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Despite Bruno Le Maire's denials, the persistence of a form of "whatever it takes", through general and untargeted measures to support purchasing power, gives the impression of a certain continuity between the time of the health crisis and today.
In reality, everything has changed.
The pandemic will have marked, in economic history, the tipping point between an era which feared "secular stagnation" (sluggish growth, underemployment, absence of inflation or even deflation) and that which is beginning, characterized by a new fight against inflation and an activity mortgaged by shortages, in particular of labour.
The President of the European Central Bank Christine Lagarde gave the measure of this revolution by announcing Thursday the beginning of a “long journey”.
A journey that begins with the end of asset buyback programs (
quantitative easing
) and a rate hike already scheduled for July 21 - almost ten years to the day...
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