Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.

Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.

Cette thèse est composée de trois articles d’économie bancaire empirique. Le premier article traite de l’impact des conditions d’octroi de crédit sur l’accession à la propriété et les prix immobilier. Il propose une stratégie d’identification d’effets de causalité utilisant la politique du Prêt à Taux Zéro. Il conclut qu’un relâchement des conditions d’octroi de crédit permet à des ménages au revenu relativement plus faible de devenir propriétaire mais augmente significativement les prix immobilier. Le second article traite de l’effet des exigences en capital sur l’octroi de crédit des banques aux sociétés non financières. Il isole la composante des exigences en capital exogène aux conditions macroéconomiques grâce au système de notation du superviseur bancaire français. Il montre que les mesures de la qualité de la gouvernance et de la stratégie des établissements sont des contributeurs importants aux exigences en capital. En traçant l’effet de celles-ci sur les ratios de capital des établissements puis sur l’octroi de crédit, il montre qu’augmenter les exigences en capital réduit l’offre de crédit. Le troisième article analyse la prise en compte du risque de crédit sur le marché interbancaire européen entre 2011 et 2015 et comment celle-ci est modifiée par les ajustements de la politique monétaire sur la période. Il se concentre sur le risque inhérent à la détention d’actifs situés dans les pays périphériques de la zone euro. Il montre que l’accès au marché et les taux d’intérêt payés par les emprunteurs réagissent à cette détention. La nature et l’importance de cette réaction dépendent des interventions de politique monétaire. / This thesis is made up of three empirical essays in banking economics. The first paper analyses how credit supply conditions impact access to homeownership and real estate prices.We propose an identification strategy of causal effects based on the French Interest-Free Loan policy. We find loosenning credit conditions allows households with a relatively lower income to access homeownership but significantly increases real estate prices. The second paper looks for the effect of capital requirements on credit supply to non-financial companies.We identify movements in capital requirements exogenous to the macroeconomic environment thanks to the French banking supervisor rating system. We show governance and strategy quality measures significantly contribute to capital requirements setting. Followingtheir effects onto banks capital ratios and credit supply, we show raising capital requirementsreduces credit. The third article analyses credit risk management on the European interbankmarket between 2011 and 2015 and how it is modified by monetary policy adjustments overthe period. We focus on credit risk associated with holdings of assets located in peripheral Europe countries. We show market access and interest rates served to borrowers react to their holdings of such assets. The direction and size of this reaction depends on monetary policy interventions.

L’objectif de cette thèse est de mieux appréhender les déterminants du risque souverain et de la soutenabilité budgétaire des pays émergents, afin d’identifier les éléments qui permettraient à ces pays de se protéger d’un tel risque. Nous mettons en place des outils économétriques et théoriques adaptés aux particularités de ces pays. Ces derniers sont ensuite déclinés pour tenter d’anticiper les épisodes de défaut souverain sévère via un modèle à changement de régime de type "early warning", pour effectuer des simulations stochastiques de ratio de dette souveraine à moyen-terme et évaluer les effets de politiques budgétaires définies à cet horizon et enfin, pour caractériser la distribution du ratio de dette externe de ces pays. Cette thèse entend ainsi identifier les pays qui semblent les plus exposés au risque souverain et définir des recommandations de politique économique qui prennent en compte l’hétérogénéité au sein du «bloc» des pays émergents et au cours du temps. / The objective of this thesis is to obtain a better understanding of the determinants of sovereign default and medium-term sustainability inemerging market countries, so as to define ways through which they may protect themselves from these sovereign risks. We provide econometric tools and a theoretical model that are adapted to these countries’ specific features. This aims to anticipate severe sovereign default episodes through a regime switching early-warning type model, to assess medium-term public debt prospects and the impact of defined fiscal policies through stochastic debt simulations and to characterize the distribution of the external debt ratio of emerging market countries. It eventually enables to identify the countries that are the most exposed to sovereign risk and to draw up a set of policy recommendations, allowing for a differentiation within this heterogeneous block of countries and through time.

