What income distribution in the euro zone and France?

The euro zone and France are characterised by: Declining labour productivity (particularly significant in France); Population ageing, with a decline in the number of workers per pensioner; A massive need for additional investment linked to the energy transition, maintaining biodiversity and improving water management ; A need to stabilise the public debt ratio, which requires a significant reduction in the primary fiscal deficit. To make these changes compatible, there will inevitably be: A fall in household income (due to the decline in productivity, the elimination of fiscal deficits and the need to finance transition investments), for both working and retired households; A need to reduce the distribution of earnings (reduction in dividends and share buybacks) in order to keep earnings in companies and invest them. Working and retired households, employees and shareholders, will therefore be the main losers from these developments, negatively affected by the decline in productivity, the decline in fiscal deficits and by the need for companies to have sufficient earnings to invest.