April 21, 2017: IODS Seminar

IODS organized a seminar on Data for Researchers in Finance on Friday, 21st April 2017, in Paris (Hôtel de Boisgelin, 5 rue Masseran, 75007 Paris).

The aim of this seminar was to present existing financial databases and associated technologies, as well as to exchange with academics and practitioners in order to better meet researcher’s needs.

More than 70 researchers and practitioners attended and exchanged views during this seminar. The seminar was composed of 3 presentations on Corporate Finance data, 3 presentations on Market Finance data and a round table on researcher’s data needs:

  • ESG Signals: Integration of Financial and ESG Variables through Machine-learning (Antonio Celeste, Director Institutional Relations, Sustainalytics / Christophe Geissler, CEO, Advestis);
  • Corporate Governance Data, Directors’ Remuneration and General Assemblies (Loïc Dessaint, CEO, Proxinvest );
  • Empirical Research in China (Tracy Wu, Marketing Manager Asia, GTA)
  • CDS Data for Academic Research (Gavan Nolan, Director in Pricing Division and co-head of Fixed Income Research, Markit);
  • Investment Fund and Asset Management Data (Jérome Couteur, Product Manager, Broadridge / Pritpal Garcha, Product Consultant, Broadridge);
  • Processing of High Frequency Data from Bond Markets (Mary Pieterse-Bloem, Global Head of Fixed Income Strategy & Portfolio Management, ABN AMRO Private Banking International).

IODS was created by the OEE in partnership with INSEAD, Caisse des Dépôts, Viel Tradition and CNRS and provides more than 30 dtabases to 65 research centers in Europe.


Read the presentations

April 2017: IODS publishes a new patrimonial index

IODS has just released a new patrimonial index. This index measures the overall return on household financial savings in the 4th quarter of 2016.

Read the press release

March 31, 2017: Fondation BDF thesis prize

The Banque de France Foundation for Research in Monetary, Financial and Banking Economics will award a thesis prize in 2017.

Monetary financial or banking economics theses presented in France, between the 1st January 2016 and the 31st December 2016, may compete for this price. The jury in charge of evaluating the candidatures is composed of personalities appointed by the Fondation Banque de France and the Board of Directors of the AFSE (French Association of Economic Science).

The prize of €3,000, will be awarded at the 66th Annual Congress of the AFSE (Nice, 19-21 June 2017).

Applications must be sent to no later than the 31st March 2017.

March 15, 2017: State of play and prospects for shareholding  in France

On Wednesday 15 March, the OEE and ANSA organized a conference on the shareholding structure of French and European companies.

In Le Livre blanc on “Emergencies for Growth” published in the autumn 2016, ANSA presented several proposals for the development of shareholding that constitute an essential issue for the financing of the economy.

In order to deepen this work, Christian Schricke, general delegate of ANSA, spoke of the decline in individual shareholding in France and the measures advocated by ANSA to remedy this.

Jacques de Larosière, President of the OEE, recalled that the European households finance the economy more than their American counterparts. But savings is not directed to the equity of companies. Indeed, the confiscatory taxation of investment in equities illustrates the contradiction between the discourse and the reality of taxation. The French continue to save, but especially in banking products. The aim of the ECB's monetary policy was to increase household consumption and investment. Unlike the United States, however, the Central Bank's Quantitative Easing did not have the effect of directing savings to equities, largely because of taxation, and households did not benefit from  wealth effects that might have prompted them to consume more. Finally, it is mainly the governments’ deficit that have benefited from Quantitative Easing by financing themselves at low cost.

Xavier Delsol, associate lawyer at Delsol Avocats, and Virginie Seghers, president of PROPHIL, presented the first European study on shareholder foundations. While these are numerous and powerful, in several European countries (Germany, Denmark, Sweden,...), there are in France only four majority or reference shareholder foundations. The authors make several proposals for their development.