Malgré l’enclavement du Tchad, le besoin de développement économique et social a conduit l’Etat à mettre en exploitation les gisements pétrolifères. Ces gisements étant ni « délocalisables », ni « déterritorilisables », leur exploitation dans un contexte on-shore, dans des milieux naturels et à vocation agropastorale pose des problèmes spécifiques que jusque-là le droit international et la plupart des systèmes juridiques des pays en développement peinent à saisir. Il s’agit notamment des problèmes liés à l’empreinte écologique et sociale des industries pétrolières on-shore. La prise en compte des préoccupations environnementales par le droit tchadien du pétrole est très embryonnaire et infime. Le droit tchadien de l’environnement et le droit foncier n’ont pas, non plus, pris en compte les risques liés à la recherche, l’exploitation et le transport par canalisation des hydrocarbures dans leurs dispositifs. Ils n’abordent pas aussi les problématiques relatives à la remise en l’état des sites pétroliers abandonnés ou en fin de vie. Dans un tel contexte, si le législateur ne procède pas à des reformes afin de prendre concomitamment en compte les opérations pétrolières et les préoccupations environnementales dans un dispositif juridique intégré, on risque d’assister à « un second Delta du Niger dans le bassin pétrolier de Doba ». / Despite the isolation of Chad, the need for economic and social development led the government of Chad to explore and produce oil reserves. As these deposits are neither "delocalizable or movable" nor "deteriorisable or destructible", their exploitation in onshore context and natural environments with breeding vocation raises specific problems that international law and most legal systems in developing countries have difficulties to overcome until now. These include issues related to the ecological and social’s footprint of onshore oil industries. The Chadian’s law related to oil is still tiny and is at its embryonic level therefore it doesn’t take into consideration detailed environmental concerns. Chad's environmental law and land’s law didn’t also take into account risks associated with the exploration, exploitation and transport by pipeline of hydrocarbons in their plans. They also didn’t address issues related to the restoration of abandoned or end-of-life’s oilfields. In this context, if the legislator does not carry out reforms in order to simultaneously take into account petroleum operations and environmental concerns in an integrated legal system, there is a risk of "a second Niger Delta in Doba’s oilfield".

This thesis deals with globalisation of markets. It focuses on examining the economic crisis of 2008 and 2010 and on how individual countries can cope with deteriorating of macroeconomic values, especially with financial implications of this situation. The thesis also examines credit rating agencies as indicators of financial soundness of investment instruments, to which is often reffered as to culprits of the crisis for their reaction to the development of the mortgage market. The thesis defines the rating in the concept of sovereign states and describes the market of credit rating agencies. It further evaluates individual rating agencies and practices in the context of the crisis, bringing a comprehensive picture of the role they played at the beginning of the crisis. It also attempts to outline more points of view on the previously unilaterally and predominantly negatively perceived issue of reputation of credit rating agencies.

En matière d’aide au développement le droit est aussi inventif que fertile : droits économiques et sociaux, droits de l’homme, développement humain durable, etc. ; autant de matières mises en balance avec le droit du marché, de la concurrence sous couvert d’un intérêt économique général. La première option de cette étude est d’envisager les mécanismes juridiques propres à l’aide au développement à travers ces deux finalités à première vue antinomiques : l’efficience économique et le développement humain. La seconde est de délimiter le champ de recherche à la matière conventionnelle afin d’apprécier le seul processus partenarial qui, du point de vue de la coopération internationale, n’a pas livré tout son potentiel. L’intérêt de ce modèle de coopération internationale fondé sur le « Partenariat » n’est encore que secondaire comparé à la nature des parties (publique et privée) qui s’obligent, la nature des droits (politiques, économiques et sociaux) qu’il se propose de concilier, et enfin, les obligations à la fois de rentabilité et d’humanisme (le marché du développement humain) qu’il impose aux partenaires. Ainsi, la finalité de cette recherche est, certes, d’interroger les effets juridiques de tels partenariats, mais également de considérer le contrat de marchés publics d’aide au développement comme, potentiellement, porteur d’une nouvelle formule de coopération visant à résorber les inégalités de développement entre États. / As regards development aid the law is as creative as fertile : economic and social rights, human rights, sustainable development, etc. ; so many matters put in balance with the market law, the competition on behalf of a general economic interest. The first option of this study is to consider the legal mechanisms peculiar to the development aid through these two ends, at first sight paradoxical/antinomical : the economic efficiency and the human development. The second is to bound the field of research to the conventional material in order to appreciate the only process partnership which, from the international cooperation point of view, has not delivered yet all his potential. The interest of this international cooperation pattern based on the ”Partnership” remains still secondary, compared with the nature of the parties (public and private) which bind themselves, the nature of the rights (political, economical and social) that it sets out to conciliate, and finally, the bonds of profitability as well as humanism (the market of human development) it imposes upon its partners. Thus, the purpose of this research is indeed, to question the legal effects of such partnerships, but also, to regard the contract of public procurements of Development Aid, as potentially a growth market of an new model cooperation to be used for resorb inequalities of development between states.

