In the main Eurozone economies, the consequences of the increases in base interest rates since mid-2022 are now being felt in corporate loans. These increases have led to a tightening of bank lending conditions for non-financial enterprises and a fall in demand for loans, especially investment loans. French banks seem to be feeling this decline less keenly than their European counterparts: in France, the drop in demand for investment loans is considered to be less pronounced and survey data suggest there could be a slight rebound in Q3 2023, although with demand still in decline. Bank loans for corporate investment remain buoyant, but they are slowing compared to the end of 2022 (►Banque de France, 2023). The perception that the tightening of credit conditions is delayed in French banks could be because the characteristics of the credit market are different from other Eurozone countries: in particular, the proportion of fixed-rate and long-term loans in the liabilities of non-financial enterprises appears to be higher in France (►Gueuder M., Ray S., 2022). However, corporate investment slowed in France in Q3 2023, which could suggest tightening credit conditions...