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

_IMF Staff Country Reports, August 29, 2025_

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## Bibliographic details
- Published: August 29, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229022224.002

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### Institutional arrangements and governance
- 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.

### Mandates, powers, and tools
- 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.

### Accountability and coordination
- 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.

### Thematic focus and keywords
- 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.

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_Source: https://www.imf.org/en/publications/cr/issues/2025/08/18/france-financial-sector-assessment-program-technical-note-on-macroprudential-policy-569733_