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Financial Stability Review

This 24th edition of the Banque de France’s Financial Stability Review is a special issue devoted to macroprudential policy in the midst of the Covid crisis. While this is not a crisis of the financial system, and banks have on the contrary provided some of the responses to combat the economic crisis, it has nevertheless occurred in the context of financial vulnerabilities resulting from a vibrant financial cycle expansion and persistently low interest rates: high valuations of some assets, high levels of public and private debt, and the growing strength of the non bank financial sector.
The different points of view expressed in this edition provide insights into the issues that will be on our macroprudential agenda in the coming decade. In particular, it is essential (i) to better address the international dimension of systemic financial risk, and more specifically to strengthen the European macroprudential framework; (ii) to extend the application of macroprudential rules to the financial sector as a whole, beyond banks; (iii) to establish better coordination between monetary
and macroprudential policies on financial stability issues.

Publication Financial Stability Review no. 21:
April 2017

The 21th edition of the Banque de France Financial Stability Review (FSR) analyses the impact of financial reforms, eight years after the 2009 G20 action plan. With most elements of this plan now being finalised, concerns are being raised as to the...

By Villeroy de Galhau François, Carney Mark, Nouy Danièle, Douglas J.Elliott, Balta Emre, Weber Axel, Chousakos Kyriakos, Gorton Gary, Koënig Elke, Dombrovskis valdis, Parigi Maria, Cœuré Benoît, Markose Sheri, Giansante Simone, Rais Shaghaghi Ali, Cont Rama, Persaud Avinash, Maijoor Steven, Boidard Clément, Buch Claudia
  • Published on 04/13/2017
  • 176 pages
  • EN
  • PDF (3.51 MB)