Dear subscribers,
Good news !
The figures published by INSEE have confirmed this: the dreaded recession has not taken place.
The panic that gripped the country during the fall, fueled by explosive inflation and fear of power cuts, was unfounded.
No more in France than in the rest of Europe or in the United States for that matter, giving central banks a little more credibility on their ability to achieve a soft landing, a “soft landing”.
The worst was not sure, as I wrote in this column in December;
but the best is not acquired for all that.
The relief felt by the passage of winter without a single red or even orange Ecowatt signal on the horizon perhaps makes one too complacent.
A boss of the CAC 40 confided to me a few days ago that he “came back confused from the Davos forum” in mid-January, having met mainly European bosses full of confidence.
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They weren't talking much about energy anymore, when we...
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