10/03 17:03
The French central bank governor and European Central Bank policymaker Francois Villoroy de Gallo said the French government should be more careful about expenditures and debts that are not related to the healthcare crisis of the emerging coronavirus (Covid-19).
The governor of the French central bank said in an interview with Radio France Inter today, Saturday, that the government must become more skilled because the pace of spending is starting “even more quickly” than it was before the Corona virus crisis.
He added that when the government imposed a lockdown on the French economy in the spring as part of efforts to contain the spread of the virus, President Emmanuel Macron pledged to support companies and employees “whatever the price,” according to Bloomberg News quoted from the dialogue.
Abiding by that pledge means an increase in spending at a time when the economy collapses. According to the latest government projections, public debt will jump by more than 117% of total economic output for the current year, compared to 98% in 2019.
“As things improve, the spending should be directed to the sectors that need it,” Filoroy said during today’s dialogue.
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