Those who hope that France will follow the American example in terms of stimulus will have to lower their expectations.
Asked about BFM Business on Thursday, the Minister of the Economy swept away the possibility of using “helicopter money” to support consumption.
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This solution consisting in asking the European Central Bank to distribute checks directly to households does not win the support of Bruno Le Maire: "
the ECB is independent
", first recalled the boss of Bercy. This decision must therefore emanate from its authorities, and not from European governments. In addition, "
anything that leads the French to believe that there are easy solutions, free money that will fall from the sky, like the manna in the Bible, does not hold water
", he said. he let go.
This solution has certainly been used in the United States, but "
Americans supplement social protection systems that do not exist with on-demand support
", underlined Bruno Le Maire. However, in Europe, social safety nets have made it possible to considerably limit the devastating effects of the health crisis on purchasing power and employment. France is a model in this area - with a colossal cost for public finances, it should be remembered -: "
in 2020, the purchasing power of the French increased, while the GDP collapsed by 8% . So, today, it is not necessary to write checks to the French, even though we have supported [...] their purchasing power
, ”the Minister analyzed.
The track of a distribution of money to households has recently been put on the table by the Economic Analysis Council: in a note presented on Wednesday, the institution advances the possibility of providing a check for 800 euros to each citizen.
"It is not a question of carrying out this policy in the two or three months which come out of crisis, but of placing this instrument in the debate, in the event that a new potential crisis arises
", specifies Philippe Martin, its president.
"
French Tech is a huge success
"
The Minister of the Economy therefore stands firm on his support and instead advocates a cocktail already mentioned many times to counter the effects of the crisis. First, sound management of public finances, based on a multiannual finance law. Then, growth boosted by household consumption, promising them "
stability
" and a future without tax hikes. Finally, a continuation of "
structural reforms
", including a pension reform. "
A majority
" of citizens "
are aware that to save the system, we need a pension reform
," said the minister, without advancing on the calendar, which remains the prerogative of the President of the Republic.
Bruno Le Maire also congratulated himself on the success of French Tech, while the VivaTech fair opened on Wednesday. "
French Tech is a huge success
", greeted the Minister, adding that this success should be felt across France, through the creation of jobs and activities in "
all territories
".