La question de la mesure du pouvoir du juge s’impose lorsqu’on souhaite comparer l’étendue des pouvoirs du juge dans différents ordres juridiques donnés. Or force est de constater que les pouvoirs du juge sont appréhendés sous diverses notions dans les systèmes juridiques nationaux : il est fait tour à tour référence au pouvoir souverain d’appréciation du juge du fond, au pouvoir facultatif du juge, à son pouvoir modérateur, discrétionnaire, arbitraire. Toute la difficulté de la comparaison réside dans l’absence d’un instrument de mesure uniforme. A l’échelle supranationale, le terme anglais « Judicial discretion » constitue souvent le point de départ de discussions et d’analyses comparatives sur les pouvoirs du juge. Cette notion à forte coloration doctrinale sert de critère de mesure de l’ampleur des pouvoirs du juge dans les systèmes juridiques respectifs. On entend par pouvoir discrétionnaire le pouvoir donné au juge de choisir entre deux ou plusieurs décisions également conformes à la légalité. Le critère du libre choix est au cœur de la notion du pouvoir discrétionnaire du juge. Le pouvoir discrétionnaire constitue ainsi la forme la plus libre du pouvoir exercé par le juge. Bien qu’elle fasse office de dénominateur commun, la notion de pouvoir discrétionnaire est diversement entendue en droits français et allemand. Il en va ainsi en particulier à propos des notions-cadre et standards : ces derniers confèrent-ils au juge un pouvoir discrétionnaire ? Les réponses divergent d’un système à l’autre, ce qui a un impact sur l’image qu’on se fait des pouvoirs du juge. Une fois ces malentendus dissipés, reste à déterminer la part faite à ce pouvoir dans les suites de l’inexécution du contrat : exécution forcée en nature, délai d’exécution et révision, résolution. / How to measure a judge’s power? This question is necessary, when it comes to comparing the extent of the powers of a judge in various given jurisdictions. It has tobe noted, that the powers of a judge are gathered under diverse notions in national legal systems: successively, references are made to the sovereign judicial authority of the judge, the unfettered discretion of the lower courts, the authority to modify the legal situation, the discretionary power, the arbitrary power. The challenge in the comparison lies in the absence of a uniform measuring tool. On a supranational level,the English term“Judicial discretion”is very frequently the starting point for discussions and comparative analyses regarding the judge’s power. This notion serves as criteria to measure the extent of the judge’s powers in the respective legal systems. Discretionary power means the power given to the judge to choose between different decisions that are all conformable to law. The criterion of freedom of choice is in the center of the judge’s discretionary power. The discretionary power is the most powerful authority of the judge. It is common sense that the judge has a discretionarypower but the meaning of this term is differently interpretated by the national law,especially by the German and French law systems. This applies especially to the standards provisions or“open-textured”provisions : do they grant the judge a discretionary power? The answers vary from one system to the other, which has an impact on the image one has on the judge’s powers. Once these misunderstandings are dispelled, it remains to determine the proportion this power has in the consequences of the non-performance of contract: specific performance, delay inexecution, revision and termination.

