Since 2017, the US has adopted numerous decoupling measures in response to competitive distortions related to China's industrial policies. In response, China has adopted comparable countermeasures. These measures could affect EU exports to China of goods with US components, and EU exports to the US of goods with Chinese components. France would be among the most exposed EU countries.... Lire la suite
The French income balance, which is a component of the current account like the trade balance in goods and services, is one of the few in the euro area to show a surplus. This surplus is driven by income from investments abroad and by the remuneration of cross-border employees. The health crisis has resulted in a deterioration of the income balance in France, as in the euro area.... Lire la suite
The effects of the invasion of Ukraine will be asymmetric for emerging economies. While hydrocarbon exporters benefit from higher prices, African and Middle Eastern countries will be particularly affected by their trade exposure to Russia and Ukraine and their dependence on food imports. These countries are fragile and have little fiscal space to contain inflationary pressures, which exacerbate th... Lire la suite
The holding by the same investor of minority stakes in the share capital of several companies active, and possibly competing, on the same market has developed strongly in recent years. This is known as joint ownership and is linked to the development of institutional shareholding, which makes it possible to reduce the financing costs of companies, but could also, particularly in concentrated marke... Lire la suite
During the health crisis, telework had the dual purpose of preserving activity in companies and protecting the French by limiting contact and mobility. The data available in 2020 and 2021 confirm that regions with more teleworkable jobs made less use of partial activity during the lockdowns and that mobility outside the lockdowns increased less, resulting in less epidemic activity.... Lire la suite
Around €145bn in state-guaranteed loans (SGLs) have been granted to French companies since the beginning of the health crisis. These EGPs have mainly gone to viable companies in temporary need of liquidity, particularly in the sectors most affected by the crisis. The available data show that they have only been partially used. At this stage, the expected net losses represent less than 1% of the vo... Lire la suite
In France, the employment rate of people aged 55 and over is increasing steadily, but it remains low in comparison with Europe after the age of 60. In addition to a relatively early retirement age, other conditions linked to the labour supply of older people may explain this lower activity: arduousness, weak financial incentives. On the demand side, the gap (real or perceived) between productivity... Lire la suite
The integration of emerging countries into world trade, particularly China, has disrupted global trade and production chains. The Chinese and Korean examples show that this integration process is taking place in successive phases. Starting with a specialisation based on their comparative advantage, emerging countries then diversify their production before specialising again by moving upmarket and... Lire la suite
The trade negotiations between the UK and the EU were exceptional in that they were about defining the contours of a less close relationship with a very close partner. The negotiations resulted in an agreement that respects British policy autonomy while preserving the integrity of the European single market. The agreement is characterised by the absence of tariffs and quotas, but it includes origi... Lire la suite
Since the cancellation of the Heavily Indebted Poor Countries initiative, sub-Saharan African countries have re-debted and their debt composition has become more complex. The Covid-19 crisis exacerbated these vulnerabilities and led the Paris Club and the G20 to implement multilateral initiatives. Beyond the debt service suspension initiative, the Paris Club and the G20 agreed on a common framewor... Lire la suite