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his government was committed to destroying the solvency of the French private sector.
Why do you say that?
Migeru:
Now that they have plunged France into a recession
France has been in recession for a lot longer than the last eight monts. Hey, Grandma Moses started late!
Migeru:[Hollande']s government was committed to destroying the solvency of the French private sector.Why do you say that?
[Hollande']s government was committed to destroying the solvency of the French private sector.
Take, for example, France: If France were to bring its Government deficit below 3%, it would destroy the ability of the French private sector to net-save, assuming the current account deficit stays on trend (and it should: Germany's 6% current account surplus is as stable as if it were a successful policy target, and the Eurozone's neutral current account balance is consistent with the ECB pursuing a non-interventionistic foreign reserve policy).
If France were to bring its Government deficit below 3%, it would destroy the ability of the French private sector to net-save, assuming the current account deficit stays on trend (and it should: Germany's 6% current account surplus is as stable as if it were a successful policy target, and the Eurozone's neutral current account balance is consistent with the ECB pursuing a non-interventionistic foreign reserve policy).
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