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French capitalism under stress: How Nicolas Sarkozy rescued the banks

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  • Nicolas Jabko
  • Elsa Massoc

Abstract

France's plan de soutien bancaire was in many ways similar to other national rescue plans that were adopted in the context of the global financial crisis. Yet, the French plan stands out for its remarkably collective and conflict-free nature. In order to account for this distinctiveness, we highlight the role of an informal consortium among public and private actors in the French financial establishment. We argue that the bank support plan should be viewed as a gift that members of the same elite group extended to each other in exchange for future, albeit still indeterminate, counter-gifts. Thus, the presidential rhetoric of ‘rupture’, a hallmark of Nicolas Sarkozy's mandate (2007–2012), should not be taken at face value. Behind the scenes, a closed decision-making process brought together and strengthened a small group of high-powered public officials and bankers. The role of this consortium in shaping the bank rescue plan underscores its importance in France's evolving model of capitalism.

Suggested Citation

  • Nicolas Jabko & Elsa Massoc, 2012. "French capitalism under stress: How Nicolas Sarkozy rescued the banks," Review of International Political Economy, Taylor & Francis Journals, vol. 19(4), pages 562-585.
    • Handle: RePEc:taf:rripxx:v:19:y:2012:i:4:p:562-585
    DOI: 10.1080/09692290.2011.638896
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    Cited by:

    1. Mitchell Christopher W., 2016. "The structure of financial markets and the form of state bailouts, 1974–2009," Business and Politics, De Gruyter, vol. 18(2), pages 97-122, August.
    2. François, Pierre & Lemercier, Claire, 2014. "State or status capitalism? Some insights on french idiosyncrasis using an interlocking directorates approach," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 15(2), pages 17-33.
    3. Sabine Saurugger & Fabien Terpan, 2016. "Do crises lead to policy change? The multiple streams framework and the European Union’s economic governance instruments," Policy Sciences, Springer;Society of Policy Sciences, vol. 49(1), pages 35-53, March.
    4. Sébastien Commain, 2021. "‘Don’t Crunch My Credit’: Member State Governments’ Preferences on Bank Capital Requirements," Politics and Governance, Cogitatio Press, vol. 9(2), pages 196-207.
    5. Ferber, Tim, 2016. "European banking regulation after the financial crisis: Franco-German conflict of interest during the negotiations on a single resolution fund," PIPE - Papers on International Political Economy 27/2016, Free University Berlin, Center for International Political Economy.
    6. Andrzej Slawinski, 2015. "Shielding money creation from severe banking crises: How useful are proposals offered by the alternative reform plans?," Bank i Kredyt, Narodowy Bank Polski, vol. 46(3), pages 191-206.
    7. Elsa Clara Massoc & Cyril Benoît, 2023. "A tale of dualization: accounting for the partial marketization of regulated savings in France," Post-Print hal-04220435, HAL.
    8. Kolluru Mythili & Hyams-Ssekasi Denis & Rao K.V.Ch.Madhu Sudhana, 2021. "A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries," Economics, Sciendo, vol. 9(1), pages 85-105, June.
    9. Syrovatka, Felix, 2018. "Arbeitsmarktregulierung unter Beschuss. Die neue europäische Arbeitsmarktpolitik am Beispiel der Reformpolitik Frankreichs unter François Hollande [Labour market regulation under pressure. The Impa," Industrielle Beziehungen. Zeitschrift für Arbeit, Organisation und Management, Verlag Barbara Budrich, vol. 25(1), pages 82-104.
    10. Massoc, Elsa, 2020. "Having "Banks Play Along": Varieties of State-Bank Coordination and State-Guaranteed Credit Programs During the Covid-19 Crisis," LawFin Working Paper Series 5, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    11. Mario Tümmler, 2022. "Completing Banking Union? The Role of National Deposit Guarantee Schemes in Shifting Member States' Preferences on the European Deposit Insurance Scheme," Journal of Common Market Studies, Wiley Blackwell, vol. 60(6), pages 1556-1572, November.
    12. Schneider, Sebastian, 2014. "Varieties of capitalism, varieties of crisis response Bank bailouts in comparative perspective," PIPE - Papers on International Political Economy 21/2014, Free University Berlin, Center for International Political Economy.
    13. Elisa Giuliani, 2020. "Piketty, Thunberg, or Marx? Shifting ideologies in the COVID-19 bailout conditionality debate," Journal of International Business Policy, Palgrave Macmillan, vol. 3(4), pages 443-450, December.

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