France: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

IMF Staff Country Reports, August 29, 2025

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Canonical URL: France: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

The Haut conseil de stabilité financière (HCSF) is the designated macroprudential authority.
The HCSF is chaired by the Minister of Economy and Finance and provides a strong role for the Governor of the Banque de France (BdF), enabling willingness to act.
Membership includes key agencies with their own financial stability mandates and external members, facilitating coordination and mitigating inaction bias.
The market authority is an active participant in the HCSF, unlike in many jurisdictions.

The HCSF has hard powers over specific tools and soft powers for recommendations.
National authorities have adequate powers for information gathering.
The European Central Bank (ECB) has top-up powers over hard tools.
The European Systemic Risk Board (ESRB) can issue warnings and recommendations.

National authorities benefit from strong accountability frameworks.
The composition of the HCSF (including agencies with deep staff expertise and external members) supports coordination and reduces inaction bias.

Subject areas identified: Countercyclical capital buffers; Credit; Financial institutions; Financial regulation and supervision; Financial sector policy and analysis; Financial sector stability; Loans; Macroprudential policy; Money.
Keywords included: alternative investment; B. household Vulnerabilities; Countercyclical capital buffers; coverage ratio; Credit; D. bank funding; Europe; Financial sector stability; Global; Loans; Macroprudential policy; securities financing transactions data store.