With François Villeroy de Galhau, governor of the Banque de France

The interview

Last month, former President of the European Central Bank Mario Draghi handed Ursula von der Leyen his 400-page report in Brussels on Europe’s competitiveness. He warned that Europe was experiencing an economic decline compared to the United States and that it was increasing its dependence on China. In his recommendations, he notably proposed the issuance of new joint debts to better finance innovation, the green transition and defense. At the beginning of October, Emmanuel Macron defended the idea of ​​an “investment shock” with European public money to make up for the competitiveness gap, including through joint borrowing by the 27, as proposed by Draghi.

For the ECB, which has just lowered its key rates for the third time since June, disinflation “is on track“in the euro zone. Confident in the future, it nevertheless maintains a reservation on the continuation of monetary easing. The initial objective of the European Central Bank of reaching an inflation level of 2% should be achieved”earlier than expected in the year 2025” said yesterday the governor of the Bank of France François Villeroy de Galhau who is Alexandra Bensaid’s guest this week. Between the sluggish economy and weak growth, is he worried about France? Is inflation almost defeated?

The debate

Two days of union mobilization and already a twist in the Doliprane affair. The strike continued at the Sanofi production sites in Lisieux and Compiègne this Friday, the day after a bidding war for the takeover of the brand with yellow boxes. Last week, Sanofi announced that it was negotiating with the American investment fund CD&R to sell it around 50% of its subsidiary Opella, parent company of around a hundred brands of products sold without a prescription around the world, including Doliprane. This October 16, the French fund PAI would have submitted a new offer. Reshuffling of cards? Not so much for the unions who deplore finding themselves facing “either the plague or cholera”.

Asked yesterday about this first industrial controversy of the Barnier era, Minister Delegate for Industry Marc Ferracci declared that “technically, the government could block the sale”. Does this transfer to funds herald a decline in French health sovereignty on the altar of finance? What are the guarantees promised to employees by the President of Sanofi France, Audrey Duval? The debate is open with Leila Abboudcorrespondent at the Paris office of Financial Times et Sophie Faydaily journalist The World.

The report

The French keep their wallet in their pocket, and their savings with it. Consumption is abandoned in favor of prudence, the mother of virtue. The French are saving and spending with moderation by moving towards discount, hard discount and now even super hard discount which is seeing the emergence of new stores in France such as the first Atacadão, opened in June 2024 by the Carrefour group in Aulnay-sous- Drink.

The transport sector is also being transformed by new, less expensive mobility habits. A low-cost airline fleet that has lasted for more than 30 years, Macron buses and other long-distance coaches in which we are ready to spend 12 hours to cross Europe at low cost, carpooling which has become a market in its own right with Blablacar, its leader since 2006… So many solutions now part of our current practices.

On track, market segmentation allowed the SNCF to launch its low-cost subsidiary Ouigo in 2013, which is always full and represents one trip in five. Since 2022, SNCF has even launched a range of journeys with Corail cars on TER trains, at the rate of TER trains. Here it goes slowly, it goes well. Discount mobility: adopted by the French? Our reporter Jihane Bergaoui board one of these slow trains between Nantes and Paris-Austerlitz, and dismantle some preconceived ideas along the way.

Eco in original version

“Never before have so many resources been allocated to the national health fund“. Giorgia Meloni, the Italian Prime Minister, defended her 2025 budget on Tuesday, October 15. Italy, in debt at 137% of GDP, is the subject of an excessive deficit procedure launched by the European Union. In comparison, France, targeted by the same procedure, has a deficit of 6.1% while the Italian deficit amounts to around 4% this year To achieve its objective of 3.3% deficit next year, Meloni assures. neither increase nor create taxes. Reductions are even planned for low-income families.

Health would be a priority sector for Meloni who plans to contribute “3.5 billion euros from banks and insurance companies for health care and the most vulnerable people“. In absolute value, such a sum put to good use seems very generous but, once compared to GDP, it would rather be a sham announcement. Explanations by our permanent special envoy in Rome Bruno Duvic.

My life at work

This morning, Sandrine Foulon answers two questions asked by Emilie and Jean-Pierre. Both civil servants, the first would like to know if her employer has the right to demand a photo of her home before issuing her a teleworking authorization. Jean-Pierre asks if his administration can impose a new mutual fund on him.