Borrowers: Borrowers start to play a strategic game
French treasurers have a reputation for being more adventurous in derivatives than their counterparts elsewhere in Europe. If that was so in the early 1990s it is less so today. The corporate derivatives scandals of 1994 and 1995 also had their impact in France. There is much more scrutiny and board-level control. But French treasurers believe their chief financial officers are more financially literate than elsewhere in Europe.
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