France
‘Big tech’ finance raises fundamental questions – BdF deputy governor
Risks from cloud computing not being addressed by supervisors, Denis Beau warns
Foreign monetary policy affects French and Italian lending – researchers
US policy especially significant, Banque de France paper finds
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
Banque de France paper finds ‘behavioural channel’ to QE
Repeat lab experiments imply people do not converge towards rational expectations
European Court of Justice overrules ECB on French banks’ leverage
ECB’s reasoning on treatment of French savings accounts was “manifestly incorrect”, court rules
QE boosts bond prices above ‘fundamental’ level, Banque de France paper finds
Paper uses experimental techniques to simulate QE’s effects on bond markets
French government raises counter-cyclical buffers for first time
“Economic and political uncertainty” call for hike to “moderate level” of 0.25%, council says
Banque de France paper sketches policy routes for post-crisis central banks
“New orthodoxy” would see unchanged policy goals, but more freedom to lower interest rates
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