Le patriotisme économique, souvent brandi comme un étendard afin de justifier l'intervention de l’État dans la sphère économique, est en cela une expression d'origine essentiellement politique. Ainsi ressort-il de manière régulière sur la scène médiatique française au gré d'offres publiques d'achat faites sur des fleurons nationaux. La traduction dans la sphère juridique de ce concept passe alors nécessairement par l'identification des instruments juridiques permettant sa mise en œuvre. Cette traduction se voit alors encadrée et dans une certaine mesure orientée par un impératif tenant à la détermination des limites du concept. Celui-ci n'a de sens, de manière autonome, que s'il parvient à se distinguer du protectionnisme. Dans cette optique, l'arsenal juridique du patriotisme économique désigne ainsi plus spécifiquement les moyens permettant à L’État de détenir un contrôle sur les entreprises qu'il juge « stratégiques » ou « essentielles » afin de veiller à garantir les intérêts nationaux vis-à-vis de prises de participation étrangères. De cette façon, le patriotisme économique s'affirme tant par son champ d'application, la protection de secteurs économiques stratégiques, que par son objet, en étant conçu à la lumière d'un élément tenant à l'extranéité, les capitaux étrangers. Dès lors, les instruments juridiques auxquels renvoie ce concept sont loin d'être propres à un État en particulier, bien au contraire. Étant donné qu'ils s'entendent sous le prisme de la souveraineté étatique, il s'agit même de se demander si leur mise en œuvre n'est pas inhérente à l’État. Parallèlement, la conception internationale de la souveraineté de l’État implique que celui-ci est libre de se limiter par la conclusion d'engagements internationaux. La construction européenne, caractérisant le processus dynamique d'édification d'une organisation d'intégration, est le fruit de l'exercice de cette souveraineté internationale. À mesure des transferts de compétences des États membres vers l'Union européenne, un point de jonction entre le patriotisme économique pratiqué par les États membres et la construction européenne s'est créé. Cette étude a donc pour objet d'étudier la dialectique entre le concept de patriotisme économique et la construction européenne, sous la forme d'une exigence de compatibilité. Cette dialectique doit alors s'analyser en miroir de la souveraineté de L’État. Si le patriotisme économique ne fait qu'exprimer la souveraineté territoriale et in fine la souveraineté interne de l’État, il porte en lui une certaine opposition au mouvement de libéralisation des échanges et des investissements, auquel l’État membre de l'Union européenne a lui-même consenti par le biais d'engagements internationaux. En cela des tensions peuvent être perceptibles entre la souveraineté interne et la souveraineté externe de l’État. / On the one hand, economic patriotism is often merely a ploy, flourished to justify State intervention in the economy. That is why it is first of all a political expression. Therefore, the matter routinely appears in the French media through the takeover bids made on national champions. The expression into the legal sphere of this concept requires an identification of legal instruments, which will make possible its implementation. This definition is framed and coloured by the necessity to distinguish economic patriotism from protectionism. As a result, the legal definition of economic patriotism refers to the means for the State to keep some control over the companies that it considers "strategic" or "essential" to ensure national interests are not jeopardized by foreign ownership. Therefore economic patriotism is asserted both through its scope, the protection of strategic economic sectors, and through its purpose, as an answer to an external threat: foreign capital. In this way the legal instruments to which this concept refers are far from being specific to a particular State. Since they are understandable through the State sovereignty, one even wonders if their implementation is not inherent to the State. On the other hand, external sovereignty implies that the State is free to restrict itself by entering into international commitments. European construction characterizes the dynamic process, which aims to build an integration organization and therefore it is the result of the exercise by the State of this international sovereignty. Even as jurisdictions have been transferred from member states to the European Union, economic patriotism practiced by the member states gradually fell into European integration realm. This study aims to explore the dialectic between the concept of economic patriotism and European integration as a compatibility requirement. This dialectic must be analysed from the State sovereignty point of view. Economic patriotism expresses the State territorial sovereignty whereas European integration is the result of its external sovereignty, which notably led to liberalize trade and investments. Therefore, tensions may appear between internal and external State sovereignty.

