As the clouds gather over the French economy this November, “the landscape is neither black nor uniformly pink”tempers François Villeroy de Galhau, the day after the publication of the monthly survey by the Banque de France. “The French economy confirms, month after month, a certain resistance, or a certain resilience”, he observes. “There are at least as many companies that plan to lower their prices as those that want to raise them. This means that inflation will remain moderate.”
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The fall in interest rates will therefore continue, according to him. “We were at 4% in June, today we are at 3.25%”recalls François Villeroy de Galhau. Or rates lower than those practiced in the United States, for similar inflation. “We will not return to the exceptionally low interest rates that we had at the time of Covid”he nevertheless warns.
The governor of the Bank of France notes a slowdown in employment and therefore a rise in the unemployment rate, which should nevertheless fall in the months to come. The consolidation of public finances, “chronic disease” in France, is today the priority in his eyes, in order to reduce the deficit to 5%, “credibility threshold” for investors.
France
