Peer review of France
This peer review examines two topics relevant for financial stability in France: the macroprudential policy framework and public disclosures of financial sector data. The review focuses on the steps taken by the French authorities to implement reforms in these areas.
The peer review finds that significant progress has been made on both topics in recent years, reflecting initiatives at both European Union and national level. Notwithstanding this progress, the review concludes that there is additional work to be done. On the macroprudential framework, this involves continuing to expand the scope of macroprudential policy in the insurance and asset management sectors; enhancing systemic risk assessments and disclosing the data, methodologies and assumptions underpinning them; and strengthening public communication on financial stability. On disclosures, this involves adopting European Banking Authority guidance to enhance the transparency of capital treatment in complex banking groups; establishing a programme to review and follow up on reports to be submitted by insurers under the European Union’s Solvency II Directive for insurance firms; and considering the publication on a regular basis of comparable insurance company information. The peer review sets out recommendations to the French authorities in order to address these issues.