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Banking and Insurance

Eurozone – ECB: no silver bullet for lending

  • Edition 5 April 2016

    We look back at the ECB's 10 March announcement, especially in connection with the TLTRO 2 operations and analyse their implications from the banks' viewpoint. This new programme should elicit more interest than TLTRO 1 and help to revive the transmission of monetary policy on lending interest rates. But this in no way guarantees its effectiveness in re-launching lending to businesses.


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France: household consumption

  • Edition December 2014

    Household consumption, the traditional driving force behind French growth, has been growing at a far slower rate since 2011. Growth has been restricted by low incomes. A in-depth analysis of the determinants of household consumption should allow us to sketch mid-term private consumption trends. This paper also sets out to throw light on household consumption spending on passenger vehicles. Last, we offer a close-up look at consumer lending.


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France: Scant risk of a deflationary spiral

  • Edition October, 2014

    Fears of seeing the Eurozone sink into deflation, against a backdrop of the spectre of the Japanese example, have propelled inflation centre stage. France has not been spared the general price downtrend and inflation has fallen substantially in the recent period, with prices rising by just 0.3% in the 12 months to end-September. In this issue, we aim to examine the causes of this slowdown in prices, or rather the accumulation of factors that have led to the current severe disinflation.


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France - ISEs: appraisal, impact, issues

  • Edition July, 2014
    The rise of intermediate-sized enterprises (Entreprises de Taille Intermédiaire – ISEs) is often seen to be spearheading France's industrial re-conquest. Such companies, which combine the benefits both of SMEs and large corporations, have been able to develop, expand into foreign markets, and increase their activity. The French ecosystem must nevertheless continue to adapt in order to support this class of firm and foster the emergence of national champions.


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France can pull it off

France: Where is growth going today? And tomorrow?

  • Edition November, 2013

    The nascent recovery in France is not a strong rebound. Our growth potential has been adversely affected by the recent crisis, and in particular by its length, which has had an impact on human and physical capital and on productivity. We should not overestimate the impact, however, as some of the observed fluctuations are cyclical, with no effect on our potential. A number of measures have also been implemented to enhance the outlook for economic activity.


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Trying to save time is a waste of time

  • Edition July, 2013
    Playing for time while waiting for an improvement in the European economic situation risks miring the Italian economy in recession. Seeking to capitalise on the stability of the financial markets and fiscal consolidation in hopes of achieving some slight room for manoeuvre will not be enough, either. What is really needed are speedy measures to improve the financial situation of Italy's SMEs, even if it takes means other than traditional bank credit to do so.


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