French consumers should not wait feverishly for a check from the European Central Bank to arrive in the letterbox: that will not happen, explained Bruno Le Maire.
To support the revival of consumption, the Economic Analysis Council had mentioned the possibility of sending a check for 800 euros to each citizen, as has been done twice in the United States. This “helicopter money” solution, as economists call it, will probably never happen in France or in Europe. In front of the cameras BFM Business, Bruno Le Maire recalled that the European Central Bank was independent and that governments cannot force the institution to send money in this way. For the Minister of the Economy, “ anything that leads the French to believe that there are easy solutions, free money that will fall from the sky, like the manna from the Bible, does not hold water “.
The American example is the result of a social protection system that has nothing to do with that in force in Europe. ” Americans supplement social safety nets that do not exist with on-demand supports », Explains the tenant of Bercy. Social protection nets in Europe have made it possible to limit damage in terms of purchasing power, in Europe as well as in France: ” in 2020, the purchasing power of the French increased, while the GDP collapsed by 8% », Supports Bruno Le Maire. It is therefore not necessary to “ write checks to the French, even though we have supported their purchasing power “.
No tax increase
The French social safety net was effective, but it represented a massive cost for public finances. To get the country’s accounts out of the rut, Bruno Le Maire hammered home his plan: good financial management which will require multi-year programming, as well as a rebound in growth. Consumption seems to be rebounding very strongly. Finally, he once again assures us that there will be no tax hike.