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Banque de France

COUR DES COMPTES

Banque de France, a unique institution wholly owned by the French state, is part of the Eurosystem. Accordingly, it issues banknotes and circulates them within French territory, maintains paper money and ensures that it is circulated effectively. It holds the nation's foreign currency reserves and ensures that means of payment function effectively and are secure. It also performs additional tasks of public interest on behalf of the French government, in particular handling overindebtedness cases, which goes some way to explain the size of its network and its staff numbers in comparison to its counterparts in other countries.
Since 2011, Banque de France has been implementing a strategy for transforming the organisation by 2020, aiming in particular to streamline its network and cut staff numbers. Points requiring vigilance nevertheless remain, in the scale of its industrial tools and in its social expenditure, property management and sponsorship policy. The expected tightening of European monetary policy could also reduce the Bank's financial income. It is therefore an appropriate time to review the Bank's economic and social missions, in concert with the French government, and the Bank's transformation will have to carry on beyond 2020. While the accomplishment of the current strategic plan will mark an important milestone, the Bank must now get ready to step up its rate of transformation over the next ten years.

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