Meanwhile,
High savings rate, french ball?:
The recent increase in the savings rate is explained by several factors, analyze economists from the Banque de France. Nevertheless, First. Similarly, savers more easily retain the interests garnered on their savings products in a period of high return, as was the case in recent years. Consequently, Retirees, whose pensions have recently increased, have massively placed this additional income in savings products instead of consuming more. Furthermore, Finally. Moreover, “there is a context of uncertainty”, both national and international, “which strengthens wait -and -see behaviors of households”, observes François Villeroy de Galhau, governor of the Banque de France. Moreover, And. However, if the budgetary course presented by the Prime Minister is likely to decrease it, he says, “it is however difficult to measure the impact”.
Limiting the yield of a consumer product. however, an option difficult to assume politically, can be among the government’s tools high savings rate, french ball? to bring the savings rate at least at its level before COVID-19, that is to say under 15 %. Philippe Crevel. president of the circle of savings, sees, for example, in the absence of a boost at the rate of booklet A, which will fall on August 1 from 2.4 % to 1.7 %, in strict application of the calculation formula, a government will to recover consumption.
Less inflation … – High savings rate, french ball?
The services of Eric Lombard in Bercy completely refute it. emphasize that the resumption of consumption is more linked to the decline in inflation, participating in the improvement of purchasing power. INSEE also notes that a lesser consumption is mainly due to the French budget problems. Arbitration in favor of savings only comes in the second explanation. faced with the desire to limit its environmental impact, a motivation nevertheless more frequent among affluent, young and urban households.
A less competitive booklet rate favors. high savings rate, french ball? on the other hand, competing products, such as life insurance, which has been full since the start of the year.
… And more investment
Bercy. the Banque de France are willingly put in front of more risky financial investments than regulated savings (booklet A, PEL, etc.), intended for the financing of business capital. This is the case of certain account units. investment media marketed in life insurance contracts, stock market investment or in investment capital, which Bpifrance seeks to democratize. The investment label “Finance Europe”, launched in early June to finance European growth, must also promote this objective.
It is suicidal to revive growth by consumption because it will especially unbalance our external scale
Insurers. who market life insurance contracts, and banks, to whom regulated savings can be expensive, are powerful allies in this battle. “The message that the government wants to convey is” consuming more. like that, it will create growth “,” analyzes high savings rate, french ball? the boss of a large French bank. According to him. “it is suicidal to revive growth by consumption because it will especially unbalance our external balance”, via the purchase of imported goods. “Today, it is really time to recreate growth by creating wealth and investment. There is room in addition to France (…) via the mobilization of savings towards investment ”.
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