded by the health crisis, at the end of 2020, insurers’ investments in France had risen by EUR 39 billion year-on-year to EUR 2,852 billion. French insurers continued to favour high quality securities. The low interest rate...

By Ahado Frédéric, Arias Liliana, Capitaine Gaëlle, Ferrand-Tenot Élodie, Megdiche Ikram, Roero Côme
Thematic: Credit and financing
  • Published on 02/22/2022
  • 18 pages
  • EN
  • PDF (584.89 KB)
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February

Publication Banque de France Bulletin n°238 : article 6
Health crisis: French companies maintained their repayment capacity in 2020

The Covid-19 health crisis unleashed a major activity shock in 2020, as turnover shrank by 4.0% in the small and medium-sized enterprise segment, 6.8% among intermediate-sized enterprises and 10.7% for large enterprises. Despite adjusting intermediate...

By Bureau Benjamin, Py Loriane
Thematic: Companies
  • Published on 02/09/2022
  • 16 pages
  • EN
  • PDF (506.45 KB)
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February

Publication Banque de France Bulletin n°238 : article 7
In response to the health crisis, large French groups adjusted their spending and contained their net financial debt in 2020

An analysis of the consolidated accounts of large French groups (excluding the financial sector) has highlighted their ability to adjust to the context of the health crisis. Faced with the decline in activity, which affected turnover and profitability,...

By Gonzalez Olivier, Rieu Anne-Marie
Thematic: Companies
  • Published on 02/01/2022
  • 16 pages
  • EN
  • PDF (535.95 KB)
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January

Publication Banque de France Bulletin n°238 : article 5
Compiling the balance of payments: a statistical mission at the Banque de France since 1945

Compiling the balance of payments is a “fundamental mission” for the Banque de France under the terms of the 2007 Arthuis law. The aim is, on the one hand, to present a picture of real and financial transactions between France and foreign countries,...

By Le Gallo Florian
Thematic: Economy and international financing
  • Published on 01/12/2022
  • 10 pages
  • EN
  • PDF (278.6 KB)
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January

Publication Banque de France Bulletin n°238 : article 4
Ten years on from the business tax reform: how has it affected companies’ behaviour?

In 2010, the French corporation tax known as the local economic contribution or CET (contribution économique territoriale) replaced the business tax (TP – taxe professionnelle). This latter tax on production had come under frequent criticism because it...

By Bergeaud Antonin, Jousselin Edouard, Malgouyres Clément
Thematic: Economic research
  • Published on 01/07/2022
  • 9 pages
  • EN
  • PDF (2.9 MB)
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January

Publication Banque de France Bulletin n°238 : article 3
State aid in the Covid-19 crisis: a European dilemma

In response to the economic impact of the Covid-19 crisis, the European Commission temporarily relaxed the framework governing the use of State aid. This framework was amended to include more diversified forms of aid, higher ceilings and extended...

By De Franclieu Dorothée, Émilie Hermet
Thematic: Economy and international financing
  • Published on 01/05/2022
  • 13 pages
  • EN
  • PDF (419.21 KB)
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