Adrien Pichoud
chief economist of Banque Syz
Published on June 16, 2024 at 7:55 p.m. / Modified on June 16, 2024 at 8:00 p.m.
The interest rate gap with Germany which is increasing, the shares of banks which are falling, the credit premium of financial bonds which is increasing, the Swiss franc which is appreciating against the euro… Does this remind you of anything?
Fortunately, these movements observed on the markets last week, mainly in France, are, for the moment, absolutely not comparable to the panic fear which gripped European markets in 2011-2012. The euro zone was then on the verge of explosion, Greece defaulted and had to undergo an unprecedented austerity plan to remain in the monetary union, soon followed by Portugal, Ireland and Spain. Fortunately, we are far from being there.
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