France : Financial System Stability Assessment

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

July 24, 2019

Electronic Access:

Download PDF. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Important institutional and policy changes have taken place since the 2012 FSAP. At the national level, the authorities have strengthened the macroprudential framework by establishing the High Council for Financial Stability (HCSF), enhanced monitoring of financial stability risks, prepared to manage the Brexit fall-out, introduced macroprudential measures, and taken various financial reform measures included in Loi PACTE—Action Plan for Business Growth and Transformation—and initiatives on digital finance, crypto-assets, green finance, and combating cyber risk. At the European level, significant changes include the Banking Union (BU), Capital Requirements Regulation/Capital Requirements Directive (CRR/CRD), Solvency II, and efforts towards a Capital Markets Union (CMU). The financial system is more resilient than it was in 2012. Capital positions and asset quality have improved. Banking business is better placed to handle cross-border contagion, including from exposures to high-yield EA economies. Insurers’ solvency ratios have been stable and have been bolstered by the effective implementation of Solvency II. Household savings and balance sheets are relatively sound and house prices presently appear broadly aligned with fundamentals.

Series:

Country Report No. 19/241

Subject:

English

Publication Date:

July 24, 2019

ISBN/ISSN:

9781513508276/1934-7685

Stock No:

1FRAEA2019001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

74

Please address any questions about this title to publications@imf.org