Beyond these cyclical factors, I would like to mention three points of vigilance. The increasing dissemination of new products, such as microloans and payment in instalments, poses increased risks to vulnerable populations, including the very young. The transposition of the recent directive on consumer credit should provide a better framework for these new forms of credit. And I would recommend systematic consultation of the National Database of Household Credit Repayment Incidents by all parties before granting loans. This would help to improve consumer protection and prevent financial difficulties and overindebtedness. Microcredit is also an effective tool for financial inclusion, with outstanding loans exceeding EUR 2 billion at the end of 2023. We are therefore carefully monitoring changes in the ecosystem and the recent warnings about funding assistance to microloan beneficiaries. This assistance is currently provided by associations and social welfare agencies that support the beneficiary throughout the process. Let me reiterate that it is the key feature and the key to the success of the French microcredit system. Lastly, with regard to the right to a bank account, the Banque de France is now ready to move to paperless designation letters – as recommended by the Cour des comptesvii in 2021 – to further speed up a procedure that has already been greatly simplified in recent years: banks must now do their part by adhering to this project by the end of 2025. I hope that voluntary action here will prevent us from having to use compulsory measures.
I will finish with these words by Victor Hugo: “for as long as the possible is not done, our duty will never be fulfilled”.viii We are currently experiencing a historical turning point in the world, and our country’s response may not live up to the occasion, nor to our duty, and I do not say this lightly. In its own modest way, the OIB’s first ten years have nevertheless shown us how to raise the level of our debate and action: through persistence and staying power; quantified evaluation, from ex ante observations to results; a partnership and regional approach; and constant vigilance for the future. The OIB has been able to extend its timeframe beyond day-to-day concerns, bring together different parties and move beyond the usual French-style squabbling. More broadly, you can count on the Banque de France – and no doubt, dear Pierre, on the Cour des Comptes – to foster this spirit more than ever, thanks to its independence and its stability missions.
iLaw No. 89-1010 of 31 December 1989, on the prevention and resolution of difficulties relating to the overindebtedness of individuals
iiLaw No. 2010-737 of 1 July 2010, on the reform of consumer credit
iiiLaw No. 2014-344 of 17 March 2014 on consumption
ivDecree No. 2020-889 of 20 July 2020 amending the conditions used by credit institutions to assess the financial vulnerability of their account holder customers.
vSocial action community centre
viBanque de France, Enquête typologique sur le surendettement des ménages en 2024, February 2025
viiFichier national des incidents de remboursement des crédits aux particuliers
viiiCour des comptes, « Les politiques publiques en faveur de l’inclusion bancaire et de la prévention du surendettement : des outils adaptés, une mise en œuvre à conforter », 2021 Annual Public Report – Vol.II, April 2021
ixHugo (V.), « Détruire la misère », speech, 9 July 1849