France
ECB paper captures effect of eurozone sovereign risk on bond spreads
European Central Bank study says both country-specific and contagion risk contributed to widening of sovereign bond spreads against the German Bund during the financial crisis
EFSF rating in spotlight as speculation on eurozone downgrades emerges
Rumours that France and other eurozone sovereigns will lose AAA ratings spooks markets; move will place a question mark over European Financial Stability Facility's rating, say analysts
Banque de France to slash personnel numbers
Banque de France to replace only 50% of retirees in attempt to lower staff numbers; 2,500 posts to be lost by 2020
Noyer blasts ratings agencies on Twitter
Banque de France verified Twitter page publishes stream of comments from governor Christian Noyer; criticises credit ratings agencies and slams UK economic performance
European Parliament to vote on Cœuré’s future at ECB
Economic and Monetary Affairs Committee recommends Benoît Cœuré for ECB executive board; plenary European Parliament vote to happen on Wednesday
Cœuré progresses towards ECB executive board membership
ECB Governing Council adopts Council of the European Union opinion and supports Benoît Cœuré to become a member of the executive board
France confirms Cœuré as ECB nominee
Finance ministry puts Benoît Cœuré forward as nominee to replace Bini Smaghi on European Central Bank’s executive board; firm favourite choice confirmed
Banque de France outsources collateral management
French central bank agrees collateral management deal with Euroclear France; entire French banking community will use new system next year
Eurozone leaders hold emergency meeting in Cannes
Greek prime minister George Papandreou is summoned to Cannes for crisis talks ahead of G-20 meetings after receiving the backing of his cabinet to hold a referendum on the eurozone bailout
G-20 endorses final G-Sifi rules
Finance ministers and central bankers offer support to G-Sifi rules; want to see framework expanded to all banks deemed too big to fail regardless of global reach
Dexia bailout spells trouble for Belgium and France, say analysts
Nationalisation of banking group Dexia threatens downgrades to sovereign credit rating of Belgian and French governments
EBA stress test: €3.4 billion error in BPCE's derivatives exposure to France
Owner of Natixis overstated derivatives exposure to France by €3.4 billion after mixing up notional and mark-to-market numbers
ECB’s Noyer says larger EFSF ‘unrealistic’
ECB governing council member says EFSF will not be made bigger; is open to schemes that would offer greater leveraging opportunities for money already committed
Greece tranche decision delayed till October: Juncker
Eurogroup chairman Jean-Claude Juncker says decision to release sixth bailout tranche to Greece will be delayed until October; sovereign may default sooner than expected, says analyst
European Commission to consider euro bond options
European Commissioner José Manuel Barroso says options for common eurozone bond will be reviewed; Bundesbank's Jens Weidmann says bond would lead to "socialisation" of debt
Lagarde adds to pressure on G-7 meet
Lagarde calls for global action; Canada set to raise dissatisfaction with Swiss franc exchange rate limit at G-7 gathering in France
Germany denies eurobond option
Talk of a common bond for the euro area dominates discussions ahead of meeting with European leaders on economic governance reform; Germany says topic will not feature on agenda
Unconventional debt markets create monetary policy asymmetries: Banque de France paper
Banque de France study says differences in bond market characteristics can lead to asymmetries in monetary policy
Lagarde ‘perfectly calm’ about impending investigation
New managing director of the IMF is 'perfectly calm' at announcement of French investigation of abuse of powers during her time as finance minister
Euro area leaders thrash out Greece deal
Leaked document shows euro area leaders agree to extend maturities on Greece loans through European Financial Stability Facility; compares second bailout for Greece to Marshall plan
Lagarde calls for greater legitimacy at Fund
Recently appointed IMF managing director Christine Lagarde lays out preliminary strategy for Fund; says legitimacy and diversity will play key role in future
DSK’s future will ultimately be decided in France, not New York
Speculation that the case against the former IMF managing director Dominique Strauss-Kahn may collapse has reignited the debate of a return to French politics
Vienna Initiative agreement sets in motion Greece deal
German Chancellor Angela Merkel takes softer approach to Greece; says Vienna Initiative could form part of bailout deal
Berlusconi asks Bini Smaghi to step aside
Italian prime minister acts to ensure French support for Mario Draghi as next head of the European Central Bank