Management Report 2025

This document, “Management report”, has been prepared to give an overview of the financial statements of the Banque de France in a way that is both analytical and educational. It adopts a multi year perspective to highlight the main developments and to explain the context, the challenges and the long term effects. 

It provides the general public with a clear and accessible insight into how the tasks carried out by the Banque de France and the monetary policy decisions made are reflected in the structure of its balance sheet and profit and loss account. As such, it serves as a source of information and a vehicle for greater transparency with regard to the Institution’s financial management. 

It is also important to note that – in contrast to the financial statements – this document is not subject to validation by the Statutory Auditors. Its approach is therefore one of institutional analysis and communication, rather than accounting certification.