FinObservatory

Crisis atlas / FRA

France

54 distinct crisis events in 19 episodes, 1802–2021, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

34
Banking crises
19
Currency crises
1
Sovereign debt crises
54
Crisis events
1802–2021
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2021
    Bankingesrb1 source
  2. 2020
    Bankingesrb1 source
  3. 2014
    Bankingrr1 source
  4. 2013
    Bankingrr1 source
  5. 2012
    Bankingrr1 source
  6. 2011
    Bankingrr1 source
  7. 2010
    Bankingrr1 source
  8. 2009
    Bankingesrb, laeven_valencia, rr3 sources
  9. 2008
    Bankingesrb, gmd, jst, laeven_valencia, rr5 sources
  10. 2005
    Currencyrr1 source
  11. 1995
    Bankingesrb, rr2 sources
  12. 1994
    Bankingesrb, rr2 sources
  13. 1993
    Bankingesrb1 source
  14. 1992
    Bankingesrb1 source
  15. 1991
    Bankingesrb1 source
  16. 1976
    Currencyrr1 source
  17. 1960
    Currencyrr1 source
  18. 1957
    Currencygmd, rr2 sources
  19. 1948
    Currencyrr1 source
  20. 1946
    Currencygmd, rr2 sources
  21. 1942
    Currencygmd, rr2 sources
  22. 1939
    Currencyrr1 source
  23. 1938
    Currencyrr1 source
  24. 1937
    Currencyrr1 source
    Bankinggmd1 source
  25. 1936
    Currencygmd, rr2 sources
  26. 1932
    Bankingrr1 source
  27. 1931
    Bankingrr1 source
  28. 1930
    Bankinggmd, jst, rr3 sources
  29. 1925
    Currencygmd, rr2 sources
  30. 1923
    Currencyrr1 source
  31. 1922
    Currencyrr1 source
  32. 1920
    Currencyrr1 source
  33. 1919
    Currencygmd, rr2 sources
  34. 1914
    Bankinggmd1 source
  35. 1907
    Bankingrr1 source
  36. 1889
    Bankinggmd, jst, rr3 sources
  37. 1882
    Bankinggmd, jst, rr3 sources
  38. 1881
    Bankingrr1 source
  39. 1871
    Bankinggmd1 source
  40. 1868
    Bankingrr1 source
  41. 1867
    Bankinggmd, rr2 sources
  42. 1848
    Bankinggmd, rr2 sources
  43. 1839
    Bankingrr1 source
  44. 1838
    Bankinggmd, rr2 sources
  45. 1828
    Bankingrr1 source
  46. 1827
    Bankinggmd, rr2 sources
  47. 1816
    Currencyrr1 source
  48. 1814
    Currencyrr1 source
  49. 1813
    Currencygmd, rr2 sources
  50. 1812
    Sovereign debtgmd, rr2 sources
  51. 1806
    Bankingrr1 source
  52. 1805
    Bankingrr1 source
  53. 1802
    Bankinggmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1802–1806

Banking
Inflation (% y/y)
-20-10010180018021811
Policy rate (%)
0246180018021811
Govt debt (% of GDP)
No data for this window

1812–1816

Sovereign debtCurrency
Inflation (% y/y)
-2002040180718121821
Policy rate (%)
0246180718121821
Govt debt (% of GDP)
No data for this window

1827–1828

Banking
Inflation (% y/y)
-10010182218271833
Policy rate (%)
024182218271833
Govt debt (% of GDP)
No data for this window

1838–1839

Banking
Inflation (% y/y)
-10010183318381844
Policy rate (%)
024183318381844
Govt debt (% of GDP)
No data for this window

1848

Banking
Inflation (% y/y)
-50510184318481853
Policy rate (%)
0246184318481853
Govt debt (% of GDP)
No data for this window

1867–1871

Banking
Inflation (% y/y)
-2.502.55186218671876
Policy rate (%)
02.557.5186218671876
Govt debt (% of GDP)
No data for this window

1881–1882

Banking
Inflation (% y/y)
-10-50510187618811887
Policy rate (%)
0246187618811887
Govt debt (% of GDP)
050100150187618811887

1889

Banking
Inflation (% y/y)
-10-50510188418891894
Policy rate (%)
024188418891894
Govt debt (% of GDP)
050100150188418891894

1907

Banking
Inflation (% y/y)
-1001020190219071912
Policy rate (%)
024190219071912
Govt debt (% of GDP)
050100190219071912

1914

Banking
Inflation (% y/y)
0102030190919141919
Policy rate (%)
0246190919141919
Govt debt (% of GDP)
0255075190919141919

1919–1925

Currency
Inflation (% y/y)
-2002040191419191930
Policy rate (%)
02.557.5191419191930
Govt debt (% of GDP)
0100200300191419191930

1930–1932

Banking
Inflation (% y/y)
-2002040192519301937
Policy rate (%)
02.557.5192519301937
Govt debt (% of GDP)
0100200192519301937

1936–1942

CurrencyBanking
Inflation (% y/y)
-250255075193119361947
Policy rate (%)
024193119361947
Govt debt (% of GDP)
0100200193119361947

1946–1948

Currency
Inflation (% y/y)
-250255075194119461953
Policy rate (%)
024194119461953
Govt debt (% of GDP)
0255075194119461953

1957–1960

Currency
Inflation (% y/y)
-1001020195219571965
Policy rate (%)
0246195219571965
Govt debt (% of GDP)
02040195219571965

1976

Currency
Inflation (% y/y)
051015197119761981
Policy rate (%)
051015197119761981
Govt debt (% of GDP)
0102030197119761981

1991–1995

Banking
Inflation (% y/y)
024198619912000
Policy rate (%)
0510198619912000
Govt debt (% of GDP)
0255075198619912000

2005–2014

CurrencyBankingFiscal cost 1.3% of GDP, output loss 23.3% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
024200020052019
Policy rate (%)
-2024200020052019
Govt debt (% of GDP)
050100200020052019

2020–2021

Banking
Inflation (% y/y)
0246201520202025
Policy rate (%)
-2024201520202025
Govt debt (% of GDP)
050100150201520202025

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology