1. Accueil
  2. Trésor-Info
  3. Tresor-Economics

Trésor-Info

Tresor-Economics

Miniature
Trésor-Eco

The Contribution of Cyclical Factors to Recent Changes in French Greenhouse Gas Emissions

Rédigé par : DG Trésor

Since the mid-2000s, greenhouse gas emissions in France have been declining, against a backdrop of bold climate commitments. Annual changes in these figures are driven by structural shifts as well as cyclical fluctuations. This paper presents a new methodology for estimating the contribution of cyclical effects. These effects heightened the decline in emissions in 2023 and 2024, and contributed on... Lire la suite

Miniature
Trésor-Eco

Measuring France’s Financial Vulnerability

Rédigé par : Eva Heyl, François Belle-Larant

The macroprudential policy aims to safeguard the proper functioning of the financial system as a whole. In France, the policy is implemented by the High Council for Financial Stability (HCSF). The indicator of financial vulnerability quantifies the extent of vulnerability at a precise instant and compares it with previous periods. It is the French Treasury’s in-house instrument for assessing finan... Lire la suite

Miniature
Trésor-Eco

Defining Government Support for Businesses

Rédigé par : Diego Renaud, Johan Seux

The lack of a common definition of government support for businesses explains the inability to compile an exhaustive, transparent list of such measures, for which recent estimates vary significantly. This paper proposes criteria for such a definition – including the public origin of the support, classification of its recipient as a business and the existence of an economic benefit – before outlini... Lire la suite

Miniature
Trésor-Eco

The New EU Fiscal Framework: From Negotiation to Implementation

Rédigé par : Emmanuel Bordellès-Viala, Jacques de la Rue du Can

The new EU fiscal governance rules entered into force in April 2024, the product of negotiations started in 2022. Member States are now committed to adhering to a multiannual fiscal path set in “medium-term fiscal-structural plans” (MTFSPs), complying with the requirements from a sustainability analysis of their debt, as well as a reform and investment programme.... Lire la suite

Miniature
Trésor-Eco

World Economic Outlook in Spring 2026: Global Economy Confronted with a New Energy Shock

Rédigé par : French Treasury (DG Trésor) International Forecasting Teams

The global economy has been significantly impacted by the conflict in the Middle East and the fresh energy shock that followed. The impact on the global growth outlook will depend on the duration and intensity of the conflict and is expected to vary across countries depending on their energy intensity and energy mix. However, the global growth outlook has been revised upward relative to the autumn... Lire la suite

Miniature
Trésor-Eco

The Financial Situation of the Defence Technological and Industrial Base Since the Onset of the War in Ukraine

Rédigé par : Quentin Bon, Jean de Livonnière, Raphaël Lafrogne-Joussier

Since 2021, the financial situation of DTIB companies has improved, with increasing profit margins and investment, larger returns and shrinking debt levels. However, they still need to address a significant cash flow requirement and long payment lead times. Increased defence spending and an expansion of financing opportunities could consolidate this improvement and boost business activity.... Lire la suite

Miniature
Trésor-Eco

Electricity Interconnections and their Contribution to the Energy Transition

Rédigé par : Jacques de Saint Pierre, Jules Grimont

Electricity interconnections play a vital role in the security of supply and the optimisation of the electricity grid. They provide consumers with access to more competitive and low-carbon electricity. However, they are costly assets that lead to significant distributional effects between consumers and producers. This paper focuses on the economic benefits and shortcomings of their development, an... Lire la suite

Miniature
Trésor-Eco

The Economic Issues Surrounding Support for Renewable Electricity

Rédigé par : Jules Grimont, Jacques de Saint Pierre

The development of renewable electricity is essential for the electrification of uses and for achieving French green transition objectives. The sharp decline in generation costs in recent years has strengthened their competitiveness, though without eliminating the need for government support. This paper compares current support policies and forecasts a decline in the unit cost of government suppor... Lire la suite

Miniature
Trésor-Eco

Which Competition Policy Should be Adopted to Support Growth in France and Europe?

Rédigé par : Jean-Baptiste Auger, Eloïse Villani

Competition, often associated with consumer protection, is a vehicle for business growth and innovation since it drives balanced trade relations and the selection of efficient firms. Yet, too much competition can curb investment capacities, if not the incentive to innovate. In line with the Draghi Report, the EU is upgrading its merger controls in a move that could facilitate mergers that generate... Lire la suite

Miniature
Trésor-Eco

Beyond Health Impacts: the Heavy Economic Toll of Air Pollution

Rédigé par : DG Trésor

Air pollution is a major public health issue. But recent economic research has also highlighted its effects on economic activity, in addition to its well-documented health impacts. It reduces workers’ physical and cognitive abilities, thereby lowering productivity. It also risks undermining future productivity by impairing academic performance and innovation. This paper gives an overview of this m... Lire la suite

Afficher plus de publications