ECONOMY IN BRIEF
Is the world economy better off than a year ago?
Our latest quarterly publication gives a brief overview of the global economic recovery. The return in investor and consumer confidence combined with the still accommodative stance of monetary policy, allows us to maintain our "prudent optimism" on growth in 2014
in guaranteed debt securities were issued for the first time Friday by a company specialising in debt securitisation. The firm was jointly created by five French banks: BNP Paribas, BPCE, Crédit Agricole, HSBC France and Société Générale. The securities are backed by loans to SMEs and mid-tier companies. Securitisation is the process of converting corporate debt into marketable securities. It fell into disrepute during the US subprime crisis, but now the Banque de France and the ECB want to promote the technique.