As the world watches to see if Emmanuel Macron succeeds in shaking France out of its statist torpor, it should bear in mind that he would first need to somehow bypass the country’s entrenched mandarins, the elite-educated cadre that run France’s most important bureaucracies and whose cohorts tend to have leadership roles throughout French industry; they often have the biggest ...

Bloomberg The design for a new class of safe financial assets intended to strengthen the euro area will be published imminently after almost a year of delay, according to officials familiar with the matter. The report, commissioned by European Central Bank President Mario Draghi, will offer a plan for bundling government debt from the bloc’s 19 nations into a security ...

Bloomberg Federal Reserve Vice Chairman Randal Quarles, the central bank’s supervision chief, shared a laundry list of ways to make regulation less burdensome for Wall Street — including streamlining capital rules, overhauling post-crisis trading limits and making major changes to how the agency conducts stress tests. “Confusion that results from overly complex regulation does not advance the goal of a ...