法國銀行在2024年虧損177億歐元

這種損失遠非軼事，突出了歐洲金融體系內的深漏，因通貨膨脹，利率上升和公共債務管理而加劇。

The Bank of France found itself in 2024 facing an unprecedented financial situation with an operating loss of 17.7 billion euros. This loss, far from being anecdotal, is a symptom of deeper vulnerabilities within the European financial system, exacerbated by inflation, rising interest rates, and the management of public debts.

法國銀行在2024年面臨著空前的財務狀況，營業損失為177億歐元。這種損失遠非軼事，是歐洲金融體系內更深脆弱性的症狀，這會因通貨膨脹，利率上升和公共債務管理而加劇。

The stellar performance of the Paris Stock Exchange in recent years, embodied by the rise of the CAC 40 to record highs, contrasts sharply with the operating loss of 17.7 billion euros declared by the Bank of France for 2024. This divergence highlights the complex financial realities faced by France at the start of 2025.

近年來，巴黎證券交易所的出色表現，由CAC 40的崛起體現，以創紀錄高點，與法國銀行在2024年宣布的177億歐元的營業損失形成鮮明對比。這種差異突出了法國在2025年初面臨的複雜財務現實。

While the State will be able to count on the net income of the central bank to reduce its own deficit, the operating loss of 17.7 billion euros reported by the Bank of France is a record figure that is sure to spark reactions. This loss is explained by several factors.

儘管該州將能夠依靠中央銀行的淨收入來減少自身的赤字，但法國銀行報告的177億歐元的營業損失肯定會引發反應。這種損失由幾個因素解釋。

First, the bank’s role in managing government bonds led to significant losses due to the rise in interest rates. These losses are a direct consequence of the European Central Bank's (ECB) actions to combat inflation.

首先，該銀行在管理政府債券方面的作用導致了由於利率上升而造成的巨大損失。這些損失是歐洲中央銀行（ECB）對抗通貨膨脹的直接結果。

Second, the bank's net income was also impacted by the decrease in interest paid by the State on advances used to finance the public deficit. This decrease is linked to the reduction in the public deficit observed since 2023.

其次，該銀行的淨收入也受到國家支付的利息下降的影響。這種減少與自2023年以來觀察到的公共赤字減少有關。

Finally, the stellar performance of the Paris Stock Exchange, which saw the CAC 40 reach record highs in recent years, did not generate significant capital gains for the central bank, despite holding a diversified portfolio of shares. This lack of capital gains is explained by the fact that the bank's stock portfolio is not actively traded and is managed for the long term.

最終，儘管持有多元化的股票組合，但巴黎證券交易所的出色表現近年來達到了CAC 40的創紀錄最高點，但並未為中央銀行帶來巨大的資本收益。缺乏資本收益的原因是，該銀行的股票投資組合沒有積極交易，並且長期管理。

These elements explain the nature and extent of the loss suffered by the Bank of France. Moreover, they shed further light on the vulnerabilities of the European monetary system in the face of a changing economic context.

這些要素解釋了法國銀行遭受的損失的性質和程度。此外，他們進一步闡明了面對經濟不斷變化的歐洲貨幣體系的脆弱性。

In addition to these direct losses, the situation raises major concerns regarding French public finances.

除了這些直接損失外，情況還引起了法國公共財政的主要關注點。

The net loss of €7.7 billion in 2024 prevents the Banque de France from paying dividends to the State, thereby reducing the resources the State has available for its expenses.

2024年的淨虧損為77億歐元，阻止了法國巴克·德·德（Banque de France）向州支付股息，從而減少了該州可用於支出的資源。

This loss, although mitigated by accumulated reserves, shows a critical trend that began in 2023 with a deficit of €12.4 billion.

儘管累積的儲量減輕了這種損失，但顯示出一種關鍵趨勢，該趨勢始於2023年，赤字為124億歐元。

The fact that these losses are worsening year on year prompts reflection on the sustainability of this model as well as on the capacity of the Banque de France to maintain such management in such a volatile economic context.

這些損失逐年惡化的事實促使人們對該模型的可持續性以及法國巴克·德·法蘭西（Banque de France）在這種動蕩的經濟環境中維持此類管理的能力這一事實。

However, financial authorities expect a reduction in losses in 2025, suggesting that the situation could stabilize if economic conditions improve. But this will largely depend on the evolution of interest rates and inflation, as well as the response of the ECB to prevent a collapse of national central banks.

但是，金融當局預計2025年的損失會減少，這表明如果經濟狀況改善，情況可能會穩定。但這在很大程度上取決於利率和通貨膨脹的發展，以及歐洲央行對防止國家央行崩潰的反應。

In the long term, such a recurring loss could force the State to reassess its economic priorities, or even lead to adjustments in its budgetary policy.

從長遠來看，這種反復出現的損失可能會迫使國家重新評估其經濟優先事項，甚至導致其預算政策的調整。

This loss reveals the fragilities of the European economic system and raises questions about the sustainability of current monetary policy. The uncertainty that persists regarding the evolution of interest rates and the impact of these choices on public finances necessitates serious reflection on the future of the welfare state and the management of public finances in France.

這種損失揭示了歐洲經濟體系的脆弱性，並提出了有關當前貨幣政策可持續性的問題。關於利率的發展以及這些選擇對公共財政的影響的不確定性，需要對福利國家的未來以及法國公共財政管理的未來進行認真的反思。