Edoardo Ferlazzo is a PhD student who works under the supervision of Eve Chiapello. His work deals with the financial system of French local governments and more particularly with the changes of local debt norms. More precisely, he studies the potential financialization of local debt by analyzing two main objects, the 2008 french local governments’ toxic loans crisis and the Agence France Locale, a Local Government Funding Agency created in 2014 that aims to collect financial resources from international bond markets to provide loans to their local governments members.
Decentralization law of 1982 devoted French local governments’ freedom of indebtedness and gave birth to a liberalized system of regulation of local debt characterized by a weak State control on local debt choices. That system encountered its first important crisis in 2008 when the toxicity of some loan products was revealed by the consequences of the subprimes crisis. The toxic loans crisis is an opportunity to analyze the system failures it crystallizes and the shifts and the continuities of local debt norms it produces. The post crisis period provides discourses, practices and devices that reconfigure and resize relationships between private and public actors, between central and local actors and between lenders and borrowers on the local credit market. His work finally explores those transformations by focusing on the Agence France Locale, the french Local Government Funding Agency created in 2014 which aims to issue bonds on international markets for lending to their local governments members. These two objects allow a more general questioning about a potential financialization of local debt practices.