Report
Fiscal policy and toothpaste
Karl Otto Pöhl, the President of the Bundesbank, said in 1980: 'Inflation is like toothpaste: once it's out, you can hardly get it back in again.” The same can be said today of fiscal deficits and public spending in Europe and particularly in France: once governments have run up huge fiscal deficits to help all categories of economic agents in difficulty during the COVID crisis, it will be very difficult to refuse requests for additional public spending or to seek public spending savings. Public spending, too, is like toothpaste .
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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