Jean-Pierre Robin: “Emmanuel Macron is right to want to stem inflation even if it means increasing deficits”


CHRONICLE – “Tariff shields” and public aid are the lesser evil.

Quick to taunt “the Gauls refractory to reforms” (summer 2018), Emmanuel Macron nonetheless shamelessly took over one of their cult objects, the shield. And we can only welcome this tribute to Vercingetorix: the “tariff shields”, mainly on gas and electricity, which consist of temporarily blocking tariffs, make it possible to at least partially stem price inflation at the consumption.

Admittedly, the 4.8% jump in inflation recorded between April 2021 and April 2022 just announced by INSEE takes us back almost forty years, to November 1985 exactly. But everything is relative. Even using Eurostat’s harmonized consumer price index – its composition is strictly the same in all countries – slightly higher (5.4%), France appears, along with Malta, as the economy least inflationary of the entire euro zone. Germany, for example, has an annual rate of 7.4% and Spain, 8.4%.

Should the Gallic rooster…

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