Publication of the REF 134 - Next " Mutual finance "

Firms in the cooperative financial sector were created during the second half of the 19th century to provide their members with access to banking and insurance financial services. The philosophy behind their creation was to have servicing their members take precedence over financial profitability. In this beginning of the 21st century, the cooperative financial sector includes many major players of the financial system. This issue of the REF presents an overview of cooperative finance, takes up the major challenges it faces and questions its faithfulness to the values proclaimed. To do so, it has been divided into four parts. The first explains how this sector came into being and the values it embodies. A second part is devoted to the different players in banking and insurance and their roles. The third part analyses the governance of these players and the possible conflicts between necessary efficiency and respecting values. Finally, a last section outlines the stakes of the future facing cooperative finance, the race to expand, the regulatory difficulties, and digitalization.

The column on financial history treats the relationship between currency and protectionism in the United States after the Civil War and a "miscellaneous" article analyzes the role of eurodollars and shadow banking within the context of the international status of the dollar and the changes in the financial system.