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France's trade with Germany is three times as large as Britain's, and French policymakers are increasingly anxious about how to keep the economy away from the brink of recession as German authorities hesitate to do so.
"We are more worried about Germany than about Britain's withdrawal from Europe. We have much more exposure in Germany, "a senior French Treasury official told Reuters.
When the ministers of economy and finance of the two countries meet in Paris on Thursday, the French authorities will look for signs that Germany is considering further measures to strengthen the economic recovery -- but with little hope.
"Preventive action is essential to prevent the crisis from happening," said the second source of the French Ministry of Finance.
There is some hope that the Netherlands will ease its budget spending for 2020.
But the source said that Germany's domestic political situation meant that Olaf Scholz, the finance minister, might have difficulty in making the same thing. Scholz was seeking to be the leader of the Social Democratic Party (SPD).
France has launched a package of more than 10 billion euros ($11 billion) this year, including tax cuts and incentives for low-income workers and retirees.
The main purpose of these measures is to calm public grievances in the "yellow vest" demonstrations, where demonstrators are expressing their dissatisfaction with the decline in their purchasing power. But for now, it seems that the plan is in place to help France avoid falling into a downward trend like Germany's.
"In accordance with EU (fiscal) regulations and Germany's own regulations, Germany still has room for fiscal stimulus," said Olivier Garnier, head of the French central bank's economy.
** It's hard to be alone **
Despite the slowdown in Germany, the French economy is in good shape. The Ministry of Finance expects 1.4% economic growth this year, more than twice the 0.6% growth expected by Germany.
The French Ministry of Finance expects economic growth to slow slightly to 1.3% next year, but economic resilience depends in part on whether Germany can achieve its expected growth rate of 0.9%.
Some French analysts are heartened by the fact that Germany's slowdown now seems to be mainly due to car production. However, Stephen Colliac, an analyst at Euler Hermes, a trade credit insurer, said it was also an industry exposed to large French companies.
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