Banque de France
Nonbank financial risks persist, FSB urges full reforms
The Financial Stability Board (FSB) published a progress report on July 9, 2025, detailing efforts to enhance nonbank financial intermediation (NBFI) resilience.
Focus
Transatlantic partnership crucial amid global uncertainty
Banque de France Governor François Villeroy de Galhau emphasized the enduring importance of the transatlantic partnership amidst global uncertainty.
Autocracies resist sanctions, wealth protects from economic bans
A Banque de France working paper finds that autocratic regimes display diverging resilience to international sanctions.
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France faces 7.4% GDP loss in NGFS climate scenarios
New short-term climate scenarios from the Network for Greening the Financial System (NGFS) indicate France could lose 7.4% of its GDP from severe weather events.
US holds slight current account surplus with euro area
A Banque de France analysis reveals the United States has maintained a slight current account surplus with the euro area since 2022.
French business activity grew in March; April outlook slows, GDP +0.3%
The Banque de France's monthly business survey indicates continued growth in French industry, services, and construction for March.
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Retail investors shape greenium, face macroeconomic headwinds
A Banque de France study finds that retail investors significantly influence the greenium in European green bond markets.
FX hedging drove US dollar weakness in April 2025
Currency hedging by non-US investors significantly contributed to the US dollar's weakness in April and May 2025.
Poverty regulation effectiveness varies by government level in Spain
A Banque de France working paper analyzes the effectiveness of poverty-related regulations implemented in Spain between 2007 and 2021.
France sees wage growth normalize to 1.6 percent in 2026
Wage negotiations in France for 2026 indicate a normalized rate of wage growth, with industry-level wage floors rising by 1 percent and company-level base wages by 1.6 percent.
Villeroy de Galhau urges Europe to accelerate integration and innovation
Banque de France Governor François Villeroy de Galhau warned that Europe has little time left to accelerate its economic integration and innovation.
US monetary tightening drives capital inflows through investor repatriation, not foreign Treasury demand
A Banque de France working paper challenges the view that US monetary tightening primarily attracts foreign capital via US Treasuries.