Tribune. Consumer prices have continued to climb since the end of 2020, bringing inflation in France to its highest level since 2008. While the surge in energy prices explains a large part of the current inflationary dynamics, the difficulties of supply, component shortages but also labor shortages are also involved.
In this context, would the desire to regain a certain industrial sovereignty, through reindustrialisation, be the panacea to the problem of the purchasing power of the French? The Covid-19 crisis has tested the resilience of our value chains, while challenging the organization of our productive systems.
The pandemic has disrupted supply chains globally, creating shortages for essential medical goods (surgical masks, breathing apparatus, etc.). These shortages have above all highlighted the high concentration and international interdependence of production systems, the latter not being able to ensure a coordinated distribution of these essential products.
Important structural changes
The return to normal is not without pitfalls either. Since the end of 2020, strong demand on both sides of the Atlantic has created bottlenecks, delivery times are lengthening and component and material shortages are on the rise. These disruptions penalize production in many sectors and cause prices to skyrocket. Much of this friction is of a temporary nature, while supply adjusts to demand.
However, the crisis has also triggered certain structural changes that risk modifying our supply management and pricing structure. The question of industrial sovereignty has become the new leitmotif of political discourse, in view of the shortages associated with the health crisis. In addition, the closure of borders (also within the European Union) has fostered a certain “withdrawal” of countries, while fueling calls for the defense of national sovereignty.
Protectionism had also gradually gained ground since the great financial crisis (2008-2009). Trade tensions between the United States and China or the vote in favor of Brexit are just a few examples. However, the globalization of world trade has allowed consumers around the world to access a wide variety of goods at lower prices. The gains of globalization over the past decades appear to be well integrated, sometimes to the point of being overlooked.
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