Friday, 21 January, 2022

Coronavirus: the executive launches an unprecedented rescue plan to cushion the economic shock


While the containment measures against the spread of the coronavirus entered into force, Bercy announced that the emergency measures in support of the economy represented 45 billion euros. A massive amount rarely seen in France, and which could grow even further if ever corporate nationalizations were to be launched. The public deficit will widen to 3.9% of GDP, with negative growth of -1%.

A group of police officers march in Paris on the avenue des Champs-Elysées empty on the first day of the confinement of the French population to fight against the coronavirus epidemic.

There will not be one but two Council of Ministers this week. After Emmanuel Macron’s speech on Monday evening declaring “war” on the coronavirus, the government took action. While France knew its first hours of confinement, which entered into force this Tuesday at noon, with the mobilization of 100,000 police and gendarmes, a first Council of Ministers met to endorse the postponement of municipal elections.

A second Council is taking place this Wednesday, to implement the economic measures. This will bring about a complete upheaval. Emmanuel Macron entered the Elysee Palace in 2017 with the mantra in his mouth “Liberate, protect”. The first term is now forgotten for the full benefit of the second: the State has thus resolved to a massive intervention to support economic activity as best it can. “War is also economic and financial, and it must mobilize all our forces”, explained on RTL Bruno Le Maire, the Minister of the Economy and Finance.

While the containment measures against the spread of the coronavirus entered into force, Bercy announced that the emergency measures in support of the economy represented 45 billion euros. A massive amount rarely seen in France, and which could grow even further if ever corporate nationalizations were to be launched. The public deficit will widen to 3.9% of GDP, with negative growth of -1%.

A group of police officers march in Paris on the avenue des Champs-Elysées empty on the first day of the confinement of the French population to fight against the coronavirus epidemic.

There will not be one but two Council of Ministers this week. After Emmanuel Macron’s speech on Monday evening declaring “war” on the coronavirus, the government took action. While France knew its first hours of confinement, which entered into force this Tuesday at noon, with the mobilization of 100,000 police and gendarmes, a first Council of Ministers met to endorse the postponement of municipal elections.

A second Council is taking place this Wednesday, to implement the economic measures. This will bring about a complete upheaval. Emmanuel Macron entered the Elysee Palace in 2017 with the mantra in his mouth “Liberate, protect”. The first term is now forgotten for the full benefit of the second: the State has thus resolved to a massive intervention to support economic activity as best it can. “War is also economic and financial, and it must mobilize all our forces”, explained on RTL Bruno Le Maire, the Minister of the Economy and Finance.