The results of the EBA stress tests provide an objective indicator. The 2023-2025 exercise shows the aggregate CET1 ratio of French banks declining from 15.91% to 10.52% in the adverse scenario, confirming the resilience of the French banking system.

The HCSF demonstrated its responsiveness by fully releasing the countercyclical buffer on 18 March 2020, freeing up €8 billion in lending capacity. This measure was among the first in Europe, contributing to the maintenance of corporate credit supply during the critical phase of the crisis.

Coordination with other authorities is unanimously recognised as a strength. The IMF notes that the HCSF's composition includes key agencies, facilitating coordination and mitigating inaction bias. European integration with the ECB, the ESRB, and the EBA, as well as national collaboration with the DG Trésor and Banque de France, ensure a cross-cutting perspective.

The critical assessment reveals certain limitations regarding tool adequacy. For example, the absence of a binding loan-to-value ratio in France is deemed insufficient by the ESRB. Moreover, the countercyclical buffer cap of 2.5% is considered potentially insufficient in the event of a major crisis.

The assessment of the HCSF's effectiveness shows that it has strengths, but it cannot prevent all crises on its own. French macroprudential policy depends on its coordination with monetary and fiscal policy. Moreover, areas for improvement have been identified, such as extending the scope to non-bank intermediaries.

According to Banque de France, the HCSF standards have had a positive impact. They have helped to limit risk-taking without influencing total credit volume either upwards or downwards, while avoiding the exclusion of first-time buyers from the market.

The HCSF assessment reveals strengths such as crisis responsiveness and effective coordination, but also areas for improvement such as extending the scope to non-bank intermediaries and strengthening democratic debate.

Transparency and communication are a positively assessed dimension. Since 2015, the HCSF has published annual reports documenting its macroprudential strategy, analyses, and decisions. Public consultations have been held on major topics such as commercial real estate in 2016 and mortgage lending in 2019.