NATIXIS - Document d'enregistrement universel et rapport financier annuel 2020

4 COMMENTAIRES SUR L’EXERCICE Faits majeurs de l’année 2020

Faits majeurs de l’année 2020 4.1

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Contexte 4.1.1

macroéconomique Croissance et politiques

4.1.1.1

monétaires )f;HHw? ;OL; wNw OH? ;HHw? M;HM JLw=w>?HN >;HM FfBCMNICL? GI>?LH? F; J;H>wGC? >? ,3&! JLIPIKO;HN F; JFOM AL;P? Lw=?MMCIH GIH>C;F? >? Ff;JLvM AO?LL? ?N @L;JJ;HN MCGOFN;HwG?HN F? JFOM AL;H> HIG? J;SM >?JOCM F?M ;HHw?M M?FIH F; ;HKO? GIH>C;F? ); =LICMM;H=? GIH>C;F? NION =IGG? F?M JIFCNCKO?M GIHwN;CL?M IHN wNw JLI@IH>wG?HN ;@@?=Nw?M ?Hn J;L F; =LCM? M;HCN;CL? !;HM F; ?A4<8[A4 <>8C8\ 34 ;Q0==\4 F; =LCM? >? F; ,3&! ; JFIHAw Ffw=IHIGC? GIH>C;F? >;HM OH? Lw=?MMCIH >fOH? ;GJF?OL CHw>CN? ?N >;HM OH? JLI@IH>? CH=?LNCNO>? o J;LNCL >O GICM >? G;LM F; JFOJ;LN >?M J;SM IHN CGJIMw >?M G?MOL?M >? =IH@CH?G?HN JFOM IO GICHM MNLC=N?M =? KOC Mf?MN NL;>OCN J;L OH? =BON? ? Ff;=NCPCNw ?N OH ?@@IH>L?G?HN >O =IGG?L=? GIH>C;F )?M =BC@@L?M >O JL?GC?L NLCG?MNL? IHN >IHHw OH JL?GC?L ;J?LuO >O =BI= "H BCH? ILCACH? >? FfwJC>wGC? F? -& ; J?L>O n ;O JL?GC?L NLCG?MNL? N;H>CM KO? F; <;CMM? ;NN?CHN n ?H TIH? ?OLI n ;O /IS;OG? 2HC ?N n ;OR pN;NM 2HCM n ?H LSNBG? ;HHO;FCMw )? >?ORCvG? NLCG?MNL? Mf?MN NL;>OCN J;L >?M =BON?M H?NN?G?HN JFOM G;LKOw?M >? FfIL>L? >? n ?H TIH? "OLI >;HM OH =IHN?RN? >? =IH@CH?G?HN AwHwL;FCMw !;HM =? =IHN?RN? F?M <;HKO?M =?HNL;F?M IHN ;AC L;JC>?G?HN ?N PCAIOL?OM?G?HN ?H >wJFIS;HN OH ;LM?H;F >? G?MOL?M =IHP?HNCIHH?FF?M ?N HIH =IHP?HNCIHH?FF?M ;@CH >? FCGCN?L F? LCMKO? >? FCKOC>CNw ?N >fwPCN?L OH ?@@IH>L?G?HN >?M JLCR >? =?LN;CHM ;=NC@M ?N HIN;GG?HN >? F; >?NN? =ILJIL;N? CHMC >? HIGCL?=N?OLM Lw;=NCPw IO ;OAG?HNw F?M JLIAL;GG?M >f;=B;N >f;=NC@M ;@CH >? G;CHN?HCL F?M N;OR FIHAM r OH HCP?;O <;M ?N L?H@IL=?L F?M ;==IL>M >fw=B;HA? >? >?PCM?M ;@CH >? L?Ft=B?L F?M N?HMCIHM MOL F?M @CH;H=?G?HNM ?H >IFF;L CHMC ;O =IOLM >O JL?GC?L M?G?MNL? F; #?> ; wF;LAC FfwP?HN;CF >?M NCNL?M wFCACf;=B;N ;OR >?NN?M >f?HNL?JLCM?M PCM;HN r MION?HCL F?M J?NCN?M ?N GIS?HH?M ?HNL?JLCM?M HIN;GG?HN ?H ;=B?N;HN DOMKOfr n >?M JLxNM wFCACCHA -LIAL;G !? MIH =~Nw F; " ; wA;F?G?HN L?H@IL=w F? JLIAL;GG? MJw=C;F >f;=B;N -"-- -;H>?GC= "G?LA?H=S -OL=B;M? -LIAL;GG? CHCNC;F?G?HN >INw >? nGCFFC;L>M >f?OLIM ;ORKO?FM MIHN P?HOM Mf;DION?L nGCFFC;L>M >f?OLIM MOJJFwG?HN;CL?M o Ff;MMIOJFCMM?G?HN >wDr >w=C>w >?M IJwL;NCIHM >? L?@CH;H=?G?HN =C?M <;HKO?M 1)1/,n&&& F; " ; wA;F?G?HN ;DIONw OH HIOP?F CHMNLOG?HN F?M -;H>?GC= "G?LA?H=S )IHA 1?LG /?@CH;H=CHA ,J?L;NCIHM -")1/, JIOL wPCN?L NION JLI? FCKOC>CNw ;O MSMNvG? @CH;H=C?L "H@CH F?M LvAF?M >fwFCAC?M ;=NC@M >? G;L=Bw ;OR JLIAL;GG?M >f;=B;NM IHN wNw ;MMIOJFC?M JLvM F; =BON? L?=IL> >? Ff;=NCPCNw ;O JL?GC?L M?G?MNL? Ff;=NCPCNw ; JLCM ;O B42>=3 B4<4BCA4 Ff;FFOL? >? GIHN;AH?M LOMM?M ); F?Pw? JLIAL?MMCP? >?M =IH@CH?G?HNM ?N >?M L?MNLC=NCIHM >? GIO JLCHN?GJM Mf?MN NL;>OCN? Gw=;HCKO?G?HN ;O NLICMCvG? NLCG?MNL? J;L OH L? PC@ >? Ff;=NCPCNw GIH>C;F? ?N >fOH? ;GJF?OL ?R=?JNCIHH?FF? "H BCH? F? -& ; A;AHw n ;O NLICMCvG? NLCG?MNL? N;H>CM KO? F; B;OMM? ; ;NN?CHN n ;O ';JIH n ;OR pN;NM 2HCM n ?H TIH? ?OLI ?N n ;O /IS;OG? 2HC ); #L;H=? ; ;CHMC ?HL?ACMNLw F? JFOM @ILN L? ;@@C=B;HN OH? =LICMM;H=? NLCG?MNLC?FF? >? n

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NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020

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