FRANCE: WELL-ORGANIZED, DOMINATED BY PUBLIC BANKING

• Financial sector is divided into commerical and parapublic banks, both sectors are dominated by the state.



• Three commerical banks, which account for 95 percent of all deposits, are most dominant: Banque Nationale de Paris, the Société Générale, and the Crédit Lyonnais. The parapublics account for one-third of all credit in the financial system.



• Due to the dominance of state finance, business associations are weak and dependent. Only sectoral business groups become involved in policy-making. Peak associations are broadly representative on issues of macroeconomic and labor market policies. The primary peak association is the National Council of French Employers (CNPF).



• State agencies and firms work together to pursue industry-specific policies.