Didier Davydoff, Director of the OEE, presented the work of the Observatoire on ownership in Europe. He presented statistics on direct and indirect equity investment (via investment funds, life insurance and family holdings). He showed that the weight of non-financial enterprises in the shareholding of other companies has increased, as groups of companies of all sizes represent an increasing share of the French economy. He also presented new statistics on the geographical origin of foreign investors in European equities.

Read the presentations

March 2, 2017: Agora of management organized by the AFG and The Institut Louis Bachelier

André Masson, researcher at the Paris School of Economics, presented the results of his paper co-written with Luc Arrondel, "How to explain and remedy the permanent drop of stock ownership since 2008?".

According to the authors, the inexorable decline in individual shareholding in France since the 2008 financial crisis cannot be explained by supply and demand factors, but by far more complex mechanisms. To study these mechanisms, the authors used the different waves (2007-2009-2011-2014) of the PATER (Risk and Time Preference) survey. These surveys made it possible to measure, for a panel of savers, their preferences, particularly with regard to risk.

More information:

    1. Les épargnants français dans la « grande récession » : préférences, anticipations et choix de portefeuille. Report for the Institut CDC pour la recherche, February 2016 (French only)
    2. How to explain & remedy the continuous drop of French stock ownership since the 2008 crisis?, presentation for the conférence “The Future of Savings”, co-organised on the 4th of November 2016 by Axa and la Banque de France

March 2, 2017: What are the 2017 challenges for occupational pension schemes?

On Thursday 2 March, the OEE and Amundi organized at the Banque de France a conference on longevity risk.

Researchers at the universities of Tilburg (the Netherlands) and Paris-Dauphine (France) conducted a study for the OEE comparing longevity risk management solutions at retirement. The study compares the pooling of risk between members of a pension fund with an annuity contract provided by the market. The authors conclude that the mutualisation of the risk by a pension fund brings to the members of the latter a superior utility because the level of fees that insured are willing to pay is lower than the cost of capital committed to cover the risk of longevity.

After a presentation of the study by Marie Brière (Amundi, Paris Dauphine University and Université Libre de Bruxelles) and Ling-Ni Boon (Paris Dauphine University and Tilburg University), practical solutions for occupational retirement were presented by Philippe Serceau, Head of ESR Consulting, Project Management, Amundi International Development Support.

Read the presentations

February 7, 2017: Roundtable on fostering retail investment in capital markets

On 7 February 2017, Didier Davydoff, director of the OEE, was a participant of the roundtable organised by the European Commission in the context of the mid-term review of the Capital Market Union (CMU) action plan. The action plan aims at fostering retail investment in capital markets.

This roundtable brought together more than 45 representatives from retail investors, national and European supervisors, industry and other interested market players. It enabled the Commission to obtain targeted comments on specific issues in order to clarify its thinking on the review of the CMU action plan.

Have a look on the presentations and minutes of the round table

January 13, 2017: Jean Eyraud, President of Af2i, speaks in Banque et Stratégie magazine

An article by Jean Eyraud, President of Af2i, entitled "Retirement savings: a strategic axis for the French and the financial industry" was published in Banque et Stratégie No.354.

The author speaks in favor of the development of attractive three-stage savings plans: a stage for the first phase of accumulation, a second stage for long-term savings or retirement, a third stage for a possible annuity.

The article is one of the nine contributions of a dossier dealing with the theme "Asset Management, a strategic moment for the Place de Paris".

Read the article

January 10, 2017: Livre Blanc de l'épargne retraite by the AFG

In this Livre Blanc, the AFG proposes 3 key measures to strengthen retirement savings in France:


1. Create a new individual retirement product for the general public with a possible exit as a lump-sum;

2. Strengthen the development of occupational retirement savings, in particular PERCO;

3. Improve information for the French on their future retirement and how to supplement pay-as-you-go schemes.


Have a look on Le Livre Blanc

January 2017: The Caisse des Dépôts publishes Questions Retraite & Solidarité No. 17

The Caisse des Dépôts publishes a new issue of Questions Retraite & Solidarité devoted to the presentation of the special pension fund of state industrial establishments workers (FSPOEIE) and its specific demographic situation.

