{
  "title": "France: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis",
  "publication": "IMF Staff Country Reports, August 29, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/08/18/france-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-569748",
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  "summary": "The French financial sector has proven resilient to the stress events of the last five years but faces some headwinds from domestic and, like in many other countries, global uncertainty.",
  "sections": [
    {
      "heading": "Financial sector resilience and overarching assessment",
      "content": "- The French financial sector has proven resilient to the stress events of the last five years.\n- Resilience exists despite high external and domestic uncertainty.\n- The stability of the French financial sector is highlighted as an important element of strength amid domestic political uncertainty and rising global geoeconomic risks."
    },
    {
      "heading": "Sovereign debt markets and market functioning",
      "content": "- Sovereign debt markets have functioned well despite high external and domestic uncertainty.\n- Large debt issuance continues to be smoothly absorbed by a deep and well diversified buyer base."
    },
    {
      "heading": "Banks, funding, and credit dynamics",
      "content": "- Banks have pre-funded part of their upcoming roll-over needs.\n- Credit growth has moderated.\n- Household and non-financial corporate (NFC) debt remain elevated."
    },
    {
      "heading": "Housing market and balance-sheet dynamics",
      "content": "- The housing market is undergoing an orderly adjustment.\n- Elevated household and NFC debt are highlighted as ongoing vulnerabilities even as adjustment proceeds."
    },
    {
      "heading": "Risks and outlook",
      "content": "- Domestic headwinds and rising global geoeconomic risks are identified as sources of uncertainty for the financial sector.\n- The interplay of political uncertainty domestically and global uncertainty externally frames the risk environment.\n\nSource: France: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis (August 29, 2025).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 29, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229022675.002",
    "The French financial sector has proven resilient to the stress events of the last five years.",
    "Resilience exists despite high external and domestic uncertainty.",
    "The stability of the French financial sector is highlighted as an important element of strength amid domestic political uncertainty and rising global geoeconomic risks.",
    "Sovereign debt markets have functioned well despite high external and domestic uncertainty.",
    "Large debt issuance continues to be smoothly absorbed by a deep and well diversified buyer base.",
    "Banks have pre-funded part of their upcoming roll-over needs.",
    "Credit growth has moderated.",
    "Household and non-financial corporate (NFC) debt remain elevated.",
    "The housing market is undergoing an orderly adjustment.",
    "Elevated household and NFC debt are highlighted as ongoing vulnerabilities even as adjustment proceeds.",
    "Domestic headwinds and rising global geoeconomic risks are identified as sources of uncertainty for the financial sector.",
    "The interplay of political uncertainty domestically and global uncertainty externally frames the risk environment.",
    "**Executive Summary**"
  ],
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