The Bank of France's Prudential Supervision and Resolution Authority (ACPR) has published its 2025 annual report, summarising the activities it carried out in a year shaped by a changed geopolitical environment and continued economic uncertainty. It also sets out that the ACPR's 2026 work programme will focus on stronger vigilance across the risks facing the financial system in order to preserve its soundness. The report describes the 2025 backdrop as including the impact of the US administration on global trade, alongside domestic political and budgetary uncertainty. It will be supplemented in the third quarter of 2026 by a separate report on banking and insurance market figures.