TO LOG IN RECEPTION OUR MANAGEMENTS OUR FUNDS NEWSPAPER SOLVENCY II Newspaper To save the economy, let's allow a real hierarchy of returns to be established! 16/09/2016 Sales Emmanuel The latest monthly survey from the Banque de France shows a quivering demand for credit. However, what a waste of time! In continental Europe, the universal banks had resisted the financial crisis rather well, unlike the Anglo-Saxon banks, which financed themselves on the wholesale markets and whose income came mainly from market activities. Today, eight years after the fall of Lehman Brothers, the US financial system has strengthened its supremacy, as Eurozone banks struggle, much to the chagrin of the small and medium-sized enterprises that make up the bulk of the economy. economic fabric. When the crisis erupted, the Americans and the British came to the aid of their banks. The shock passed, they demanded far-reaching regulatory reforms to promote a contraction in the size of establishments and apply sufficiently strict capital ratios so that States no longer have to intervene. This Anglo-Saxon issue of banks "too big to fail" inspired all of the Basel III prudential regulations. With businesses dependent on credit, banks more diversified in terms of income and asset quality, and a low level of public debt, the Eurozone was in a fundamentally different situation. However, the Europeans followed in the footsteps of the Americans. Out of “ordo-liberal” idealism, inability to defend common interests, the European authorities have adopted a strictly disciplinary reading of the crisis, which has led them to establish a cordon sanitaire around each bank to avoid any risk of financial transfers within. of the euro zone. Very strong pressure was therefore exerted on all institutions to speed up the implementation of the Basel standards. In addition, new constraints have been set to prevent banks from being bailed out by public money, following the so - called bail-in rule . All in all, the capital constraints for establishments have increased sharply. At the same time, the spread of a finicky compliance culture has penalized business development. In shrinking economies, the pro-cyclical effect of these measures was not long in coming. To increase their capitalization ratio, the banks had to raise more equity and reduce their loans. In both cases, the bank multiplier worked backwards. The introduction at the same time of the Solvency II regulation accentuated this restrictive orientation, while increasing the attractiveness of public loans to the detriment of more productive jobs. To this were added the strategies inspired by the "German model", involving the re-establishment of trade balances by the contraction of domestic prices. Entrepreneurs thus found themselves trapped in a recessive equilibrium, characterized by the contraction of credit, the fall in internal demand, the The negative interest rate and asset buyback policies pursued by the European Central Bank (ECB) have created further distortions. Contrary to popular belief, low rates do not automatically help revive credit. Banks need a scale of positive interest rates that guarantees them that the risk they take is properly remunerated; when the interest rate curve is flat, they prefer to park their liquidity at the central bank, even at negative rates, rather than take a risk. By restricting the transformation capacities of banks, low interest rate policies therefore weigh on credit conditions. In addition, by directly financing certain large private companies, as part of its new securities purchase program, the ECB further distorts the appreciation of risk premiums, while unduly supporting certain players, to the detriment of SMEs, which do not have access to the market. With administered interest rates, how can we be surprised at the weakness of the recovery? Dans ce climat, le retour à des politiques keynésiennes de stimulation de la demande globale fait son chemin dans les institutions internationales. Mais selon nous, rien ne serait pire qu'une nouvelle vague d'étatisation. L'économie ne souffre pas d'une « stagnation séculaire », mais de choix de régulation et de politique monétaire inadaptés. Le retour à une croissance équilibrée suppose que s'établisse une hiérarchie naturelle des risques et des rendements, au bénéfice des épargnants et des entrepreneurs. Tribune parue dans l'Agefi Hebdo, 15-21 septembre 2016 16/09/2016 Sales Emmanuel La Financière de la Cité propose un service de gestion d’actifs pour compte de tiers. Elle développe en priorité des relations d’affaires en direct avec de grands investisseurs institutionnels et privés. Elle gère en outre une gamme de fonds ouverts au public qui peuvent être souscrits à partir de tout intermédiaire financier. Journal Elections américaines : une opportunité pour les marchés d’actions ? 21/11/2016 La Financière de la Cité signe une convention de mécénat avec ARTHENA 20/10/2016 Zone euro : surmonter les vices de construction 10/10/2016 Liens utiles A PROPOS PRINCIPES D'INVESTISSEMENT RAPPORT ANNUEL RAPPORTS RÈGLEMENTAIRES POLITIQUE DE RÉMUNÉRATION AVERTISSEMENT APPLICATION DES CRITÈRES ESG MENTIONS LÉGALES CHAIRE PARI ARTHENA Nous contacter 4, rue Berryer 75008 Paris France Telephone: 01 53 93 38 30 Fax: 01 53 53 99 91 Email: investors@financieredelacite.eu 2016 © Financière de la Cité.