Nicolas Baverez: "Spending is not reviving"

With its recovery plan, France is playing its last chance to avoid its downgrading among the countries of southern Europe and its transformation into a “demerging” country, locked in decline and impoverishment. In addition to a terrible health balance sheet with more than 30,000 deaths, it is experiencing the worst economic and social crisis in the developed world, characterized by a recession of 12% of GDP, an increase in unemployment around 12% of the active population, a surge in public debt beyond 120% of GDP in 2020. Furthermore, given the state of public finances, this is the last time that France can borrow several hundred billion euros to try to rebuild an economy competitive and ecologically sustainable.

However, the experiences of the past decades are nothing to worry about. In 1975 and then in 1981, France, then the world's fourth largest economy, reacted
to oil shocks with solitary and ruinous Keynesian revivals, which began four decades

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