Overview of the Financing Flows to the Real Economy in France 2012-2021

The French economy is dynamic. For ten years, despite two macroeconomic shocks that were immense, both because of how close together they came and their size, the real economy has benefited from positive and balanced financing flows, in particular under the umbrella of the central bank. The number of companies has grown and they have created jobs and added value to the economy. The French productive system is moving towards larger numbers of smaller (individual) firms . At the same time labor productivity has increased. Questions are now arising given the current economic context of a third economic shock with the war in Ukraine and the corresponding return of inflation. Nevertheless, French companies, taken as a whole, have demonstrated their resilience in the past and are continuing to demonstrate it presently, as does the financial system with the ongoing involvement of the central banks.