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[Édito] On the way to the new economy – France


The first 100 billion euro stimulus plan, stifled by the second and third waves of covid, was doomed to dissolve into operating expenses, the result of the “nationalization” of the economy.

The double-digit growth that was to result, according to the head of state, had not been there. We can even say that the 6% growth that we are going to experience this year, slightly revised upwards, is only a catching-up of the decrease to 8% of the previous year. This time, it is therefore a question of looking to the future by betting on innovation, beyond the country’s areas of excellence, in luxury, medical, agrifood and aeronautics. Thirty billion euros will thus be released over five years to regain this industrial sovereignty whose flaws have been highlighted by the health crisis, by bringing out the champions of tomorrow.

This sum, to which must be added four billion of equity invested in start-ups, these famous growing young shoots, may seem modest compared to Joe Biden’s $ 1,200 billion stimulus plan. Which will nevertheless apply, for half, to the renovation of infrastructures (bridges, roads, railways…) which, in the United States, are falling into ruins. Nevertheless, even if half of the financing of these investments in new industrial sectors aims to decarbonize the economy, even if the government which denies any sprinkling has had to review its copy on presidential injunction, some will not fail to say he lacks ambition. Was it possible to do better in a country in the process of deindustrialisation and already heavily in debt? Only the future will tell, but the staging to which Emmanuel Macron lent itself, Tuesday, aimed to curb the small declining music of popular populists.