France
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused a dangerous rise in private debt
Draghi renews calls for wider economic union in Europe
ECB head recommends fiscal backstop for resolution fund criticised by German policymakers
De Galhau: EU needs to stress test non-bank liquidity
Banque de France will examine risk of pension schemes redeeming fund assets, says governor
ECB’s open market operations often raise banks’ liquidity – paper
Asset “haircuts” imposed by ECB often smaller than those in repo markets – researchers
Global uncertainty increases financial interconnections – paper
Researchers use a network approach to evaluate financial interconnectedness
Germany should consider fiscal expansion, French and German governors say
But Bundesbank's Weidmann warns against pro-cyclical impact of “debt-financed public spending”
People: Banque de France deputies named
Sylvie Goulard and Denis Beau take positions at Banque de France; second deputy governor at Bank of Ghana vacates post; Bolivian central bank’s board gets new vice-chair; and more
Policymakers should increase credit to ‘single-bank firms’ – paper
Researchers examine “unique natural experiment” of 2012 change to ECB’s QE policies
Eurozone countries’ manufacturing sectors are diverging, Italian paper finds
Manufacturing profits rise relative to non-tradables in Germany and Spain, but fall in France and Italy
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Tax cuts should focus on income from capital, French paper argues
Cutting taxation on labour is less effective in boosting growth, researchers say
People: French deputy takes on stock market oversight; Myanmar set for change
French deputy made chairman of stock market regulator; new board and three deputies appointed at Myanmar central bank; Svein Andresen to depart the FSB
France should broaden macro-prudential oversight – FSB report
Country should widen its outlook to include asset managers and other risky areas, a peer review finds; report recommends action to boost communication and disclosure
French paper looks at impact of budget-neutral fiscal changes
Benefits and costs of budget-neutral changes “not equally distributed across agents”
French regulator lays out plan to capture London euro clearing
AMF calls for equivalence to be scrapped for biggest CCPs and trade repositories
A CCP is a CCP is a CCP
The challenge of establishing standards for CCP risk management and resilience is even more difficult when policymakers view CCPs through the lens of banking regulation
Reserve managers see politics shaping currency allocations
European political uncertainty weakens confidence in euro, with sterling pressured by Brexit; dollar’s popularity resurgent, despite Trump’s economic policies
French paper examines impact of ECB’s PSPP on bond yields
Researchers use data from the French market to examine bond shocks
IMF Paris explosion leaves one injured
Letter bomb explodes at the IMF headquarters in Paris, less than a day after an explosive device was sent to the German finance minister; Lagarde condemns the “cowardly act”
Farms, germs and loans: central banking in 19th century France
Researchers study Banque de France’s lender-of-last-resort operations
French central bank reveals details of blockchain experiment
Banque de France teams up with a fintech start-up to run distributed ledger tech through Sepa; the results of project expected to be presented at a conference in 2017
IMF board backs Lagarde after negligence verdict
Executive board affirms “full confidence” in managing director after French court hands down negligence verdict, but chooses not to impose punishment
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
Spanish paper looks at eurozone inflation expectations
Pan-eurozone factors are more important than country-specific forces, paper says