Banque de France
BDFPaper
Tariffs trigger economic contraction and inflation, monetary policy reacts
A Banque de France study empirically estimates the macroeconomic effects of U.S. import tariff shocks between 1990 and 2024.
Focus
BDFPaper
Market rates enhance accuracy of bank lending rate forecasts
A Banque de France study presents an effective method for forecasting new lending rates for households and businesses in France and the euro area.
BDFPaper
ESRB navigates new financial stability challenges after 15 years
The European Systemic Risk Board (ESRB) marks its fifteenth anniversary, reflecting on its mission to prevent and mitigate systemic risk across the European financial system.
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BDFPaper
Novel data reveals education's impact on household investment risk and returns
A new Banque de France working paper introduces a novel dataset combining security holdings and household finance data.
BDFPaper
Carry trades exposed to significant exchange rate volatility
A Banque de France analysis highlights how currency carry trades, while seeking to profit from interest rate differentials, are heavily exposed to exchange rate volatility.
BDFDecoder
European ESG funds resilient despite market and regulatory headwinds
European ESG funds recorded resilient performance between Q1 2023 and Q3 2025, despite increased volatility and a less favourable environment.
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Female business leaders seek less credit, face equal rejection
French female-led businesses make less use of bank credit than companies run by men, a difference attributable to a lower demand for credit among female executives.
BDFPaper
New financial model projects future interest costs for dynamic debt portfolios
Banque de France researchers have developed a financial model to project future interest expenses for dynamic debt portfolios.
BDFPaper
Non-resident ownership of French CAC 40 shares rises to 50 percent
Non-resident ownership of French CAC 40 shares reached 50 percent at the end of 2024, a 0.5 percentage point increase from the previous year.
BDFSpeech
Deficit above 5% risks France's fiscal stability, warns Villeroy de Galhau
Banque de France Governor François Villeroy de Galhau warned that a public deficit exceeding 5 percent of GDP in 2026 would put France at fiscal risk.
BDFSpeech
Banque de France Governor delivers New Year address, highlights roles
The Governor of the Banque de France delivered a New Year address on January 12, 2026, emphasizing the central bank's role as an engaged and innovative institution with strong governance.
BDFPaper
French financial system resilient amid sovereign debt and AI risks
The French financial system remains resilient despite increased risks from sovereign debt, highly valued AI assets, and non-bank financial intermediaries.