This special pension scheme was instituted by the law of 21 March 1928, in order to create a common framework for all state workers. Today, this scheme only affiliates very few new contributors and most of the members reached the retirement age. In 2015, the demographic ratio of the fund is 0.3 contributors for one retiree. With constant regulation and no new recruitments, the scheme would no longer have contributions in 2050.

Read Questions Retraite & Solidarité No.17 (French only)

January 2017: Overview of Savings in Europe No.33

The OEE published its new Overview of Savings in Europe, a document compiling the main indicators and latest trends in saving behavior.


Monetary policies reduce the return on financial savings of European households. Interest rates on bank savings and capital-guaranteed life insurance products in euros continued to decline in 2016. Equity markets, which have been declining for the last two years, recovered only in the last quarter of 2016. Madrid, Brussels and especially Milan, penalised by banking shares, ended the year 2016 down from the end of 2015.

Disposable income is up in all countries. The largest increases were registered in Germany and United Kingdom thanks to increases in wages and in Belgium thanks to reductions in income tax. In UK, rising revenues fuelled an increase in consumption following fears of the Brexit. Savings rate is declining in this country. In the Euro Zone, savings rates remain at high levels.

Financial investments remain abundant but are slightly down in Germany and France. In Spain and Italy, the increase in financial investments remains to be confirmed: the swelling of current accounts and investment funds may signal an increase in consumption or turn into sustainable savings.

Outstanding bank savings products are down. Constrained by the monetary policy of central banks, banks have lowered the remuneration of their products. With the return of inflation in UK and Germany at the end of the year, many products have negative remuneration in real terms.

In Italy, mistrust of banks is adding to this European trend. The withdrawal from deposits, bonds and banknotes is accelerating in favour of investment funds and life insurance.

Guaranteed life insurance contracts still retain their advantage, but their profitability declines gradually. There are no significant transfers to unit-linked contracts. More generally, savers have not sought to improve their financial performance by investing directly or indirectly in equities.

Overall, unconventional monetary policy measures have not (yet) had the expected effects on saving behaviour.

On the other hand, the fall in interest rates on housing loans made it possible to offset the rise in house prices, particularly in Germany and Belgium. In Italy and France, households benefited from both a moderate rise in house prices and a lower cost of credit. Only British households were penalised by rates remaining at relatively high levels and the high cost of property. In all the countries, consumer credit rose again in 2016.

Have a look on this Overview of Savings

January 2017: Director’s greetings

The OEE team wishes you all the best for 2017.

With you, we will continue to explore the saving environment, savers' behaviors, products and services they need.

In 2017, the OEE will receive the final version of several research projects it has funded, on important themes:

- The report on the longevity risk mutualisation in pension schemes (Universities of Tilburg and Dauphine, Amundi);

- MiFID questionnaires and investment advisory practices (University of Strasbourg);

- A report on changes in the distribution channels of savings and loan products (Goethe University, Frankfurt).

Each of these works will be the subject to a seminar or a conference, where the results will be further explored and discussed with the professionals of savings.

Other conferences presenting the work of the OEE are scheduled for the coming weeks, in particular:

- A conference on shareownership, in partnership with ANSA, a new associate member of the OEE;

- A conference on financial guidance, after the approval of our report on this subject to the European Commission.

On the 14th of November 2016, Jacques de Larosière, President of the OEE and Didier Davydoff, Director, met Olivier Guersant, Director-General of DG FISMA (European Commission) and his staff. The OEE wishes to be a partner of the Commission for its studies in the economics of financial regulation and it has been agreed our work programs will be coordinated with them.

Finally, you will continue to receive a quarterly Overview of European Savings.

I sincerely thank the members of the OEE for their active contribution to the life of an organization now widely recognized and valued. We will continue our work with an intact enthusiasm, reinforced by your interest, your support and your friendship marks.

Didier Davydoff

Director of the OEE