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High Council for Financial Stability

The Haut Conseil de stabilité financière (HCSF - High Council for Financial Stability) is tasked with supervising the financial system as a whole, with the aim of safeguarding its stability and ensuring a sustainable contribution of the financial sector to economic growth.
The HCSF also aims to facilitate the cooperation and exchange of information between the institutions that its members represent. These exchanges help to eliminate blind spots in the financial supervisions, and allows for a better oversight of risks arising from interlinkages between participants/sectors and interactions between regulations.


Latest publications


20/06/2018 – Interconnections between the French asset management sector and the rest of the French financial system
In order to better understand and assess the channels of transmission of financial shocks between the various players, including non-banks, the Haut Conseil publishes a study that sheds light on the interconnections of the French financial system, exploiting the data received by the Banque de France, the Autorité de contrôle prudentielle et de résolution and the Autorité des marchés financiers in the context of regulatory reportings between 2008 and 2016.
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11/06/2018 – Seventeenth meeting of the Haut Conseil de stabilité financière (HCSF - High Council for Financial Stability)
The High Council for Financial Stability (HCSF) met for its seventeenth meeting on Monday 11 June 2018. Chaired by Bruno Le Maire, Minister for the Economy and Finance, the High Council updated its diagnosis of the risks and potential vulnerabilities which may affect the French financial sector, in particular in the light of developments that occurred since its last meeting in March 2018. In line with the preventive nature of macroprudential policy and given the favorable macroeconomic context and the continued acceleration of the financial cycle, the High Council has approved the proposal of the Governor of the Banque de France, François Villeroy de Galhau, to raise the counter-cyclical capital buffer rate to a moderate level of 0.25%.
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25/01/2018 - [Thematic publication] Diagnosis on the debt situation of non-financial private agents
The High Council for Financial Stability (HCSF) publishes a report presenting its diagnosis on the indebtedness of non-financial agents. This report details the evolution of indebtedness of non-financial corporations.
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31/03/2017 - [Thematic publication] Analysis & stress test results on French commercial real estate
The High Council for Financial Stability (HCSF) updated its 2015 analysis on the French commercial real estate market, in view of discussions with the various stakeholders. This memo outlines these developments and presents the results of the coordinated themed stress tests carried out in the second half of 2016 at the HCSF's request.
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12/01/2014 - [Thematic publication] Strategy of the Haut Conseil de stabilité financière
The High Council for Financial Stability (HCSF) published its macroprudential strategy in December 2014. The HCSF’s ultimate objective is to contribute to the safeguard of the stability of the financial system as a whole. The HCSF’s strategy explains how the HCSF intends to pursue this goal. The publication of this strategy is intended to provide a better understanding of the way the HCSF functions, improve the effectiveness of its intervention and enhance its communication, transparency and accountability. The strategy is liable to be revised and expanded as experience in macroprudential matters grows.