Banque de France (BdF)
People: BoE legal adviser to retire in April 2015; Banque de France appoints new deputy director
BoE loses chief legal adviser next year; Banque de France promotes its director of risk operations; Czech National Bank names new deputy director; and more
PBoC designates renminbi clearing banks for France and Luxembourg
Bank of China and Industrial and Commercial Bank of China to serve countries' offshore RMB markets
ECB appoints supervisory heavyweights to new review board
Governing council appoints five members to board, tasked with conducting reviews into ECB’s supervisory actions, including former central bankers from France, Germany, Italy and Spain
Limits to foreign lending would cut bail-out risks, Banque de France paper claims
Paper examines why countries bail each other out, and argues a tax on lending to foreign countries would stop investors betting on an implicit guarantee
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
French paper warns buffers ‘may not be sufficient’ to avoid credit crunch
Banque de France working paper finds an increase in market pressure to hold more capital can ‘limit the ability of banks to expand credit’ and trigger a crisis
France and Luxembourg join race to become Europe's renminbi hub
France and Luxembourg next in line for clearing banks after striking deals with PBoC over the weekend; French institutional investors also granted permission to invest in China
French economists find UMP had ‘significant’ impact on sovereign yield spreads
Working paper breaks down the determinants of sovereign yield spreads in OECD countries; size of ECB’s balance sheet effects spreads differently across eurozone member states
Banque de France paper quantifies impact of EBA capital exercise on lending
Banque de France working paper examines lending behaviour of banks subjected to the recapitalisation exercise ran by the European Banking Authority in 2011–12
French paper constructs credit risk indicators for eurozone
Working paper published by Banque de France builds credit risk indicators that are ‘highly robust’ leading indicators for economic activity and the growth of bank lending
More bank capital means banks lend more, paper finds
More capital means more credit - but greater supervisory capital constraints mean bank credit grows more slowly than when banks are less constrained
Reserve managers stress importance of portfolio transparency
Public report offering detailed disclosure of investment decisions results in reserve managers having 'little to fear', says the Central Bank of Colombia's Marco Ruiz
Banque de France ‘is active’ in onshore renminbi market
French central bank has invested in Chinese government bonds through the onshore renminbi market; Bank of England angles for London clearing bank
Noyer paints picture of ‘European Federal Reserve System’
Banque de France governor sets out vision of the ECB operating in a similar style to the Fed – with France taking the place of New York
Banque de France's Christian Noyer on bank runs, the euro crisis and a Fed-like ECB
Christian Noyer explains how he has restructured the Banque de France to enable it to become the Eurosystem’s ‘New York Fed’, while facing down a bank run and tackling the euro crisis
Banque de France official: Sepa delays incur 'collective cost'
Denis Beau says the market participants that missed the February 1 deadline for migration to the new credit transfer and direct debit schemes should switch as soon as possible
Christian Noyer overruled by finance minister on savings rate
Banque de France governor Christian Noyer proposes cutting the interest rate paid on the country’s most popular savings account; Pierre Moscovici rejects the move to ‘protect spending power’
Banque de France paper explains new GDP forecast model
New model aims to eliminate 'systematic upward predictive bias' since the crisis
Financial literacy in France is correlated with political engagement, study finds
Working paper finds middle-aged men are the most financially literate demographic; little difference between different political orientations, but the disengaged score worse on the test
Banque de France backs efforts to circumvent ratings agencies
Central bank gives scathing assessment of credit ratings agencies and supports Esma proposals to reduce reliance on ratings; Moody’s and S&P critical of the plans
Banque de France paper offers alternative to China's exchange rate regime
Banque de France working paper outlines alternative model to China's exchange rate policy involving capital mobility and no central bank intervention
Reserve accumulation enhances welfare if coupled with capital controls
Foreign reserve accumulation is part and parcel of a growth strategy based on strong capital investment in a financially constrained economy, according to a Banque de France research paper
UK-French paper examines monetary policy implications of wage changes
Researchers find that wage changes are clustered at the beginning of the year in many European countries, but this makes ‘little difference’ to the optimal policy response across quarters