Home » France: Report on Observance of Standards and Codes--Fiscal Transparency and Data Module Updates by International Monetary Fund
France: Report on Observance of Standards and Codes--Fiscal Transparency and Data Module Updates International Monetary Fund

France: Report on Observance of Standards and Codes--Fiscal Transparency and Data Module Updates

International Monetary Fund

Published November 3rd 2004
ISBN : 9786613731364
ebook
8 pages
Enter the sum

 About the Book 

1. The global financial crisis and the contraction of world trade have pulled the French economy into a severe recession and put its financial sector under strain. Structural features combined with early policy action have helped soften the downturn,More1. The global financial crisis and the contraction of world trade have pulled the French economy into a severe recession and put its financial sector under strain. Structural features combined with early policy action have helped soften the downturn, which is somewhat less pronounced than in the euro area as a whole. Nonetheless, unemployment has risen steeply since mid-2008, while consumer price inflation has come down rapidly. With the fiscal stance easing in 2008, the budget deficit exceeded the Maastricht ceiling. French banks faced the need to write down toxic assets, and government recapitalization and liquidity measures were required to support the sector. While significant, financial sector losses remained below those in peer countries.