Why the poverty problem will become more acute

We illustrate our analysis with the cases of the euro zone and France. We look not at cyclical issues, but at structural, medium-term developments. We see several such developments that may exacerbate the poverty problem: Deindustrialisation and the transfer of jobs to domestic services, where wages are low and which always occurs after a recession (because of deleveraging and because companies seek to restore their earnings by offshoring production ); The sharp rise in energy prices under the effect of the energy transition, due to the intermittency of renewable energy production; The rise in housing costs that will come hand in hand with the rise in real estate prices, itself a result of the highly expansionary monetary policies.