Full intervention of Mathilde Lemoine on 29 February 2016 available on Les Echos (in Fench)
Article written by Pascal Pogam and translated from French
A disappointing G20 in its inability to come up with new concrete measures to
boost growth; central banks at the end of their rope; the controversial reform
of the French labour code… Mathilde Lemoine, Group Chief Economist and a member
of the Haut Conseil des finances publiques, delivers her analysis.
The Paradoxes of the G20
Gathered on Friday and Saturday last in Shanghai, G20 Finance Ministers and
central bankers did not divulge any specific joint spending programme to boost
the global economy, contrary to investors’ expectations. “Everybody is saying
that nothing happened, but there was even less than nothing!”, Mathilde Lemoine
“Central Banks Still Have Ammunition”
In his speech at the last press conference that followed the Governing
Council of the European Central Bank on 10 January, Mario Draghi, its President,
had already warned that the ECB stood ready to act. The next Council will take
place on 10 March. “Of course, central banks still have ammunition from a
general standpoint”, Edmond de Rothschild’s Chief Economist asserts.
The Reform of the French Code of Labour
Dimissal, 35-hour week, labour court compensation…: the draft law by the
Labour Minister changes the rules of the game. 35-hour weeks and economic
layoffs will be eased significantly. Mathilde Lemoine believes that, “by
submitting a strongly unbalanced text, the government deprived itself of a key
supporter, the CFDT”.