New rules to limit rampant private-sector borrowing in France could just be the beginning if its debt binge does not calm, according to one of the country’s most senior financial policymakers.
Robert Ophèle, chair of the French financial markets’ authority, the AMF, says the French authorities “could go further” in macro-prudential tightening as French household and corporate borrowing continues to outpace eurozone peers – with corporate borrowing driven in part by leveraged acquisitions, particularly in the US.
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| Robert Ophèle, AMF |
Non-financial corporate borrowing in France, about 165% of GDP, is higher than in all eurozone countries except Belgium, according to the ECB.
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