La dernière crise financière et les crises des dettes souveraines successives ont mis en lumière l'enjeu majeur de l’encadrement du marché de la distribution du crédit bancaire. Le principal questionnement aura porté sur la nécessité, sinon l’opportunité, de sacrifier « un peu de liberté » pour un « peu de sécurité » dans le processus de distribution du crédit. À ce titre, deux voies ont fondamentalement cohabité dans la mise en place de limites à la une liberté totale. D’une part, les législateurs et organes réglementaires ont entrepris, du niveau interne au niveau international, en passant par l’incontournable niveau communautaire, d’encadrer les caractéristiques intrinsèques des acteurs du marché du crédit et leur environnement juridique. Cet encadrement a été impulsé par des instances internationales, plus promptes à réagir en cas de crise, mais a été progressivement adapté et intégré dans le droit positif. Cette intégration a justement eu pour effet premier de lui conférer un caractère normatif. Ainsi les dispositions normatives, légales ou réglementaires sont devenues un instrument majeur afin de cantonner les risques individuels et de prévenir le risque systémique. À ce titre, la norme, au sens extensif, est intervenue chaque fois qu’un risque était avéré, ou qu’il était soupçonné. L’écueil presque naturel a été une inflation quasi-exponentielle des normes et une juxtaposition des niveaux de normativité. La prise de conscience de cette situation a mené à faire cohabiter le « droit dur », contraignant et rigide, avec un droit plus souple et plus pragmatique. Dès lors, le droit positif a vu apparaître des obligations dites « professionnelles » qui viennent régir non pas la personne des dispensateurs de crédit, mais bien leur comportement lorsqu’ils établissement une relation contractuelle de crédit. Les obligations professionnelles ne visent pas à répondre à la même finalité que la norme au sens propre, elles ont une vocation d’indication, d’information afin d’établir des standards modulables, pragmatiques et flexible pour les contrats de crédit. Le contrat de crédit se complexifie, ce qui impose l’intervention d’un droit flexible, facilement adaptable, et dont la motivation première n’est pas la contrainte ou la sanction, mais l’accompagnement dans la vie du contrat. L’obligation professionnelle est à envisager comme une « norme de comportement ». Ainsi cette étude tente-t-elle de démontrer comment la dualité d’intervention entre norme prudentielle et obligation professionnelle permet sans aucun doute de préserver l’intégrité du marché de la distribution de crédit mais qu’elle risque également dans certaines situations de remettre en cause ses principes de fonctionnement. / The latest financial crisis and successive sovereign debt crises have highlighted the major challenge of framing the market for the distribution of bank credit. The main question was whether or not it would be appropriate to give up on a bit of freedom for more security in the credit distribution process. In this respect, two paths have basically cohabited in the establishment of limits to total freedom. On the one hand, legislators and regulatory bodies have undertaken, from the internal level to the international level, and also the Community level, to frame the intrinsic characteristics of the players in the credit market and their legal environment. This framework has been driven by international bodies, which are quicker to react in the event of a crisis, but has gradually been adapted and integrated into positive law. This integration has had the primary effect of giving it a normative character. Thus, normative, legal or regulatory provisions have become a major instrument to limit individual risks and prevent systemic risk. As such, the standard, in the broad sense of the term, has been applied whenever a risk has been proven or suspected. The almost natural pitfall has been a near-exponential inflation of standards and a juxtaposition of levels of normativity. Awareness of this situation has led to the coexistence of "hard law", which is both binding and rigid, with a more flexible and pragmatic law. As a result, positive law has seen the emergence of so-called "professional" obligations which govern not the person of the credit grantors, but their behaviour when they establish a contractual credit relationship. The almost natural pitfall has been a near-exponential inflation of norms and a juxtaposition of levels of normativity. The awareness of this situation has led to the coexistence of hard law, binding and rigid, with a more flexible and pragmatic law. Therefore, the positive law has seen the appearance of so-called "professional" obligations, which govern not the person of the credit providers, but their behavior when establishing a contractual credit relationship. Professional obligations are not intended to fulfill the same purpose as the norm in the literal sense, they are intended to provide guidance and information in order to establish flexible, pragmatic and flexible standards for credit agreements. The credit agreement is becoming more complex, requiring the intervention of a flexible and easily adaptable right, the primary motivation of which is not coercion or punishment, but support in the life of the contract. The professional obligation is to be seen as a "standard of behaviour".Thus, this study attempts to demonstrate how the duality of intervention between prudential standard and professional obligation undoubtedly preserves the integrity of the credit distribution market, but that this duality also risks, in certain situations, to call into question its operating principles.