Hell is paved with good intentions, they say. The French economy has fallen into the deepest recession of the nineteen countries that have the euro as their currency, that's hell. Its GDP fell 5.8% in the first quarter according to INSEE, which compares to a decline of 3.8% across the euro area, dixit Eurostat, the European institute. The decline was 4.7% in Italy, 5.2% in Spain and around 2% in Germany. Such downgrades are actually depressions. And the one that followed the containment decided in mid-March in Europe is more severe in France than elsewhere.
Read also: Coronavirus: a fall of 8% of GDP is equivalent to 3,000 euros per French
Is this linked to the “exceptional and massive mechanism of partial unemployment (which has been) put in place” , in the words of Emmanuel Macron speaking on television on March 12? The intention was good. What could be more commendable than protecting jobs, the state playing the good Samaritan, temporarily replacing companies to avoid them laying off their staff? Promise kept and in a way
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