If positive potential growth can only result from a rise in the employment rate, if this rise is halted, potential growth will become zero or even negative

Potential growth is the sum of: The trend in per capita productivity gains; Growth in the working-age population; The growth trend in the employment rate. If productivity gains (we look at the situations of the euro zone and France) remain zero, if growth in the working-age population remains negative, and if the employment rate stabilises, potential growth will become zero or negative. This is probably the situation that the euro zone and France will now be facing, which means that the output gap (the difference between actual and potential GDP) will increase slightly , and that core inflation therefore also will remain high.