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Macroprudential policy in France: requirements and implementation

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  • Le Lorier, A.

Abstract

In France, the Law of 26 July 2013 on the Separation and Regulation of Banking Activities established the Haut Conseil de stabilité financière (HCSF – High Council for Financial Stability) and conferred on it the conduct of macroprudential policy. The aim of macroprudential policy is to safeguard financial stability, and prevent and contain systemic risk. The Law explicitly entrusts the Banque de France with the task of ensuring the “stability of the financial system” together with the HCSF. In France, the central bank is therefore at the heart of this system. This article describes the main features of the French financial system that must be taken into account for the conduct of macroprudential policy. It explains how the new French institutional framework should make it possible to ensure an efficient surveillance of the risks inherent in the financial system and thus safeguard the financing of the economy. Lastly, it sets out the coordination challenges related to the conduct of macroprudential policy in France.

Suggested Citation

  • Le Lorier, A., 2014. "Macroprudential policy in France: requirements and implementation," Financial Stability Review, Banque de France, issue 18, pages 85-96, April.
    • Handle: RePEc:bfr:fisrev:2014:18:09
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