Annual Report 2025 (Banque de France)

Summary

• Inflation returned to 1.9% in the euro area, and to 1.1% in France in February 2026.p.5
• France's potential growth has fallen from 2% in 2000 to 1.1% today, compared with 2.2% in the United States.p.5
• Public debt creates an additional 70 billion in interest every year after ten years.p.5
• The Banque de France has 8,810 employees (full-time equivalent).p.9
• The Banque de France operates 95 departmental branches.p.9
• Monetary activity losses were significantly reduced thanks to lower interest rates and a smaller balance sheet.p.6
• This is the eleventh annual report presented by the Governor, who announced his departure in June 2026.p.6

Key insights

1. The ODACC tool lets firms precisely identify their exposure to climate hazards.p.6
2. The Banque de France has three missions: monetary strategy, financial stability, and services to the economy and society.p.9
3. An exceptional capital gain arose in 2025 from bringing the gold stock up to technical standards.p.6
4. Solutions to weak growth include further integrating the single market and directing savings towards equity.p.5
5. The Iran shock brings slightly more inflation and slightly less growth.p.5