IREF - Institute for Research in Economic and Fiscal issues
Fiscal competition and economic freedom
A company is mismanaged when some indicators are in the red such as factory costs higher than those of its competitors; highly unprofitable activities; general and administrative costs much higher than those of its competitors; too many employees in too many locations; outstanding wages and incredible social benefits; various waste; assets sold at low prices and no return on investment; lack of reaction to badly needed reforms.
If the Banque de France’s 2012 financial statements are compared to those of the Bundesbank (German Central Bank), it can be argued that the Banque de France is very poorly managed.
Here are the stunning conclusions of our latest study called: “Banque de France vs Bundesbank”
> Banknotes manufacturing costs: 34% higher than its competitors
> Staff costs of the Banque de France: twofold the Bundesbank’s (which has 4000 more employees!)
> Wages at the Banque de France: 24% higher than at the Bundesbank
> Pension costs: 300 million euros more for the Banque de France
To know more, read the study (in French): Banque de France: A Mismanaged Company