Knowledge Base
Explain the institutional structure and governance of the Haut Conseil de Stabilité Financière
Which of the following is not an ex officio member of the HCSF board?
The five ex officio members of the HCSF board are: the Minister for the Economy, the Governor of Banque de France, the Vice-President of the ACPR, the President of the AMF, and the President of the Accounting Standards Authority. The three other members are qualified individuals appointed by the President of the National Assembly, the President of the Senate, and the Minister of Finance.
What is the primary role of the Minister for the Economy within the HCSF?
The Minister for the Economy chairs the HCSF, convenes and presides over sessions, adopts decisions, ensures interministerial coordination, and signs decisions published in the Journal Officiel. This ministerial chairmanship reflects the commitment to strong government involvement in decisions affecting financial stability.
What document is published annually by the HCSF?
The HCSF annual report presents the Council's assessment, its analyses, and its macroprudential policy. From 2026, this report will be aligned with the calendar year and published in the first quarter. This document is essential for informing Parliament and the public about the HCSF's activities.
The Governor of Banque de France can make his macroprudential measure proposals public regardless of the action taken on them.
The framework includes a major technical counterbalance: macroprudential measure proposals come from the Governor of Banque de France, who has the ability to make his proposals public regardless of the action taken on them. This provision ensures that central bank expertise feeds into the decision-making process.
The governance of the HCSF respects the principle of parity between women and men.
The composition of the HCSF's board respects the principle of parity between women and men. This ensures gender balance in decision-making, which is crucial for inclusive and representative governance.
How many times per year does the HCSF meet at minimum?
The HCSF meets at minimum four times per year on a quarterly basis. This frequency enables continuous monitoring of systemic risk developments and adjustment of macroprudential instruments according to economic and financial conditions.