Banque de France (BdF)
French governor weighs up ‘disruptive effects’ in card payments market
François Villeroy de Galhau discusses ‘main trends’ influencing card payments market, including ‘new solutions, new behaviours and players, new regulations’
Villeroy de Galhau and Fischer express caution over inflation target change
There could be costs to changing inflation targets in response to persistent low inflation, say François Villeroy de Galhau, Christian Noyer and Stanley Fischer
Financial market risk being pushed into ETFs, Noyer warns
Central bankers must develop oversight of ETFs and similar securities, Noyer tells farewell seminar; must also convince markets and public of opposition to low inflation and deflation
French and German central banks cut inflation projections for next two years
Falling energy prices main factor in downward revision of German and French central banks’ projected inflation rates for 2016 and 2017
Shift to single currency increased volatility of money growth, paper argues
The shift to European monetary union had a major impact on the volatility of money growth rates in the eurozone, a working paper from the Banque de France argues
Heterogeneous beliefs may weaken effect of forward guidance, paper argues
Fixed-date and state-contingent guidance by the Federal Reserve led some market expectations to converge, but heterogeneous beliefs about inflation and consumption persisted
Chinese slowdown could be harder than many economists think, paper argues
Chinese potential growth could be lower and its coming slowdown harder than many think; growth could slow to 5% annually by 2020, says French working paper
Three eurozone central banks to trial reverse auctions of securities
The central banks of France, the Netherlands and Lithuania will hold reverse auctions of securities under the public sector purchase programme; trial will run for one month
Noyer wants tailored approach to shadow bank regulation
Banque de France governor highlights the risks of a ‘one size fits all’ approach to regulation across the banking and shadow banking sectors
French economists protest against choice of central bank governor
One hundred and fifty French economists publicly question whether François Villeroy de Galhau faces conflicts of interest as central bank governor
Former COO of BNP nominated as Banque de France governor
François Villeroy de Galhau picked by French president to succeed Christian Noyer as central bank head; past experience includes BNP Paribas and French treasury
Bundesbank's Weidmann to replace Noyer as chair of BIS board in November
The Bundesbank president will take over as chairman of the BIS board of directors when Christian Noyer retires from Banque de France next month
Equity price growth rate ‘leading indicator’ of bank loans, French paper argues
Comparing two models of domestic credit dynamics to recent French data shows the importance of equity price growth rates, according to a Banque de France working paper
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics
Eurozone moving towards ‘single market for collateral’, say central bankers
Panellists from Belgian, French and Dutch central banks discuss moves towards harmonised collateral markets in Europe at conference in Brussels
BIS economists say investor behaviour key to understanding EM challenges
Hyun Song Shin and Philip Turner consider implications of shift in financial intermediation for emerging markets; part of wider Banque de France review on the subject
Bank of Portugal launches mobile app
Users can access key statistical indicators for Portugal and the eurozone, calculate foreign exchange rates and obtain interest rate simulations, in the first Portuguese central bank app
French paper models flattening Philips curve
Working paper develops a two-country, new-Keynesian model to replicate the flattening of the curve in developed countries over the past 25 years, a trend widely attributed to globalisation
Banque de France paper tackles ‘elasticity of poverty’
Researchers examine the extent to which growth in different sectors translates into a reduction in poverty for countries in Africa; commodity-driven economies particularly bad for the poor
Are central banks the ‘Figaro’ of the financial markets?
Central banks continue to play a vital position in the functioning of markets. While this raises significant concerns about moral hazard it is not an unfamiliar role from an historical perspective
Banque de France paper says asset purchases may struggle to anchor rates
Working paper suggests asset purchases could be a way to anchor interbank rates, but the policy faces a number of difficulties; absorbing excess liquidity another option
Oil price forecast errors impact wider inflation estimates, Banque de France study finds
When there is ‘large’ volatility in oil prices, the pass-through of forecast errors to inflation estimates increases, research finds
Spain ‘decoupled’ from other eurozone economies, says Banque de France paper
Working paper warns Spanish economy’s convergence with eurozone is ‘sluggish and incomplete’, with the sharpest decoupling beginning a year before the sovereign debt crisis
French first deputy defends real estate picture
Anne Le Lorier says French banks are ‘well-guarded’ against any real estate downturn; accepts the authorities must improve data on commercial property