{"id":68,"date":"2016-12-12T08:51:05","date_gmt":"2016-12-12T07:51:05","guid":{"rendered":"http:\/\/www.yves-salmon.org\/?p=68"},"modified":"2017-04-25T08:55:43","modified_gmt":"2017-04-25T06:55:43","slug":"les-echos-interviewfrancois-villeroydegalhau","status":"publish","type":"post","link":"https:\/\/www.yves-salmon.org\/?p=68","title":{"rendered":"Les Echos : INTERVIEW &#8211; FRAN\u00c7OIS VILLEROY DE GALHAU &#8211; Gouverneur BDF"},"content":{"rendered":"<p><a href=\"http:\/\/www.yves-salmon.org\/wp-content\/uploads\/2016\/12\/20161212_Echos.pdf\">20161212_Echos<\/a><\/p>\n<p>&#8220;Les taux bas ont-ils incit\u00e9 les m\u00e9nages \u00e0 investir et prendre plus de risques ?<br \/>\nPas encore. La question est pourtant essentielle pour l\u2019Europe, car pour avoir une \u00e9conomie d\u2019innovation, les entreprises doivent se<br \/>\nfinancer davantage par fonds propres.<br \/>\nNotre retard sur les Etats-Unis est presque du simple au double. Il faut donc mieux orienter les exc\u00e9dents d\u2019\u00e9pargne europ\u00e9ens vers les entreprises. Les professionnels \u2013 assureurs, g\u00e9rants d\u2019actifs\u2026\u2013doivent imaginer des nouveaux produits qui, au prix d\u2019une moindre liquidit\u00e9, concilient protection du capital et rendement plus \u00e9lev\u00e9 des actions. Leur succ\u00e8s suppose aussi une forme de neutralit\u00e9 fiscale.<br \/>\nNous avons parall\u00e8lement r\u00e9form\u00e9 depuis un an l\u2019\u00e9pargne r\u00e9glement\u00e9e pour \u00e9viter des avantages excessifs et l\u2019adapter aux taux bas : baisse du taux du PEL, fin de la sur indexation du Livret A, incitation \u00e0 mod\u00e9rer les rendements de l\u2019assurance-vie.&#8221;<\/p>\n<p>YS : Favoriser l&#8217;investissement en capital dans les entreprises non cot\u00e9e. Ils envisage un passage par les institutionnels &#8220;\u2013 assureurs, g\u00e9rants d\u2019actifs\u2026\u2013&#8221;.<br \/>\nPourquoi pas par l&#8217;Actionnariat salari\u00e9 ?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>20161212_Echos &#8220;Les taux bas ont-ils incit\u00e9 les m\u00e9nages \u00e0 investir et prendre plus de risques ? Pas encore. La question est pourtant essentielle pour l\u2019Europe,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,4],"tags":[],"class_list":["post-68","post","type-post","status-publish","format-standard","hentry","category-actionnariat-salarie","category-financement-rd"],"_links":{"self":[{"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/posts\/68","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68"}],"version-history":[{"count":4,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/posts\/68\/revisions"}],"predecessor-version":[{"id":73,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=\/wp\/v2\/posts\/68\/revisions\/73"}],"wp:attachment":[{"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yves-salmon.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}