Report
Not easy to tell the truth to the French
The presidential campaign in France has shown that telling the truth to the French , i.e. the extent of the efforts needed to restore the economy and improve purchasing power, is very difficult. The candidates should have had the courage to say in particular that: Raising the retirement age is necessary to free up fiscal space that will allow for useful public spending without a major tax increase; Across-the-board wage increases are not possible until an improvement in skills leads to a n upswing in productivity gains and an improvement in the quality of jobs; It is by increasing the employment rate, and no longer by redistributive taxation, that inequality can be reduced and public finances also improved; The stabilisation of housing prices cannot come from artificial measures (freezing of real estate prices and rents), but from additional construction; The energy transition will give rise to a lasting and sharp rise in energy and car prices.
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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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