What was the impact of the crisis on fi rms’ fi nancing and company defaults? A conference on this topic hosted by the Banque de France and OSEO in February 2012 brought together economists from academia, banking institutions and statistical institutes.

The financial crisis prompted closer supervision of securitisation as a mechanism for refinancing the economy. In France the principal underlying assets of securitisations are bank loans and credits to resident households and non-financial companies.

In 2009, the value of France’s national economic wealth fell for the second year running, but at a slower rate than in 2008. The upturn in net financial wealth partly offset the more pronounced contraction in the value of non-financial wealth, which was essentially caused by weaker property...

After declining for two years, France’s national economic wealth rose in 2010. Households’ total wealth largely exceeded its level observed before the economic crisis of 2008 due to the increase in land prices.

At end-2011, non-residents held 43,3% of the market capitalisation of French CAC 40 companies. Their holding rate rose slightly in 2011 on account of non-residents’ net purchases; it has fl uctuated between 41% and 44% since 2007.